Legal Articles

 

Legal Articles

Buying a home with your Partner

Have you and your partner been thinking about joining the real estate game by buying a property together?

That’s easily understandable.  It’s common for romantically involved partners, or even groups of friends to buy properties together. This is mostly because the salary of a young single person usually isn’t enough to cover the kind of bond they would like.

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Rescission of Default Judgement

Debtors often make the big mistake of ignoring summons issued against them for payment. In such a case, the creditor may ask the court for default judgement.

Default judgements remain in effect for 30 years and will result in the blacklisting of the debtor, making it almost impossible to get credit.

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Amendments to Conduct Rules in Sectional Title Schemes

Annexure 2 of the regulations to the Sectional Titles Schemes Management Act (STSMA) 8 of 2011 provides 8 prescribed conduct rules (PCR) which apply to all sectional title schemes. However, due to the unique nature of each individual scheme, these rules may be subject to amendment.

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What Estate Agents Need to Know About The Property Practitioners Bill

Transforming the property market in South Africa to ultimately allow inclusion of previously disadvantaged individuals is the principal purpose of the Property Practitioners Bill.

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A Guide to Becoming a Real Estate Agent in South Africa

In order for a real estate agent to become qualified to earn a commission on sales made, a certain process must be followed.

Part of this process is undergoing sufficient education and training, making it harder to become a real estate agent than ever before.

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BEE Compliance should not be ignored

After being published in June last year, the Amended Property Sector Code and Scorecard, which highlight the changes made with regard to BEE compliance, there was a sense of disinclination from members of the property industry.

This resistance towards the amendments may have emanated, in part, from the Code’s imperfections which still needed ironing out. However, it is in the best interest of the property sector to support the Code as well as the transition towards it.

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Consequences of cancelling the sale of a property

Cancelling a sale of property after the sales agreement has been signed has major repercussions. Should the seller change his mind about the sale of the property, the costs involved with the cancellation can end up being quite costly.

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What constitutes minor work or construction – not requiring plan approval

There are certain construction projects that require plan approval before building may begin. Although home owners have the opportunity to turn their existing home into their dream home by extending and adding onto the building, it is imperative that the homeowner follows the correct procedures.

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Purchasing of property owning companies, CCs or Trusts

Up until 2001, buying property through a company in South Africa was a cost effective and popular method used to purchase property.

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Beware of VAT on 'going concern' commercial property deals

According to the value added tax (VAT) Act of 1991, if certain requirements are met when selling commercial property as a going concern, the sale of the property may qualify to be zero-rated for VAT purposes.

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