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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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.
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.
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.
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.
Up until 2001, buying property through a company in South Africa was a cost effective and popular method used to purchase property.
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.
A freehold or full title property is most commonly a free-standing house or cluster home within an estate or development. A free-standing house will be registered at the Deeds office and is allocated its own erf number.
The South African Revenue Service is taking a very close look at trusts and the abuse thereof, so unless one can commercially justify why certain transactions were done by a trust, the motivation will be investigated.
There will be a wide-range of changes introduced to the real estate industry if the current form of the Bill is passed into law. The Bill also hopes to better improve consumer protection.
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