Property buyers have several options available to them when purchasing certain developments in South Africa. Traditionally, buyers had the option to purchase either a plot or a plot-and-plan but recently, another option known as a turnkey sale was introduced into the property market.
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Property owners have the responsibility to check the municipal property valuation ascribed to their property. If the valuation of the property is not in line with the market value or if the categorization is incorrect, property owners must submit their objection before the objection period closes.
The Property Practitioners Act 22 of 2019 (PPA) came into effect on 1 February 2022, bringing some significant changes in the regulation of the property sector. In this article we will share some of these developments.
The Alienation of Land Act provides that for immovable property sale transactions of R250 000 and below, a cooling off period of 5 business days applies. In this period the purchaser may notify the seller and revoke the offer with no consequences.
Lease agreements are no different either, tenants are in a position to study a lease agreement before signing off and accepting rented properties. Despite having lesser bargaining power, tenants may also negotiate terms of the lease agreement with the landlord before parties eventually settle on what they agree on.
The Consumer Protection Act 68 OF 2008 (CPA) came into effect in 2011 with an aim of ensuring fair, competitive and responsible markets that protect South African consumers as well as to promote ethical business practices. It makes a distinction between suppliers of goods and services on one hand, as well as consumers on the other. This article seeks to implore to what extent the CPA is applicable to Estate Agents.
The Consumer Protection Act 68 of 2008 (CPA) came into effect in 2011, and of particular interest to the brief discussion in this article it came with changes with regards to rental agreements. These changes include rights and obligations pertaining to early cancellation as well as the maximum period for a lease period.
At Van Deventer and Van Deventer Attorneys, we can never overemphasise the importance of consulting with an attorney whenever property sale transactions are concluded. This is because the legal consequences of property transactions are serious and financially substantial. In this article we will discuss things that buyers and sellers in property sale transactions need to be aware and take note of so as to ensure their interests are secure during and after the transaction.
Most contracts have provisions to cater for cancellation of the contract by the incidence of an event before the lapse of the natural term of the agreement. This is done to make provision for unforeseen future circumstances which may require that the obligations under a contract come to an end before their natural lapse.
As part of its dispute resolution procedure the CSOS attempts to resolve disputes firstly through Conciliation (formal or informal) and where the dispute remains unresolved, Adjudication follows. However, there are instances where Management Rules in sectional title schemes or the Memorandum of Incorporation in Share Block Schemes provide for arbitration as a process for dispute resolution.
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