Buying a property without a bank bond – looking for advice on seller finance/rent-to-buy structure
Hi everyone,
I’m looking for some advice on a property purchase I’m considering.
The property is currently being marketed for R2m million, but I believe there may be room to negotiate. The owners are motivated to sell because they have already been approved for another property and want to move once their current home is sold. From what I understand, there is still an existing bond on the property.
Instead of applying for a traditional bank home loan myself, I’m exploring whether a structured agreement with the seller could work.
I’m trying to find a way to purchase the property without relying on a traditional bank mortgage, while still ensuring that both the seller and I are protected.
Any guidance from people who have done something similar, or attorneys/bond originators familiar with these transactions, would be greatly appreciated.
Thanks in advance.