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Buying a property can be a very exciting milestone. However, this is a legally binding contract and should be treated with thought and caution.
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Many potential homeowners aren’t aware of what exactly happens once their bond has been approved. Generally speaking, it can take approximately three months after the bond approval for it to be registered.
On the 26th of March, the South African Government released a Gazette which published its intention to introduce contact tracing as part of the strategy to effectively manage the spread of COVID-19. However, the burning question on every South African citizen’s lips is “how does this affect my right to privacy?”
In August 2018, the Western Cape High Court provided an answer to the question which asked if only one spouse married in community of property may sign a sole mandate agreement with an estate agent or agency.
With the current economic status of South Africa, potential homeowners may be considering the “rent to buy” option which may be the only option for some, especially those who need time to build a good credit history or to save for a deposit.
With South Africa currently in lockdown, many of the major South African banks are offering payment holidays for their clients. The financial implications that follow in COVID-19’s wake are unmatched by any other crisis faced by our country and financial institutions have geared up to do their bit to help consumers get through these difficult times.
Many consumers and business owners are asking questions around whether a digital signature will be accepted when signing legal documents during the current lockdown.
In certain circumstances, potential sellers and/or purchasers may make use of the installment sale agreement method to buy or sell immovable property in South Africa.
Many South Africans are wondering how COVID-19 will affect their contractual obligations. Therefore, many companies and private individuals are reviewing their contracts and whether they can plead “force majeure”.
The Protection of Personal Information Act in South Africa was set to come into force as of the 1st of April 2020 but, due to the Coronavirus outbreak, it has been postponed until further notice.
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