We have changed the landscape for the selling of repossessed properties with our new and forward thinking method by addressing the uncomfortable situation for property owners embroiled in civil lawsuits. Creating an opportunity for the distressed owner to exit free of any costs.

Come and join us for a coffee or cappuccino at our next auction which will be conducted at the Sheriff's office at 614 James Crescent, Halfway House, Midrand, Gauteng.

Make sure to bring along your Id document R50 000.00 refundable registration deposit (EFT) as well as fica documentation if you wish to participate.

 

1. Costs and Timing - The Collaboration will sell the property on behalf of the owner without any administrative costs to the owner or the bondholder on conditions of sale which allow for a seven (7) court days confirmation period.

The confirmation period affords the bondholder and the owner the opportunity to consider the highest bid received at the sale. Which, if both parties accept by way of confirmation as stated above, will result in Ownership Migration to the purchaser. The Ownership Migration is an added benefit to distressed property owners, allowing them to settle with the bondholder without the necessity for any further litigation.

 

Commission, outstanding Rates and Taxes, Body Corporate or Homeowners outstanding fees, transfer fees and all other costs necessary to effect the transfer are payable by the purchaser.

2. Legal Process - This procedure will nullify the need for the bondholder to seek judgement against the owner as a successful Pre-judgement sale would see the property being transferred by the attorney of record to the purchaser. As a result, the owner's credit record will not be tarnished by a judgement.

  2.1. The outcome of the auctions sets a precedent for the bondholder should the owner not accept the auction bid. This will assist the bondholder in the following steps where the bondholder needs to follow legal proceedings.

  2.2. We, as the collaboration, will draft a report to the attorneys of record as to what value was realized for the property at the Pre-judgement Sale being conducted in exactly the same environment as with a Sale in Execution. Our report can be used by the bondholder in the application for judgement as well as determining a reserve price by the Courts in terms of Rule 46(A).

3. Legislative Cooperation - A window of opportunity is created for the owners to consider their position and make decisions on a way forward which afford them an opportunity to exercise a choice in the selling of their property.

  3.1. This will empower the owners by letting them participate in the process, previously reserved for the legally astute debtor. It also enables them, to a reasonable extent, to determine the outcome of their circumstances.

  3.2. Services of this nature will be viewed as a nod in the direction of progressive law, which is the spirit in which Rule 46(A) was written and adopted in the first place

 

4. Legislative development - The attorneys of record will be continually engage to protect and enhance the Bondholder's interests. Development of this process will continue as it progresses, always remaining mindful of the rights and needs of the owner's and all other parties involved, the judiciary included.

  4.1. Lastly it needs be remembered that the purpose of this pilot project is to determine whether this approach is viable, and to ensure the the results enhance the workings of Rule 46 and 46(A) to the benefit of the bondholders and owners, and that it could successfully be rolled out nationally through the existing network of sheriffs.

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