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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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