Sellers and buyers of land must remember that Section 2(1) of the Alienation of Land Act provides that no sale of land is of any force or effect unless it is contained in a sale agreement signed by the parties or their agents acting on their written authority.
Durban attorney Bridgett Majola of Shepstone & Wylie Attorneys, says “it is not possible in our law to rely on an agreement that does not have all the material terms, even if such agreement has been signed.”
Writing in the company’s Corporate and Commercial Department Flyer July 2008, Mojola draws attention to the case of Fraser v Viljoen (621/2006) [2008] ZASCA 24 (27) March 2008. The Court had to deliberate on the question of whether a contract for the sale of a flat complies with the provisions of the Alienation of Land Act 68 of 1981.
Wednesday, July 30, 2008
Blank or incomplete agreements? Don't sign
Tuesday, July 29, 2008
South Africa Property Sales show 18% are immigrating
There are now more properties on the South African property market by owners leaving the country than ever before
Over the past three quarters the number of total South African residential property sellers selling in order to emigrate has risen from nine percent to 18 percent of total sales, according to FNB Residential Property Barometer for the second quarter of 2008 released this week.
Most active emigration major area is KZN where 25 percent of total sellers are selling in order to emigrate followed by Pretoria with 21 percent and Johannesburg 18 percent. Least affected areas are Western Cape at nine percent and the Eastern Cape at eight percent of total sellers.
Of the 18 percent of total sellers planning to emigrate 22 percent are from upper income brackets, 18 percent from high net worth; 16 percent from the middle income bracket and 11 percent from lower income levels.
Monday, July 28, 2008
Auctions not ready for the South African property market?
With interest rates skyhigh and homeowners struggling to sell their properties in the current South African property market conditions, are auctions a viable option?
Pretoria Homeowners under pressure to sell their property may choose to auction it in the belief that this is a quicker process that will reach a wider buying audience.
But in the current market conditions, says Tjaart van der Walt, CEO of the RealNet property group, this does not necessarily hold true. “Our experience shows that auctions to sell residential property are not drawing large numbers of interested buyers – and on average only one out of five properties currently offered on auction actually finds a buyer.”
Maryna van der Merwe of RealNet’s Polokwane office agrees. As regional chairman of the Institute of Estate Agents of SA, she has received reports from disappointed homeowners in Limpopo Province who went to considerable expense to put their homes on auction, just to find very low attendance and no offers that even matched the reserve price.
Magnificent Dainfern house up for sale
CENTURY 21 Lifestyle Estates is marketing this magnificent 990 sqm meter property in Dainfern, Sandton (Gauteng, South Africa). If features a tennis and basket ball court with 5 bedrooms and bathrooms, the price – R11,000,000.
For other properties for sale and to rent in Dainfern follow this link:
Sunday, July 27, 2008
Pretoria inner city property on the up
RealNet (www.realnet.co.za) reports Pretoria's inner-city suburbs such as Sunnyside, Arcadia and Central have really benefited from a concerted effort to rejuvenate properties in the area.
Says Chris Swanepoel, owner of the new RealNet Sunnyside office: "Problems with absentee landlords and subsequent squatting have largely been resolved and the rejuvenation project, started about three years ago, has completely turned around the slide of these precincts into no-go areas. Today the Sunnyside / Arcadia area has recaptured the cachet and lively culture it enjoyed two decades ago."
Read the full article on Pretoria’s inner city property here
New CENTURY 21 South Africa website launched
Entegral (www.entegral.net) launched the new CENTURY 21 South Africa website (www.century21.co.za). Part of the rollout included CENTURY 21 branded websites for all franchise offices (see example www.century21modhomes.co.za).
CENTURY 21 is one of the largest real estate groups in the world (see www.century21.com which was also relaunched recently).
CENTURY 21 South Africa has rolled out franchise offices in Gauteng, Kwazulu Natal , Western Cape, Limpopo and the Eastern Cape.
South African Interest rates patterns
Andre van der Veer (RMB Proprietary Trading & Investments):
Interest rates: What should happen? What is likely to happen? How will they be impacted by the influence of the NEC?
Theoretically what should happen, given the fact that monetary policy makers have one significant instrument amongst the few they can choose from, and given current inflation expectations, interest rates should continue to rise from current levels.
This is a contentious argument with the majority of commentators and analysts making a very fair point that there is precious little that SA interest rates can do about the increasing prices of oil and other commodities such as coal and grains. Even if these increases come to a halt, or recess, that would not tie back to any decision made about local interest rates.
For the full article please visit: http://www.myproperty.co.za/news/205488/Comment_on_interest_rates_patterns_by_Andre_van_der_Veer.html
NHBRC - Renovations and additions are excluded from NHRBRC act
Think the NHBRC covers additions or renovations to your existing property? Read here first:
Builders constructing new residential dwellings must enrol such buildings with the National Home Builders Registration Council ("NHBRC") established under the Housing Consumers Protection Measures Act and pay the required enrolment fees.
In the judgment of Maurice Leas t/a Build4You v Roeland Kerchoven and another, Case No.: 28811/2007, the Witwatersrand Local Division decisively took the view that subsequent additions or renovations to existing premises were excluded from the provisions of the Act, according to an article by attorney Bridgett Majola of Durban’s Shepstone & Wylie Attorneys in the company’s Corporate and Commercial Department Flyer July 2008.
For the full article visit: http://www.myproperty.co.za/news/205487/Renovations_and_additions_excluded_from_NHBRC_Act.html
Property in Midstream Estate,Midlands and Midfields
Midstream Estate,Midlands and Midfields are 3 new popular estates in Midrand (Gauteng, South Africa) where you can find new and established properties for sale. The area is ideally situated between Pretoria and Johannesburg, making it an ideal location for buying property.
MyProperty offers over 1000 properties for sale and to rent in Midstream, Midlands and Midfields:
View Midfield Estates Properties for sale and to rent
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View Midstream Estates Properties for sale and to rent
Looking for estate agents in the area?
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Prominent estate agents in Midstream, Midlands and Midfield include Karin Jonker Properties, Suzel Estates, RealNet, Tinus Strydom Property Group, Property 100 Centurion and CENTURY 21.
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