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Occupational Rent
#1
Hi Guys

Not sure how this works so just a question.
My date to move into the new house is on the 1st of Feb 2020.
Seeing as its coming up to the December period and transfer will probably not be done by the moving date, i will need to pay the occupational rent.

So will i be paying the bond installment as well as occupational rent or do i only pay the bond once the transfer has been completed?
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#2
you only start paying the bond once the property is registered in your name......if it registers on Dec1 they your instalment will be due at the end of Dec
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  • Sheldon13
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#3
Thanks for the response.

So in the scenario where the transfer goes through earlier and i have not moved in yet then the seller will pay me occupational rent.

Is that correct
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#4
If the seller has not moved out by the time transfer is done, then yes he will have to pay you the buyer occupational rent.
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  • Sheldon13
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#5
(18-11-2019, 10:09 AM)Sheldon13 Wrote: Thanks for the response.

So in the scenario where the transfer goes through earlier and i have not moved in yet then the seller will pay me occupational rent.

Is that correct

Yes, the transfer attorneys will work out all the costs and you will be paid out from the sellers price.

Make sure you get electricity and water meter readings on the day you move in, the seller will be responsible for the costs before that day
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  • Sheldon13
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#6
Thanks for the info gents.

Much appreciated
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#7
I assume Occupational rent has already been determined prior to the documents being signed?
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#8
Yes it has.
Was on the offer to purchase
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