Property Loans
You want to use the sale proceeds from your sold property to help cover the costs of purchasing your new property. But property transfers can be complicated and it can take months before you see the money. But do not stress. You can bridge the financial gap when you have sold your home and need a cash advance on property sale proceeds with property bridging loans. But how does the property sale process work? Let us have a look.
Property Is Sold And Sales Agreement Signed
The first step is that the buyer and the seller must sign a written agreement. After the seller and buyer have signed the Agreement of Sale, other documents must still be signed at the office of the Conveyancer to comply with the formalities in order to affect the registration of the transfer. The buyer must also sign the bond documents at the office of the Conveyancer attending to the registration of the Purchaser’s bond. The Seller pays the costs of registering the bond and the costs of registering the transfer. Once the sales agreement is signed a property bridging loan can help you out financially while you are waiting on your money. This is also referred to as a property term loan or sellers advance loan.
Handed Over To Conveyancer
To ensure the continued existence of our excellent system of registration, and to protect the rights of the public, the law provides that only qualified Conveyancers having the necessary knowledge, skill, and attention to detail may attend to the transfer of property and related transactions. When all the checks have been made and all the procedures followed by the conveyancer, the new owner can be assured that his or her title to the property cannot be disputed. There are a lot of resources with helpful information that can guide you through the process and be assisted by the helpful staff.
All Suspensive Conditions Met
Selling a property can be a stressful time. While your home may be officially sold, there can be a long delay until you finally receive the proceeds from the sale. Your cash flow may be tight while you wait for the proceeds to come through and you need to pay the deposit on your next property purchase. With a Sellers Advance, you can have access to your funds as soon as your home has been sold. This means that once the purchase price has been secured by your buyer, a sellers proceeds loan may be able to offer you up to 75% of your total nett proceeds (after deducting the bond amount and all costs associated with the sale). Your agreement with the lender will determine the period of your bridging finance repayments. You start to repay the bridge loan when you get the funds, this will include interest and the fees.
Financial Benefits of a Property Sale Loan
There are multiple benefits that come with taking out a property loan. You will have quick access to your sale proceeds. The loan will allow you to pay for your transfer fees, rates, taxes, and conveyancing fees. You can use the money for your new property. If you are an estate agent you can get a commission advance while you are waiting for your money to get transferred!
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Being involved in an accident is a terrible experience. And then struggling financially afterward is also horrible. This entire process can be emotionally draining as these financial claims can take years to get settled, as claiming from the Road Accident Fund is not a quick process. Fortunately, a Road Accident Fund bridging loan can help. It can give financial assistance when you are waiting for RAF payouts and need the money urgently.
A Lengthy Process
Claiming from the RAF can be a very long and tiring process. It can be emotionally draining as you do not
only have to deal with the financial issues but can have emotional and physical trauma as well. On
average, it takes three to six years for the RAF to pay out a claim.
With the assistance of your lawyer, you must collect evidence to support your claim. This will include
documents like accident reports, witness statements, and medical records. It’s essential to be thorough,
so this step can take a few weeks or months. Once the documentation is ready, your claim can be
lodged using the appropriate RAF claim forms. Your claim will be registered on the official RAF claim
system. This can take up to a week.
The RAF will investigate your claim based on your evidence. They get granted 120 days to do this.
Unfortunately, the RAF investigation may miss the deadline by weeks or even months. When the 120-
day investigation has ended, your attorney will issue the RAF with the summons. Now your case is going
to be pursued in court. Now a trial date can be set. Again, this can take months to set up.
Depending on the circumstances, the whole trial process can take even longer. Even after your claim has
been settled in court and the RAF is ordered to pay your compensation, this process can take months
and you have to wait even longer to receive your funds.
Financial Assistance
But there is some good news. A company like RAF Bridging loans will be able to assist you financially in
these stressful times. Road accident Fund Loans can help you while you are waiting for your RAF payout.
To apply for an RAF claim advance, you must have a settlement agreement or court order and provide
them with your attorney details.
With RAF bridging loans you can get an advance of up to 75% of your claim value and a three-day
approval. You apply online, sign the loan agreement and you can get your money within 3 days. In order
for you to get an advance on your RAF claim, you have to use a lawyer to lodge your claim. When you
are going through stress and emotional trauma an attorney can make things a little bit easier. They can
make complicated matters easier and more understandable; they can negotiate more money and they
can even approve you for RAF advance funding.
Personal Finance
Buying a car is a pretty substantial purchase and many do not have the cash to purchase outright. Nonetheless, you have a few options to choose from, you could decide to go the traditional way by taking a loan. However, if you have a bad credit score your chances of getting approved for an auto loan are slim.
In such a situation, another alternative is rent-to-own vehicle financing. Purchasing a vehicle through a rent-to-own option allows people with a not-so-good credit score to get a car.
Let’s look at what rent-to-own car financing is, what makes it different and some considerations to help you decide whether a rent-to-own car is a right choice for you.
How vehicle rent-to-own works
Rent-to-own financing allows you to rent a vehicle for a set period of time usually between 12 – 60 months, after which it becomes yours. Rent-to-own generally requires buyers to make a down payment and then make payments on a regular basis usually on a weekly or monthly basis.
Qualifying for financing requires proof of identity, proof of regular income, and your place of residence. Unlike other financing options, rent-to-own does not involve checking credit scores meaning if you have a low credit score, you can still get a rent-to-own car.
What are the advantages of rent-to-own car purchases?
