Standard Bank Pre-Hammer Sale

Very disappointed with Standard Bank’s handling of this pre-hammer sale property transaction in Hagley, Cape Town.

Standard Bank appointed an agent to sell the property. The seller accepted and signed my OTP, I secured funding through Standard Bank, and transfer and registration attorneys were appointed. I also paid the required legal costs.

Only after all of this did I receive conflicting information that the bank was still negotiating with the seller. Any such negotiations should have been resolved before the pre-hammer sale and OTP was signed, not after the buyer had committed financially and incurred costs.

The poor communication and lack of clarity over who will be responsible for additional costs have caused unnecessary delays, uncer*****y and frustration. Standard Bank needs to improve its communication, coordination and transparency in property transactions.