Bridging Finance For Your Rates & Taxes
Sometimes we get property sellers that need to pay their rates and taxes on their property when they're selling their home. This is actually quite a common reason that people need bridging finance.
So what are rates and taxes? When you own a property, you need to pay monthly to the body corporate. A body corporate would be if you're in an apartment building and you have a flat, and now you need to pay the body corporate every month. That goes towards paying for the building or security repairs of the entire building.
Or you need to pay the government, the municipality, a certain amount of money every month in order to cover sewage and other costs that the city provides to you and your property. So those are the two things that you typically need to pay. If you're a part of a building, you have your levees, and any property that you own, you need to pay the government.
What happens is sometimes people fall behind on those payments to some degree. And when it's time to sell, they owe a certain amount of money, because they haven't paid it over a certain amount of time. So now they're selling, and they don't have any money to go and pay, let's just say R45,000 that they haven't paid over the last, you know, year or two. How are they going to get that R45,000?
You can come to us because you're already selling the property and you're going to get some money from that sale. You can get that money from us, it'll help you to get the property sale going because you have to pay that money first. And then once it's paid, the transaction continues, and there is a sale.
So if you're ever in a situation where "Oh wow, there are these costs, I didn't realize there could be other ones too"... If you come up with that type of situation come to Empower Funding. We will assist you by giving you the money that you need in order to get this property sale done!