Ownership: With rent-to-own agreements the regular payments you make add up so that you own the vehicle at the end of the rental period. It generally requires a down payment too but be sure to check all the requirements needed to complete the program and own the car.
No Credit Checks: Compared with getting a loan rent-to-own are easy to get because it requires no credit checks.
No Interest: With a rent-to-own agreement, you pay no interest at all, because you have not borrowed any money. You are simply paying a rental fee towards the purchase of the over a certain period.
No effect on credit score: Your credit score is not affected in any way. However, if you are late on a payment you could be penalised with a late fee.
What are the disadvantages?
Expensive: With rent-to-own cars, you’ll pay significantly more for the car than it’s actually worth. Although there is no interest payment, rent-to-own car prices are usually marked up.
Frequent Payments: In most rent-to-own deals you pay back the loan weekly usually far more often than the average car buyer who takes an auto loan pays monthly.
No Warranty: There is no warranty covering a rent-to-own contract, so if the car breaks down soon after the agreement there is little to no protection.
No Protection: Many rent-to-own companies simply repossess the car immediately if a consumer can’t afford to pay or is a little late on a payment. As such, there is no consumer protection as many rent-to-own agreements do not fall within the scope of the NCA.
Before you decide to rent to own, be sure to read the contract carefully and make sure you understand all of the contract terms as regards insurance policy, termination, maintenance plan, payment fees, repossession and ownership. Better yet, consult an expert to walk you through the process. New Heights Finance is a trusted financial services provider and we can assist you with your application for rent to own cars through our vetted loan providers. Apply now.
Personal Finance
A legacy is something passed down from a predecessor to a future generation. There are many ways to leave a personal legacy. Regardless, one of the most powerful legacies you can leave is a financial legacy.
It’s pretty common for people to defer thinking about legacy planning till when they are approaching old age. It is a well-known fact that death is a reality and one never knows when it’s their time. Though it is discomforting to think about dying it is equally important to have a plan in place in the event of your death.
No matter how much you are worth, legacy planning is an important part of your overall financial and retirement planning and it’s never too early to get your affairs in order. Read on for four important steps to get organized and leave a lasting financial legacy.
1. Take a Personal Inventory
Having accumulated all kinds of assets and other things over the years it is crucial you make a list that accounts for all your belongings from your home to your personal items. This is usually the first step in getting organized so as to ensure you are not forgetting and leaving out anything of immense value.
2. Life Insurance
Life insurance protects you and your loved ones from the financial uncertainty of death or severe illness or disability. Getting life insurance is a cost-effective way of ensuring the financial security of your family or beneficiaries in the event of your passing. This is important if you have children or other family members who are dependent on you for financial support. It will provide an income for them in the event of your untimely death. If you have one already, do ensure that your beneficiaries are up-to-date and listed correctly.
3. Prepare a Will and Testament
Having a will is a significant step in securing the financial future of your loved ones. A Will is a legal document that coordinates the distribution of your assets and wealth after your death. A Will declares who the beneficiaries of your assets are and how your assets should be distributed. Having a Will protects your family or loved ones and makes it much easier to sort everything out when you die. In the absence of a Will, the process can be time-consuming and stressful as assets will be distributed according to state laws and the courts.
If you are yet to put your will together, get in touch with us for assistance over here.
4. Select The Right Estate Administrator
Your estate administrator or executor manages and administers your Will when you die. As such it is essential that you select an individual who is trustworthy, reliable and responsible. Many people appoint an executor such as their spouse or child without giving it much thought. To ensure your wishes are followed it makes sense to consider carefully who’s best suited for it.
Bottom Line
Putting your affairs in order can be a difficult thing as no one likes to think about dying. Nevertheless, failure to put a plan in place can make life difficult and strenuous for your loved ones.
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Doctors and hospitals are there to provide medical care and life-saving interventions for patients, but unfortunately sometimes things go wrong. This is particularly true for government hospitals in South Africa where standards of care, hygiene and equipment are below what is acceptable. While doctors simply cannot prevent negative outcomes for every single patient, they are required to adhere to a strict code of ethics and standards of practice to prevent putting patients at risk.
Who do you submit a medical negligence claim to?
If you have been a victim of medical negligence by a doctor or hospital, you will open a civil case at the High Court to claim for damages. You will either be suing a doctor or a hospital. When suing a hospital, the hospital or State (if a government hospital) are held liable for the negligence of staff employed by the hospital.
What constitutes medical negligence?
- the healthcare provider or hospital was legally responsible for providing the patient with care
- the healthcare provider or hospital breached their obligation to provide a level of care that meets regulatory standards
- the breach in care resulted in serious injury or death to the patient
- the injury to the patient resulted in financial loss and emotional trauma
Common cause for claims include:
- inadequate patient records
- failure to disclose risks to the patient
- failure to follow correct treatment protocols at the correct time
- poor monitoring of patient (development of infections, worsening condition, secondary health issues, death)
- birth injuries
When are you legally able to submit a medical malpractice claim?
When you sign your admission forms, you often sign an indemnity or disclaimer thus waiving your right to sue the healthcare provider or hospital by knowing all the associated risks. However, if the above misconduct causes can be proven, you have a good chance of opening a case against the healthcare providers or hospital.
How soon must you make a medical negligence claim?
You must submit a medical negligence claim within three years of the incident occurring.
Damages you can claim for
- Medical expenses
- loss of income
- compensation for chronic pain, emotional trauma and suffering
if you need to sue a doctor or hospital we are able to connect you with a medical malpractice attorney. If your medical negligence claim has been approved, we can also give you an early cash advance while you await payment.
