The importance of property practitioners in the times to come
Many industries are piecing things back together again this year, as they try to recover from the effects of the pandemic or recreate themselves to remain relevant in a changing world. One industry that has been left unaffected to a great extent, and yet has had to re-create itself almost entirely in the same breath, […]
Buying or renting: Has the question finally been answered?
The question of whether renting or buying is the best is almost always in circulation in the real estate industry. While one is affordable in the short term, the other holds more benefits in the long run. In 2020, however, things took a turn, and the answer to the question may be a bit clearer than usual. Historically low […]
Selling your property? There might be some costs you are not aware of
If you are selling property in South Africa, check what costs you have to pay, and if they’re applicable to you. Bond costs Cancellation Costs: This is charged when you cancel your bond after selling your property. They total up to R3 000 or more. Early Settlement Penalty: If your home was recently purchased and […]
Sectional titles: What is the role of the body corporate?
When it comes to sectional title schemes, there is still widespread misunderstanding of even the basics, starting with the body corporate and how it is established, as well as what its functions and powers are. This misunderstanding often gives rise to many problems and disputes in sectional title schemes which could quite easily have been […]
VAT increase and the effect on property transfers and the registration of transfers before and after 1 April 2018.
The increase was announced in the Minister of Finance’s Budget Speech on 21 February 2018. The standard rate of VAT will change from 14% to 15% on 1 April 2018 (the effective date). How will this VAT increase affect property transactions, property registrations and estate agent commissions? Question 1: How will the rate increase work […]
Me, my neighbour and that tree
The house was just perfect – the right neighbourhood, well-established garden, beautiful trees waving in the breeze with just the right amount of shade next to your swimming pool. And as the trees belong to your neighbour, no need for pruning, said the estate agent. You and your family loved the new home. Autumn arrived. […]
Why is the transfer of my property taking so long?
After signing a deed of sale, the purchasers often want to move into the property with great excitement and as soon as possible. When they are informed of the process involved prior to the property being transferred this may place a damper on their excitement. Coupled with this there may even be delays in the […]
Estate agents commission
Selling a home is one of the biggest financial decisions a person can make and an estate agent, to whom commission will be payable, is usually involved in this process. A problem that frequently occurs in practice and which is not easy to solve is whether an agent was in fact instrumental in bringing about […]