The South African property market has been witnessing significant growth, making property investment an attractive option for generating income.
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The Property Practitioners Act 22 of 2019 (the PPA) places an obligation on sellers to disclose to prospective buyers whether or not there are defects on the property before the purchaser buys the property. In fact, a disclosure form is now compulsory where the seller must disclose such information.
The Trustees of a Body Corporate are entitled to launch legal action where the unit owner is not honouring their obligations towards utility accounts and levies. Incidentally, the entitlement flows from section 4 (1) of the Sectional Titles Schemes Management Act 8 of 2011, and Prescribed Management Rule 25.
Each municipality in South Africa has specific regulations and procedures for building plan approval. It's essential for the success of your project that these local requirements are thoroughly understood and adhered to.
Prepaid utility installations are preferred by more landlords because they prevent situations where there are outstanding arrears on the utility account of the property, whilst the advantage to the tenant is that they pay as they use and offers an opportunity to be in control of their consumption.
The most effective way for parties to prepare for unforeseen circumstances whereat a need may arise for the early termination of a lease agreement, is to include an early termination clause in the lease agreement.
Entering into a mortgage bond with a co-applicant, be it a partner, family member, or trusted friend, is a familiar occurrence in the realm of homeownership. However, as circumstances evolve, individuals may find themselves contemplating the possibility of terminating their joint liability in the mortgage agreement.
The South African Heritage Resources Agency (SAHRA) is responsible for overseeing the protection and management of heritage resources at the national level. However, provinces in South Africa also have their own Provincial Heritage Resources Authorities (PHRAs) that play a role in heritage management.
Molatelo Maloka, who purchased a home that turned out to have a number of defects. Despite the initial excitement of owning her dream home, Molatelo soon realized that the house was in a state of disrepair, including issues such as damp, a strong smell, and paint that was bubbling and cracking.
In order for an estate agent to be entitled to commission, they must have been the effective cause of the transaction. This means that they must have played a direct and significant role in bringing the buyer or tenant and the seller or landlord together and in facilitating the successful completion of the transaction.
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