Mandate agreements need to comply with the requirements of the CPA in the following respects:
Mandate agreements must be drafted in plain and understandable language (the plain language provisions In the Act). It is advisable to hav ... Read more
There is some concern in the market place that the Consumer Protection Act will make it possible for tenants to terminate their leases by effectively giving one month's notice, even in circumstances where the lease is for a much longer period of t ... Read more
Estate agents shall be well advised to inform their clients that the various banks do raise initiation fees when a bond is approved and in some instances, the initiation and/or valuation fee must be paid to the conveyancers before transfer can tak ... Read more
In a recent case, Hoofar Investments (Pty) Ltd v Moodley 2009 (6) SA 556 (KZP), the point was taken that rates and taxes should be for the account of the purchaser, as costs incidental to the purchase of the property.
One of the factors that influence the decision to purchase a particular property these days is the cost of simply owning the property, such as maintenance and rates and in the case of Sectional Title, levies. Municipal Rates have increased signif ... Read more
At present, it can take up to 6 weeks to obtain a rates clearance certificate from the Ethekwini Municipality with resultant delays in transfer. Application is made electronically for a rates assessment. Before figures are issues by the munici ... Read more
Developers and Home Owners Associations fall within the definition of 'suppliers' in terms of the Act and will thus, as of October 2010, be subject to the provisions of the Consumer Protection Act in terms of which various 'Fundamental Consumer Ri ... Read more
In terms of the Consumer Protection Act which will become law in October this year, Home Owners Associations will also be regarded as 'suppliers' of services and thus home owners as their consumers, can exercise their consumer rights against such ... Read more
The Housing Consumers Protection Measures Act (Act 95 of 1998)("the Act") makes provision for the protection of housing consumers through the establishment of the National Home Builder Registration Council (NHBRC) and a warranty scheme. ... Read more
Estate agents represent the seller, and it will usually be the seller that will be sued and suffer the loss. The estate agent's loss would be limited to the loss of his or her commission.
Section 38 of the Sectional Titles Act was amended, with the result that sellers are liable for all levies on the sale of a property, for the remainder of the financial year of the Body Corporate, even if the buyer takes transfer before the end o ... Read more
Sale agreements of land, almost without exception, contain clauses such as the voetstoots clause, protecting the seller against any defects to the property and usually covering anything that might potentially diminish the value of a property.
Many buyers believe that once active infestation is discovered, they would be entitled to have damaged wood repaired as well, at the expense of the seller, for example wood rafters or window frames.
By law, every home owner in South Africa has to have a certificate of compliance, confirming that all electrical installations on the property are reasonably safe. Should any alterations have been made to the property, then in such event a new ce ... Read more
It has become standard practice over the years, in KwaZulu-Natal to include in sale agreements for improved residential property, a provision compelling a seller to obtain an entomologist certificate, confirming that a property is free of infestat ... Read more
Research has shown that advertising property on the internet is the most effective means to market and advertise property, at just a fraction of the cost of advertising in the printed media.
Most of the banks assess and report on the performance of their panel attorneys every month. Factors that are taken into consideration are the speed with which we register their bonds, and compliance with their requirements.
... Read more
Sale agreements for land owned by a company are usually signed by one director only, who certifies that he or she is duly authorised to conclude such agreement.
However, it is not possible to transfer ownership of ... Read more
SARS has proposed a 2 year tax window, which will allow people who currently hold their primary residence through a close corporation or a private company the opportunity to transfer their property into their own personal names.
The Consumer Protection Act will kick in and become law as of October 2010.
This piece of legislation will be even more far reaching than the provisions of the National Credit Act and contracting parties and estat ... Read more
In many developments, the developer may have reserved to himself the right to extend the scheme by, for example, building more units or adding on more floors to a block of flats. This extension will take place on the existing common property.
Agents often sit with a 'willing seller' and a 'willing buyer', but the buyer is unable to obtain bond finance. The agent would still like to close the deal and earn some commission. Your seller may also be in a predicament where he may have to co ... Read more
The National Credit Act is aimed at protecting consumers against unscrupulous money lenders and at regulating the market in consumer credit, principally by improving access to credit to people that have hitherto been excluded.
