Making an offer


Rubi – taking the stress out of the ‘subject to’ condition of sale 

Rubi – taking the stress out of the ‘subject to’ condition of sale 

When you’ve found the perfect home, you want everything to go quickly and smoothly – but having a ‘subject to sale’ condition can delay your new start. And that’s where Rubi comes in. Rubi is another innovative product from BetterBond that will allow you to get a new bond and move forward with the purchase of your dream home without having to first sell your existing property. 

Who qualifies for Rubi?

Homebuyers are eligible for Rubi if:

  • Their property is a sectional title
  • The sectional title is valued at under R3 million
  • There is a ‘subject to sale’ condition in the new property’s Offer to Purchase (OTP) 

With Rubi, you can:

  • Remove the ‘subject to sale’ condition. If your Rubi application is approved, Rubi will provide a bank-recognised guarantee for the sale of your existing home. This means you can remove the ‘subject to sale’ clause in the Offer to Purchase on your new home.
  • Buy your new home first. If the offer on your new home is successful, you can move in as soon as it registers. What’s more, you will only start paying for your new bond when your existing home is sold or after a period of 10 months, when Rubi takes occupation of your existing home.
  • Sell your existing home with support from Rubi. Rubi will assist you and your agent with selling your existing home on the open market and help you get the best possible price.

Who should consider Rubi?

If you’re upsizing or semigrating – or you’ve found the home of your dreams and need to move fast – then Rubi may be the perfect solution for you. It enables you to buy the right home for your needs, right now, without having to worry about a ‘subject to sale’ condition.

How does the bank-recognised guarantee work?

Rubi makes a ‘forward offer’ to purchase your existing property for up to 80% of the value of the property price and gives you 10 months to sell your home. If you haven’t been able to sell your property within the 10-month period, Rubi will have an opportunity to sell it. If Rubi is unsuccessful, it will buy the property from you at the price agreed in the ‘forward offer’. This means that, whatever happens, you’re assured of a guaranteed sale. If your existing property sells for more than the ‘forward offer’ provided by Rubi, you receive the difference. 

Rubi is currently supported by Standard Bank. Other banks will be added as partners once they have signed on to the guarantee structure.

What about bond repayments?

With Rubi, you can get a new bond on your new home without first having to settle the bond on your existing property – and you have 10 months in which to sell your existing home at the best sale price you can achieve. During this 10-month period, you will only need to pay the bond on your existing home and won’t be required to make bond repayments on your new home.

What about levies and utilities?

During the 10-month period, you’ll be responsible for levies, utilities, property insurance and the maintenance costs of your existing property.

Who is responsible for selling your existing home?

You are responsible for marketing your home and for the sale process during the 10-month period.

If you sell during this period, you are also responsible for the agent’s commission. Rubi can provide expert advice at any point during the sale of your property and will manage the conveyancing process.

Buying a home while trying to sell the property you own can be stressful, especially if you have your heart set on the home. As experts in the property market BetterBond identified this as a common challenge and designed a smart, innovative solution that’s now referred to as SA’s best kept secret.

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