Terms & Conditions

TERMS & CONDITIONS OF YOUR ONLINE / ELECTRONIC RESERVATION OF RESIDENTIAL PROPERTY

  1. INTERPRETATION

1.1       “Agent” or “Representative” means IGROW WEALTH INVESTMENTS (PTY) LTD Registration number 2006/074176/2003, situated at World House, Loerie Park, Paul Kruger Street, Durbanville, 7550

1.2       “Seller’s Conveyancer” means xxxxxx situated at xxxxxx with banking details: ABSA Trust Account Details: SMITH TABATA BUCHANAN BOYES, Account Number 403 570 4865, Branch Code: 632005, Conveyancer and Sellers Conveyancer shall have the same meaning or such other conveyancer as may be nominated by the Seller;

1.3       “FICA” means The Financial Intelligence Centre Act, 38 of 2001 (FICA), came into effect on 1 July 2003. FICA was introduced to fight financial crime, such as money laundering, tax evasion, and terrorist financing activities.

1.4       “Electronic Funds Transfer” is the use of telecommunications networks to transfer funds from one financial institution as a bank, to another, or to withdraw formds from one’s own account to deposit in a creditor’s bank account – abbreviation “EFT”

1.5       “Reservation deposit” it is the fee required to secure the property.  Such reservation deposit to be made to the Seller’s conveyancers and is refundable in the event of cancellation as set down in the terms and conditions below.  The reservation deposit will also be seen as part payment of the balance purchase price of the property.

 

  1. TERMS & CONDITIONS OF RESERVATION

2.1       The parties hereby agree that the Seller or his representative, IGrow Wealth Investments (Pty) Ltd, will not sell or dispose of the Property to any person or entity other than the Purchaser within the first 24 hours (twenty four hours) to allow the buyer to read, agree and perform on the terms and conditions of the online reservation.

 

  1. OBLIGATIONS OF THE PURCHASER

3.1       The Purchaser MUST pay a reservation deposit in the amount of R35 000.00 (Thirty Five Thousand Rand) (hereinafter referred to as the “Reservation Deposit”), within 24 hours after reserving his/her/its choice of property, to the Seller’s nominated Conveyancing Attorneys.

3.2       The Reservation Deposit must be paid into the trust account of the Conveyancing Attorneys as specified in clause 1.2 above.

3.3       The Purchaser must provide IGrow Wealth Investments (Pty) Ltd with proof of the reservation deposit made into the specified bank account via e-mail, enquiries@igrow.co.za or fax 0219792505.

3.4       The Purchaser has another 24 hours after making such reservation deposit, to provide IGrow Wealth Investments, with the necessary FICA in order to fully secure the property.  This must be done via e-mail, enquiries@igrow.co.za or fax 0219792505.

3.5       The FICA requirements are stated in Annexure “A” below.

3.6       Should the above FICA not be received within 24 hours after the reservation deposit was made, the Seller or IGrow Wealth Investments may cancel the reservation without notice and effect a refund of the reservation deposit paid as well as make the property available to the next investor / buyer.

3.7       Should the reservation be cancelled in terms of clause 3.6 above, the reservation deposit will be refunded to the Purchaser’s nominated bank account within 5 (Five) working days after cancellation.

3.7       IGrow Wealth Investments (Pty) Ltd will provide the Purchaser with an official Agreement of Sale after the proof of deposit and FICA requirements has been fulfilled.

3.8       The Purchaser has 3 (three) days from date of which the official Offer to Purchase was forwarded to the Purchaser via e-mail, to complete, sign and send back the Agreement of Sale to IGrow Wealth Investments (Pty) Ltd.

3.9       The Seller will be obliged to accept a written offer from the Purchaser made by the Purchaser to the Seller to enable the Purchaser to purchase the Property from the Seller upon the standard terms and conditions of the Seller’s prescribed Agreement of Sale.

3.10     The Purchaser is herewith made aware that a specific time period will be allowed the Purchaser to obtain any financing from a financial institution acceptable to the Seller and the Purchaser hereby agrees to adhere to such time line.

3.11     The Purchaser is further made aware that IGrow Wealth Homeloans, a division of the IGrow Group of Companies, are exclusively appointed as the bond originators to facilitate all financing applications on behalf of Purchasers to secure the property.  In the event that the Purchaser elects his own originator to facilitate the financing of the property, an amount of R10 000 (TEN THOUSAND) shall be payable over and above to the purchase price to the transferring attorneys.-

3.12     IGrow Wealth Homeloans has contracts with Absa Bank, Standard Bank, First National Bank, Nedbank, RMB, Investec & SA Homeloans and is also equipped to work with the Purchaser’s Private Bankers.

3.13     The Purchaser has a further 5 (Five) business days after the 48 hours allowed as stated in clauses 3.3 and 3.4 above, to deliver all documents requested by the IGrow Wealth Homeloans for the purpose of finalisation of the bond application, failing to do so, the Seller or IGrow Wealth Homeloans has the right to immediately cancel the reservation and refund the Purchaser’s deposit and make the property available to the next purchaser on the waiting list.

3.14     The required bond documentation are listed in Annexure “”B” below for the Purchaser’s reference.

3.14     The reservation deposit will be considered to be a part payment of the purchase price and refundable should the Purchaser not obtain the required financing, as provided for in the said Agreement of Sale.

3.15     In the event of a sectional title unit being purchased and in the event of a 100% bond being obtained to purchase the property by the purchaser, the purchaser will be refunded the reservation deposit on date of registration of the property in the name of the purchaser;

3.16     In the event of a plot and plan property being purchased and in the event of a 100% bond being obtained to purchase the property by the purchaser, the purchaser will be refunded the reservation deposit on date of occupation given of the property to the purchaser.

