Property & Conveyancing
It has always been the responsibility of property professionals to obtain as much information as they can regarding the property’s condition so that they can disclose this information to the buyer. Transparency is key when it comes to buying and selling property.
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When you sell a property, you are legally required to obtain a rates clearance certificate from your local municipality. The rates clearance certificate (RCC) certifies that all rates and other municipal charges which include electricity, water, sanitation, and/or refuse are paid in full.
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.
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 the 1st of February 2022, thereby repealing the Estate Agency Affairs Act of 1976, which had largely regulated the real estate sector in South Africa. Under the PPA, all parties who deal with property and related matters in their ordinary course of business are all referred to as property practitioners.
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.
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