What are the benefits to buying an FNB Quick Sell Property?

Firstly, you don’t have to pay a deposit. Yes, you read that correctly - FNB will grant up to 100% bonds* on all Quick Sell Properties, which means you don’t have to save and save and save for a massive deposit.

Receive a 50% discount on the attorney transfer costs and bond registration fees provided both transfer and registration is handled by the FNB appointed attorney

What is a Sale in Execution?

A sale in execution is the public auction of a property, held by the Sheriff of the Court, to recover outstanding monies on a home loan.

And because it's an auction, there is the potential for you to pick up a property at a great price. And best of all, FNB and Private Property are helping you out by giving you a sneak peak at some of these properties (at no cost) so that you can get in there before everyone else.

Terms & conditions - Sales in execution properties

A sale in execution is a public auction held by a Sheriff of the Court. This means a court order has been obtained by the bank to attach and sell the property to recover the money that has not been repaid on a home loan. Properties can be bought at great value when attending a Sale in Execution. The bank cannot accept or decline offers on these properties as the bank is not the legal owners.

These 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.

Costs involved
The Sheriff's commission is payable by the successful buyer at the auction and is based on the purchase price which is calculated as follows:
  • 6% on the first R30 000 plus VAT
  • 3,5% on the balance of the price
  • The minimum commission payable is R440,00 plus VAT and the maximum R8 750,00 plus VAT.
Conditions of sale
A sale agreement is signed by the sheriff and the buyer. The buyer's responsibilities include:
  • Paying a deposit of 10% of the purchase price in cash, bank guaranteed cheque or electronic transfer in the sheriff’s office, immediately on buying.
  • Paying commission on date of purchase by the buyer.
  • Guarantees for the balance of the purchase price, together with interest within 14 or 30 days.
  • The buyer is responsible for the payment of any outstanding levies, water and electricity, rates and taxes.
  • The buyer is responsible for occupation of the property (to evict owner or tenants him or herself).

What is a Property in Possession?

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.
  • 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.
  • 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.

What is a Select Property?

Select Property is an efficient online property portfolio showcasing some of South Africa’s most sought after properties from residential homes located in high investment suburbs or secure living estates to retail and commercial development sites that will offer the right investor real returns.
  • FNB will grant up to 100% bonds on all Select Property deals based on their standard credit process
  • Negotiate up to 50% discount on attorney transfer costs and bond registration fees, provided that both the transfer and registration of the property are handled by the FNB-appointed attorney
  • A transparent process which minimises delays and the prospect of a prolonged deal
  • Property rates and taxes, including arrears, will be paid by the seller until date of transfer
  • Reduced agents’ commission