FNB Quick Sell Repossessed properties
A property becomes a Property in Possession (PIP) or Bank Repossessed Property, once a customer has defaulted and the bank's reserve price was not achieved at auction.
General information about Bank Repossessed properties:
- FNB offers buyers up to 100% bonds on all Quick Sell Repossessed Properties.
- No transfer duty is payable by the purchaser.
- There is no discount on attorney fees as per Quick Sell Private Sale Properties
- Property rates and taxes (including all arrear amounts in this regards) will be paid by FNB until the date of registration.
- Transfer is often much quicker.
- All properties are sold 'as is' with no suspensive conditions allowed
- Only the conveyancers on FNB's panel of conveyancers will be used.
- The purchaser is responsible to obtain an electrical compliance certificate
- FNB does not warrant that the purchaser will be able to obtain vacant occupation of the property.
- Where the property is guarded, an appointment must be made with the specific security company prior to viewing the property.