Property practitioners deal with trusts in many instances, whether as purchasers, sellers, borrowers or grantors of rights. Trusts are very much part of one’s daily transactions involving immovable property. Scanning the judgments of our courts in the various divisions, one will find frequent instances where a trust denies liability because its own internal requirements, as… Continue reading Property and Trusts: Repeated Setbacks
At present the estate agency profession is regulated by the Estate Agency Affairs Act 112 of 1976 (the “EAA”). Pressure to transform the sector and improve service to consumers when acquiring immovable property, prompted government to overhaul the regulation of this economic sphere. The Legislature envisages that this aim will be achieved by a repeal… Continue reading The Property Practitioner’s Bill
The Changes and how they affect Sectional Title Ownership The Abbreviated Version Establishing a reserve fund to cover costs of future maintenance and repairs to common property, which must be 25% of the annual budget. (i.e. with a R100 000 budget your yearly levy intake must be R125 000) The chief Ombud, local municipality, and… Continue reading Sectional Title Management Act
CONTRACTUAL CAPACITY AND CONDITIONS OF CONTRACT: 1) Elements of a valid and legally binding contract of sale: – In South African Law, the sale of immovable property is governed by The Alienation of Land Act, 1981. – There are 7(seven) essential elements that must be contained and/or adhered to have a valid and enforceable contract… Continue reading
Greetings All For the first installment of the PME Property blog I thought there would be no better place to start than with FICA. These are documents we can start collecting long before any party has signed and a key to ensure a swift transfer process. I will not bore you with the semantics of… Continue reading FICA Act Schlep or Tool?
This is the excerpt for your very first post.