Our design and property partner, rosewood.casa, has done another great post.
Here’s the first part:
Getting the keys, ripping out the murphy bed, the final costs and where’s the bin?
The developer is going to come asking for the balance near the end of the project. Their transferring attorney’s will send you an email urging you to pay up now: “Kindly find attached hereto our Statement of Account setting out the balance purchase price, transfer costs, occupational rental, and the levies.” But not so fast…
It was November 2024 and the estimated key handover date was in February 2025. Transfer about 2 months after that. Paying for all this 5 months before you have the property in your name seemed cruel and harsh. And risky. The Subscription agreement confirmed this. The City of Cape Town will issue an occupancy certificate once the building is deemed habitable. This is referred to as the “Completion Date”. You can get the keys and move in and that’s when occupational rental and levies would be payable. Transfer would take place a month or 2 after this as there is still some bureaucracy around the creation of a new sectional title scheme. Eventually, the lawyers grudgingly conceded this. In the end we got the keys at the end of March 2025 and kept the money in an investment account for another 3 months. The interest earned paid for the occupational rental for 2 months.
Full article here: Welcome to My Micro Flat II
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