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News from the Estate Agency Affairs Board
Buying a sectional title unit : What buyers should consider
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Investing in a sectional title scheme is for many South Afrcians the only way of acquiring home ownership. Recent newspaper reports have highlighted the financial stress experienced by many of these developments throughout South Africa;
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Important amendments to the Transfer Duty Act
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The Transfer Duty Act 1949 was amended recently by the Revenue Laws Amendment Act 45 of 2003. Estate agent should note the following in particular:
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Sectional Titles Amendment Act 29 of 2003
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The Sectional Titles Act was amended by Act 29 of 2003 with effect from 14 November 2003. The Amendment Act addresseses a number of technical issues relation to the development of sectional title schemes and the opening of a sectional title register.
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The “Six Steps to Transfer of Ownership”
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Most property professionals have a substantial grasp of what’s involved in the transfer of property ownership, but few buyers and sellers, especially those from a previously disadvantaged background, realise what lies beyond the Agreement of Sale.
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Your Legal Position: Buying Property in South Africa
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The South African Deeds Registry system is excellent. All ownership of land is recorded in one of the Deeds Registries and is open for inspection as a public document. Information available includes details of owners past and present, extent of the property, and any limitations and rights in and to the property.
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Buying a Business? Make sure it has been Advertised
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Section 34 (1) of the Insolvency Act 24 of 1936 stipulates that if a trader in terms of a contract transfers his business, the goodwill thereof or any goods or property forming part of the business (except or for securing the payment of a debt) a notice of the intended transfer must be published in the Gazette and local newspapers within a prescribed period.
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Commission Payable in the Absence of an Agreement.
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Estate agents often accept oral mandates from clients without specifically discussing the amount of the commission payable should the mandate be performed. The question then arises: is the estate agent entitled to any commission, given the absence of an agreement in this regard?
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Damage to Property Left Vacant
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In the last few months there has been two transfers where property was left vacant for a period of time after the seller moved out. In the one case the seller vacated before the occupation date and an once beautiful garden was left unatended and the pool was not cleaned or serviced for a month.
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Lessor's Security over Lessee's Movables to Cover Arrear Rental
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At common law a lessor of immovable property has a right of security (called a “hypothec”) over the movables of the lessee on the leased premises to cover arrear rental. Movable property owned by someone other than the lessee is also subject to the hypothec, provided those movables are on the premises and the lessor has no knowledge of the fact that they are owned by a third party.
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Release of Deposit Paid on Retirement Scheme Unit
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People often buy accommodation in retirement scheme developments before the development is fully completed. This is not prohibited by law, but in terms of s6(1) of the Housing Development Schemes for Retired Persons Act 65 of 1998 the developer of a housing retirement scheme may not receive any portion of the purchase price from a buyer unless the following points apply.
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Every effort has been made by A van Biljon Property Consultants to ensure that the information regarding the properties is correct.
However, A van Biljon Property Consultants is not responsible for any misrepresentation by the seller.