When entering into a contract for the acquisition of immovable property, and where such an agreement is subject to the Purchaser/s obtaining bond finance, Purchasers must be aware that they have an obligation to apply for such bond and provide the financial institution with all required documents to set the approval in motion. In the…
The legislation governing the Sectional Title Industry has recently been updated. Parts of the old Sectional Title Act 95 of 1986 are still in force, but two new acts were promulgated on 7 October 2016, namely the Sectional Title Schemes Management Act (STSMA) and the Community Services Ombuds Service…
Where immovable property is being disposed of, it is the registered owner’s responsibility to furnish the new owner/s with all compliance certificates as required by law. Some of them (electrical certificates, electrical fence certificates) are required under national regulations; some (water certificates) under municipal by-laws; and some (beetle…
Owners of immovable property should be aware when granting a mandate to rental/selling agents to find suitable tenants for their properties. Most estate and rental agencies include clauses in their standard lease agreements providing that in the event of the owner and tenant concluding a sale agreement after the expiry of the lease, the agency…
What to know about purchasing a property on auction It is important to investigate what sort of sale is applicable. Is it a sale in execution, insolvency or property in possession? How does an auction work? On arrival at the auction one needs to register as a bidder, it is important to note that in…
Where parties are in negotiations to finalise an offer to purchase for immovable property, it must be clearly noted that an offer to purchase only becomes binding once ALL the parties agree to the conditions and counter offers thereto. Where a counter offer is made and not agreed to by the other party, then such…
In many jurisdictions it is practice that the Conditions of Sale in an execution sale reflect a zero amount payable in respect of the estimate of outstanding municipal rates.
If you are a landlord or rental managing agent, you most probably had the unfortunate experience where a tenant reneges on rental payments. One’s first reaction is to take the law into own hands and immediately evict the tenant and change the locks to the property to prevent any further access by the non-paying tenant.
Due to the complexity and confusion with the creation of Trusts, we are going to discuss the various aspects thereof, in an effort to assist the public and to clearly indicate the advantages and benefits of a Trust. There are a number of advantages to placing assets in a trust for estate planning purposes. These…
Where a property is bought, which forms part of a new development and subject to the developer completing the extras, is there an obligation on the developer to complete the extras within a specified time frame, where no time frame has been specified in the agreement? In the event of the developer not completing the…