On 1 February 2022 the property industry saw a major shift – the Property Practitioners Act (“PPA”) came into effect to replace the old Estate Agents Affairs Act, establishing the Board of Authority which would replace the Estate Agents Affairs Board. The PPA was written and designed to regulate the property sector with a more […]
THE PROPERTY PRACTITIONERS ACT Read More »
The Offer to Purchase, Deed of Sale, Agreement of Sale … similar documents just worded differently depending on the circumstances surrounding the transaction. Is the purchase “offering” to buy the property, is the seller wanting to sell the property or is a mutual agreement signed simultaneously? Either way, probably the most important document signed in
THE KEY … TO YOUR NEW HOME! Read More »
Owning a unit in a complex can in some instances include the right to certain additional areas within the complex, eg garages, carports, gardens, balconies or store rooms. These additional areas in most instances would form part of the common property, not the unit and this is where some further clarity would be required. Lets
YOUR UNIT HAS AN EXCLUSIVE USE AREA? OR IS THAT SOLE USE? Read More »
You’ve signed for your dream home, done your homework, and confirmed you can afford the repayments. You’ve even pictured that perfect lounge suite in the family room. But then, unexpectedly, the banks decline your application—not due to affordability, but because of risk. Risk, in this context, refers to an internal scoring system used by banks,
SEEN THE HOUSE OF YOUR DREAMS, BUT NO FINANCE? Read More »
Both VAT and transfer duty are taxes imposed by the South African Revenue Services on immovable property transactions, governed by the VAT Act and Transfer Duty Act respectively. There is sometimes confusion for sellers or buyers as to whether VAT or transfer duty will be applicable to a sale, and purchase price. Below are some
PURCHASE PRICES ON IMMOVABLE PROPERTY – IS VAT OR TRANSFER DUTY PAYABLE? Read More »
Zoning A property is zoned by the local government on town planning stage. A zoning certificate is issued by the local government as confirmation of the classification of a specific property, further providing information relating to the uses permitted on such property. The certificate can be applied for and obtained from the local authority or
PROPERTY ZONING VS CONSENT USE Read More »
