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In the conclusion of property sale agreements, parties commonly include a condition or more that must be fulfilled in order for the agreement to come into effect. These are known as suspensive conditions at law, being future events upon which the coming into force of the agreement will be dependent upon.
It is now necessary for both residential and commercial tenants and landlords to comply with the provisions of the CPA when it comes to early termination.
Homeowner's association penalties have been ruled by the Supreme Court of Appeal as legally enforceable.
The absence of approved building plans is considered a latent defect. Where there is a voetstoots contract in place, it means that the buyer of the property accepts the property as it is at the time of sale.
Property developers are now faced with additional VAT on residential property rentals which were initially developed for resale.
Annexure 2 of the regulations to the Sectional Titles Schemes Management Act (STSMA) 8 of 2011 provides 8 prescribed conduct rules (PCR) which apply to all sectional title schemes. However, due to the unique nature of each individual scheme, these rules may be subject to amendment.
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.
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