10 Ways Entrepreneurs Can Take Their Business to the Next Level – May 2020
A big part of being a successful founder means knowing when to back down and knowing when to step up…
A big part of being a successful founder means knowing when to back down and knowing when to step up…
Parliament’s Select Committee on Security and Justice has adopted the Cybercrimes Bill and other key pieces of legislation…
South Africa has become the latest African country to legislate the protection of personal information, with the country’s Protection of Personal Information Act (POPIA) in South Africa that came into effect on 1 July 2020…
Covid-19 has had a huge effect on all aspects of South African lifestyles, not least of which is the effect it has had on our perception of our homes. Never before have we had to spend so much time in our own living spaces, or had to perform so many different tasks in the same place…
Homebuyers that were undecided about buying property for primary use are more likely to make up their minds to purchase property, given the low-interest rate environment. The low-interest-rate environment is essential to stimulating consumer spending and economic recovery…
As a first-time home buyer, the most important thing to consider is whether or not clients can afford to take this big step. While it is still possible for a bank to grant clients a 100% home loan which does not require a deposit, we strongly encourage our first-time home buyers to consider putting down a minimum deposit of at least 10% of the value of the property to ensure that their home loan repayments are reduced and more manageable…
At the moment, first time buyers are being urged to enter the property market as soon as possible because the banks are eager to lend them money, deposit requirements are low and home prices are set to start growing more quickly…
Even the darkest cloud has a silver lining and, in this instance, it’s the rare combination of a record low repo rate and a very bearish market affording first-time buyers an excellent opportunity to get a foot in the market and make a good investment if they keep their wits about them…
The Pretoria High Court, earlier this month, granted a small business owner an urgent basis for relief against the South African Revenue Service (SARS) who depleted his bank account without following due process…
In the current buyer’s market, sellers need to utilize their advantages for their homes to stand out in the crowd. One such advantage would be signing a sole mandate to ensure that their property gets the maximum attention…
One wonders how many office-based businesses, having been forced to work remotely during the lockdown, will now abandon or minimise their office spaces on a permanent basis rather than return to the “old normal”. Regardless, if you and your staff are currently working from home, you need to configure the arrangement for maximum productivity and quality of life…
At this stage I am sure that everyone’s nerves are raw and that frustration and uncertainty is high on the agenda. We are in uncharted waters and we need to swim. At least Estate Agents are known for their resilience and I know that our profession will come back from this stronger than before…
Renewable power company Lekela has announced the start of commercial operations at its Perdekraal East windfarm in the Western Cape. The windfarm will add 110MW to South Africa’s national grid and is the first wind farm from round four of the renewable energy Independent Power Producers Procurement Programme to begin commercial operations…
Occupational Health and Safety specialist, MAKROSAFE, is constantly updating its database to help industries keep abreast with the changing demands of the COVID-19 pandemic. Here is a practical guide to COVID-19 health and safety measures in the workplace…
Preparing to move into a retirement scheme is not as simple as selling your home, packing boxes and moving into the new place. Nowadays there are various purchase options available, the most prominent being sectional title ownership and life rights. Choosing the one or the other must be an informed decision as these are very distinct legal concepts…
Sellers often feel estate agents get too big a piece of the pie, mainly because they don’t know and can’t see what the agent is actually doing for commission earned. This sometimes leads sellers to avoid using an agent when selling their homes…
While the deeds office will be open as an essential service there will be no show houses permitted during Alert Level 4 when South Africa’s lockdown moves to Alert Level 4 on 1 May. The latest Regulations relating to the Schedule of Services and Framework of Sectors was gazetted and released on Thursday night, 29 April…
The minister of finance Tito Mboweni hit the nail on the head during the Medium-Term Budget Policy Statement (MTBPS) when he said that it is not only investors who need confidence, but also the average South African…
A new 1000-unit affordable housing development comprising of three different unit sizes was launched by the Amdec Group last month on 11 hectares of land in Ottery, Cape Town…
New Rules on moving house – as amended by Minister of Cooperative Governance and Traditional Affairs: Nkosazana Dlamini Zuma on 14 May 2020 (the initial deadline of 7 June 2020, has now been ‘dropped’) …
The City of Cape Town has recently approved amendments to the Municipal Planning By-laws. These amendments were promulgated on 6 December 2019 and are effective from 3 February 2020. The amendments will allow for the construction of a third dwelling on a property that is zoned as Single Residential, and for short-term letting…
The withholding tax on amounts paid by the purchaser to non-resident sellers of immovable property situated within South Africa as prescribed in Section 35A of the Income Tax Act came into effect from 1 September 2007…
The Rental Housing Act 50 of 1999 essentially regulates the relationship between landlords and tenants and it provides for dispute resolution by the Rental Housing Tribunal. It is important for landlords and tenants to familiarise themselves with the contents of the Act together with the Amendment bill to see how changes affect the parties involved…
If a tenant’s rent is up to date but their utilities are in arrears, are landlords obligated to cover these costs?..