3.18     An IGrow Wealth Investment Strategist will also be allocated to each Purchaser to guide the Purchaser through the process and answer any questions the Purchaser may have.

 

  1. JURISTIC PERSONS, TRUSTS AND COMPANIES

4.1       In the event that the Purchaser is a juristic person (Company, Close Corporation, Trust, Partnership, etc.) the Purchaser declares the following:

a          the financial statements are up to date

  1. the Financial statements are signed;
  2. the tax affairs of the entity is in order;
  3. No legal action pending against the entity;

4.2       In the event where a legal entity, trust or company is still to be formed, the Purchaser hereby agrees that Trustfocus (Pty) Ltd, a company part of the IGrow Wealth Group of Companies, will attend to the registration of such entity, trust or company.  This is to ensure that the legal entity is structured and registered within the timeline specified in accordance with the official Offer to Purchase.

4.3       The Purchaser further agrees to supply Trustfocus (Pty) Ltd with the necessary documentation to effect such legal entity registration within 24 hours after the reservation deposit has been made to secure the property.  This is to ensure that the legal entity is structured and registered within the timeline specified in accordance with the official Offer to Purchase.

4.4       In the event where the Purchaser elects his own registration method of the legal entity, trust or company, the Seller and/or IGrow Wealth Investments (Pty) Ltd may cancel the reservation of the property without notice and make the property available to the next investor / buyer and refund the reservation deposit to the Purchaser.

 

  1. CONFIRMATION BY THE PURCHASER IN TERMS OF THE CONSUMER PROTECTION ACT

 

The Purchaser confirms the following by clicking on the electronic acceptance button:

5.1       he/she has read this terms and conditions and understands the contents thereof

5.2       that the Property was not introduced to him/her by means of Direct Marketing

5.3       that he/she is aware and understands his/her right to the cooling-off period after Direct Marketing as stated in above.

 

 

ANNEXURE “A” – THE FINANCIAL INTELLIGENCE CENTRE ACT, 38 OF 2001 (FICA) REQUIREMENTS:

  1. NATURAL PERSON
    1. Clear copy of identity document
    2. Proof of physical residence (utility bill, municipal rates and taxes invoice, Telkom account) NOT older than 3 months
    3. Income Tax reference number
    4. Marital status
    5. Marriage certificate and Ante-nuptial contract (if applicable)
    6. Should your marital status have changed, a copy of the divorce order / death certificate of spouse
  2. TRUSTS
    1. Deed of Trust
    2. Letters of Authority
    3. Trust resolution authorising a representative and the purchase
    4. Proof of physical address of Trust (utility bill, municipal rates and taxes invoice, Telkom account) NOT older than 3 months
    5. Clear copy of identity document of ALL trustees
    6. Proof of physical address of ALL Trustees (utility bill, municipal rates and taxes invoice, Telkom account) NOT older than 3 months
  3. CLOSE CORPORATIONS
    1. Founding Statement and Certificate of Incorporation (CK 1)
    2. Amended founding statement (CK 2)
    3. CIPRO Certificate
    4. Company resolution authorising a representative and the purchase
    5. Proof of physical address of CC (utility bill, municipal rates and taxes invoice, Telkom account) NOT older than 3 months
    6. Clear copy of identity document of ALL Members
    7. Proof of physical address of ALL MEMBERS (utility bill, municipal rates and taxes invoice, Telkom account) NOT older than 3 months
  4. COMPANIES
    1. CIPRO Certificate
    2. Memorandum & Articles of Association
    3. Proof of physical address of Company (utility bill, municipal rates and taxes invoice, Telkom account) NOT older than 3 months
    4. Clear copy of identity document of ALL Directors
    5. Proof of physical address of ALL Directors (utility bill, municipal rates and taxes invoice, Telkom account) NOT older than 3 months
    6. Company resolution authorising a representative and the purchase

 

ANNEXURE “B” – FINANCING DOCUMENTATION REQUIRED FOR FINANCING APPLICATION:

(PLEASE NOTE THAT THE BANKS’ LENDING CRITERIA MAY CHANGE FROM TIME TO TIME)

SALARIED INDIVIDUALS:
Copy of Identity document
IGrow Wealth Homeloans Application form
Salary advice (Payslip) 3 to 6 months
Salary Summary from employer if monthly salary vary
3 to 6 months’ Bank statements – non internet
Lease Agreements if receiving rental income with not less than 6 months on lease term
Signed offer to purchase (to be provided)
Income and expense form (to be provided)
Selfemployed individuals:
Copy of Identity document
IGrow Wealth Homeloans Application form
Letter from Accountant confirming monthly and yearly income
Latest 3 years SIGNED financial statements
Management accounts after the 3rd month after financial year end
Latest 3 months personal bank statements
Latest 6 months business bank statements
Business Income and expense form (to be provided)
Personal A & L (signed and dated) (to be provided)
Personal Income & Expense form (signed and dated)
Signed offer to purchase (to be provided)
Trust as purchaser – Applications:
Copy of issued Letter of Authority
Copy of Trust Deed
Copy of Identity document of representative
Copies of Identity documents / Birth Certificates of ALL beneficiaries
Latest 6 months bank statements for Trust
Latest 2 years financials for Trust
Management accounts after the 3rd month after financial year end
Trust Resolution authorising the purchase
If Trust is not Trading:
Solvency letter from accountant
 
Company (CC / PTY LTD) Applications:
Company Documents issued by CIPC
Latest 2 years financials for Company
Management Accounts if latest financials not ready
Latest 6 months business bank statements
Company Resolution authorising the purchase
If Company not Trading:
Solvency letter from accountant