How can Barclays Africa Recoveries assist ?

Barclays Africa Recoveries assist customers whom are having difficulty in keeping up with their loan repayment obligations. Customers may approach Recoveries to assist to sell their bonded properties. Once properties are available for sale, properties are marketed and sold via a panel of property experts.

Residential Property

Property, which is zoned for single-family homes, multiple-family apartments or townhouses, that is available for occupation for non-business purpose.

Agricultural Property

Agricultural properties consist of land and the buildings on it along with its natural resources such as crops, livestock, minerals, or water, immoveable properties of this nature.

Commercial Property

Commercial property includes office buildings, industrial property, medical centers, hotels, malls, retail stores, farm land, multifamily housing buildings and warehouses.

Who can Buy Barclays Africa Recoveries Properties?

All prospective buyers, investors or developers not under the employ of Absa Bank Ltd.

What’s a Power of Attorney (POA)

A written document in which one person (our client) appoints another person or entity (Absa Bank Ltd) to act as an Agent on their behalf, thus conferring authority on the agent to perform certain acts or functions on behalf of the principal.

Steps in buying POA properties

  • Once you have found a property that you’re interested in, select the “message to specialist” option;
  • Update your detail and submit;
  • The specialist will contact you to provide further assistance or guide you through the process on how to make an offer to purchase by completing our sale agreement;
  • A sale by private treaty shall be materially in accordance with the Standard Offer to Purchase Terms and Conditions as provided by Absa Bank Ltd;
  • In the event of an auction
    • All sales will be subject to the Standard Terms and Conditions that’s applied to auction sales relating to the specific property.
    • The property is purchased and sold Voetstoots.
    • Properties will be sold to the highest bidder and every bid shall constitute an offer to purchase the property for the amount of the bid and no bid may be withdrawn prior to the expiry of the confirmation period during which the bid will be open for acceptance by the seller.
    • Acceptance of offer will be subject to a confirmation period as set out I the terms and conditions
  • Absa will confirm within 14 days whether your offer to purchase is accepted or not;
  • Absa will be required to sign the Offer to Purchase in conjunction with the purchaser and normal transfer procedure will follow.
  • Absa shall be entitled to accept or reject any offer received within its sole discretion;
  • General buying steps will apply.

What’s a Sale in Execution (SIE)

A “Sale in Execution” is a sale of property by the sheriff under authority of a court’s writ of execution in order to satisfy an unpaid obligation. Property is sold on a public auction held by a Sheriff of the court on a specified date and time.

Steps in buying SIE properties

  • Once you have found a property that you’re interested in, select the “message to specialist” option;
  • Update your detail and submit;
  • The specialist will contact you to provide further assistance and auction details;
  • Properties are advertised in the Government Gazette as well as in any one local newspaper distributed in the area in which the property is situated.
  • The Sale will be subject to the Standard Terms and Conditions as read out by the Sheriff prior to the commencing of the Sale in Execution.
  • The auction will be held at the Sheriff’s offices as indicated in the Private Property advert and bidders are expected to attend in person or alternatively duly represented by a mandated agent. The sheriff then takes bids from the floor and buyers will actively compete for the asset.
  • The sale of the property will be concluded at the fall of the sheriff’s hammer.
  • Properties will be sold to the highest bidder and every bid shall constitute an offer to purchase the property for the amount of the bid.
  • Commission will be payable on the date of the purchase by the buyer.
  • Except for the payment of any outstanding levies, water and electricity, rates and taxes the general buying steps will apply.
  • The buyer will subsequent to the falling of the hammer acquire the responsibility for the occupation of the property as well as to take eviction proceedings against the tenants or owners occupying the property should this become a requirement.

What are Deceased Estate Properties (DEC)

On the death of a person most of his/her rights and obligations continue in existence and form an aggregate commonly referred to as a deceased estate. The estate becomes vested in an Executor who is the legal representative of the estate. The Executor is placed in virtual control of the estate, and must act in accordance with the law. The executor is responsible for disposing of the asset. The executor must present the offer to the bank for approval.

Steps in buying Deceased properties

  • Once you have found a property that you’re interested in, select the “message to specialist” option;
  • Update your detail and submit;
  • The specialist or the Executor will contact you to provide further assistances;
  • A sale by private treaty shall be materially in accordance with the Standard Offer to Purchase Terms and Conditions as provided by Absa Bank Ltd;
  • In the event of an auction
    • All sales will be subject to the Standard Terms and Conditions that’s applied to auction sales relating to the specific property.
    • The property is purchased and sold Voetstoots.
    • Properties will be sold to the highest bidder and every bid shall constitute an offer to purchase the property for the amount of the bid and no bid may be withdrawn prior to the expiry of the confirmation period during which the bid will be open for acceptance by Absa Bank and the Executor.
  • The Executor will sign the offer on behalf of the estate.
  • Additional consent from the Master of the High Court may also be required before the sale could proceed.
  • General buying steps will apply

What are Liquidations of Insolvent Estate Properties (LIQ)

When a successful application has been made for a final sequestration (in the case of individual or trust ) or liquidation order from the High Court, all of the customer’s assets and liabilities – i.e. the bank accounts across all lending products, are treated as part of the customer’s insolvent estate.

The Master of the High Court is responsible for the appointment of a Trustee or a Liquidator, who manages the administration of the assets and liabilities of the estate, including the disposal of assets, where required, and the payment of creditors in accordance with insolvency and company laws.

Once the Liquidator or Trustees have legal title and full authority to sell, they will proceed to dispose the properties.

Steps in buying Liquidated properties

  • Once you have found a property that you’re interested in, select the “message to specialist” option;
  • Update your detail and submit;
  • The specialist or the Trustee/Liquidator will contact you to provide further assistances;
  • A sale by private treaty shall be materially in accordance with the Standard Offer to Purchase Terms and Conditions as provided by the auctioneer or liquidator;
  • In the event of an auction
    • All sales will be subject to the Standard Terms and Conditions that’s applied to auction sales.
    • The property is purchased and sold Voetstoots.
    • Properties will be sold to the highest bidder and every bid shall constitute an offer to purchase the property for the amount of the bid and no bid may be withdrawn prior to the expiry of the confirmation period during which the bid will be open for acceptance by Absa Bank, the Liquidator or Trustee.
  • The Liquidator or Trustee will sign the offer on behalf of the estate.
  • Additional consent from the Master of the High Court may also be required before the sale could proceed.
  • General buying steps will apply.

General steps involved in buying property

  • On acceptance of an offer the normal procedures should be followed of applying for finance.
  • The purchase price and Value added Tax (VAT) if applicable, will be payable by the purchaser:
    • A Cash deposit of 10 % of the Purchase Price.
    • Balance of the purchase price upon registration of transfer.
  • Transfer should be secured by means of a suitable guarantee issued by a Financial Institution acceptable to the seller with 30 days of acceptance thereof.
  • The normal transfer process will commence.
  • Absa appoints the Transfer and Bond Cancellation Attorneys attorney.
  • Absa does not make any warranties or representations, whether express or implied, regarding vacant occupation and possession;
  • Property Rates & Taxes (including all arrear rates and taxes) will be paid by Absa until the date of registration with the exception of Sales in Execution or unless agreed upon differently in the Offer to Purchase.
  • The purchaser shall be liable, in addition to the Purchase Price for all cost of registration of Transfer of the property.
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