There is no precedent on the validity of video wills in South Africa. In order for a will to be valid and accepted by the Master of the High Court in this country, it has to comply with the requirements as set out in section 2 of the Wills Act 7 of 1953…
Earlier this month, the Expropriation Bill was approved by Cabinet and sent to Parliament for adoption. This prompted a revived deluge of negative press, fears of government-approved land grabs and visions of a fast forward to Zimbabwe-style land losses. None such perceptions are warranted or correct…
The South African Reserve Bank (SARB) says that banks have adopted a relatively conservative approach to mortgage lending. Banks will understandably be taking a cautious approach in the short-to-medium term as a result of the fallout from the Covid-19 pandemic…
Standard Bank, Investec, FNB and Nedbank have committed to reforming their conveyancing practices in response to concerns raised by the Competition Commission on the relationship between banks and conveyancers…
The new regulations relating to Level 3 arrangements have been published. Note that these new regulations do not repeal the 29 April 2020 regulations and these must therefore be read together to get the full picture…
In anticipation that estate agents may commence normal businesses operations in the very near future, we share a generic draft AGENCY COVID POLICY document with the relevant questionnaires…
If you make a bequest to a beneficiary in your will, the inheritance will fall into the joint estate of the beneficiary and his or her spouse, if he or she is married in community of property…
Shopping centres and large retail outlets are bleeding. With most having to keep their doors closed during the lockdown period, revenue has slowed to a trickle – or to nothing at all. Even for stores that may trade, feet through the door is becoming a long-forgotten concept as many shoppers turn to online orders and home deliveries…
According to a recent Time magazine article, women are ‘on the brink of a massive power shift, a grinding of the gears of history’ and Fast Company declared that ‘women as a group have the power to define this century and beyond’.
Parts of the long-awaited Protection of Personal Information Act 4 of 2013 came into force on 1 July 2020, and companies will have a period of one year to get their ducks in a row or risk substantial fines and even imprisonment…
One of the tricky issues to be resolved during a divorce could be when the couple owns a property jointly and even more so when a mortgage bond is registered in both their names..
The brisk pace of recovery in property sales over recent weeks in Cape Town’s Central City residential market has surprised market analysts and estate agents alike…
Owning is now generally better than renting, especially after the 2020 interest rate cuts, which save money for homeowners while renters are still paying the same…
Buying property at an auction does not necessarily guarantee that you’ll get a better deal. An auction is simply a public sale in which the property is sold to the highest bidder…
Purchasing real estate on a single income may be perceived as impossible. However, Lightstone Property reports that single females make up the largest portion of real estate buyers in South Africa, out purchasing both their married and single male counterparts…
Foreigners may purchase and own immovable property in South Africa without any restrictions, as foreigners are generally subject to the same laws as South African nationals…
A Fin24 reader questions the legality of being charged double interest on outstanding bond debt, as well as R50 000 in legal fees…
The City of Cape Town’s mayoral committee has unanimously supported the city’s decision to lift water restrictions in Cape Town and to move to the lowest tariff from 1 November 2020…
The City of Cape Town has announced its adoption of rental relief options for its business lessees in recognition that lockdown circumstances are beyond their control. The relief options are aimed at softening the impact of the potential loss of business with a two-phased consumer journey put into play…
The City of Cape Town will be hosting another online meeting between 11:00am and 13:00pm on Thursday, the 22nd of October 2020 with residents and interested groups about the local spatial development framework or, local neighbourhood plan for District Six…
Substantial amendments to the City of Cape Town Municipal Planning By-law become operational today, 3 February. These deal with, amongst other things: Controlled densification of Suburbs by allowing additional homes on erven where the relevant zoning previously prohibited this … and more:
City of Tshwane issued a media statement this week acknowledging the crisis regarding the backlog in issuing rates clearance certificates…
National house price inflation as at the end of August 2020 remained stable at 2.1%. Despite the general slowdown at provincial level…
Living together (also known as cohabitation) as husband and wife without concluding a civil marriage, whether as a conscious or unconscious choice, occurs in the vast majority of instances without appreciating the consequences…
When thousands of South African companies shut their doors on 26 March, the sad reality was that many that would never open again. As the economic effects of the measures imposed to curb the spread of COVID-19 are being felt across the board, companies in financial distress are forced to examine their options. Chapter 6 of the Companies Act provides for a company or close corporation to enter into business rescue as an alternative to liquidation…
The Companies and Intellectual Property Commission (CIPC) has confirmed that South African companies will still need to obtain a certificate to show that they are permitted to operate during the country’s new level 4 lockdown regulations…
With many South Africans working from home, residential users will be in for a shock when it comes to their electricity bills. The electricity tariff hikes came into effect from the 1st of July 2020 and these complex tariffs are not only frustrating, but they are hindering attempts by consumers to manage electricity costs at a time when, for most people, every cent counts…
Absa Home Loans has recently released the Absa Homeowner Sentiment Index (HSI). In the second quarter of 2020, Absa asked 1000 consumers questions to gauge their confidence on various aspects within the local property industry…
Increasingly, buyers are looking for homes with greening and sustainable living features. While there is an element of cost saving, people are also increasingly becoming aware of their impact on the environment…
The plan to amend section 25 of South Africa’s Constitution to allow for land expropriation without compensation has been put on hold due to the ongoing coronavirus lockdown…
When it comes time to sell, property owners are often caught off-guard by the expenses that come with selling property…
In a judgment that tells a story of intricate planning to disseminate a pension fund pay-out at a time when the recipient anticipated insolvency, the very real risks that arise are illustrated.
M AND ANOTHER V MURRAY AND OTHERS (251/2019) [2020] ZASCA 86 (9 JULY 2020)…
On 23 June 2020 CSOS acting Chief Ombud, Ndivhuo Rabuli, published a directive and answers to 43 frequently asked questions that have bearing on homeowners’ associations and body corporates. The questions range from general questions to specific questions relating to registration of community schemes, levies and fees and annual financial statements…
The Community Schemes Ombud Service( CSOS) would like to urge Community Schemes to continue to abide by the regulations issued by Cooperative Governance and Traditional Affairs Minister on Covid-19 especially as they relate to shared facilities…
A bullish buyer’s market and record-low interest rates has resulted in the Cape Town residential property market becoming more accessible to first-time buyers…
While sellers and purchasers sometimes take time to accurately list the items that are excluded or included when a property sale agreement is concluded, one often finds that this detail is lacking…
What happens to a person’s estate when he or she dies?…
“An assisted sale or quick sale has been the main source of revenue for many estate agents in troubled times even before COVID-19.”…
As of the end of 2019, anyone who shares explicit pictures or videos without the consent of the person featured in it, can be brought to task, with a hefty fine or even time behind bars…
Work on the final phases of the District Six restitution project has begun. The national Department of Agriculture, Land Reform and Rural Development is having the ground cleared and rubble removal as mandated by the courts…
Astute investors have traditionally turned to real estate in tough times – for several reasons, starting with the fact that the demand for rental homes always increases when consumers are under financial pressure…
With many property sellers allowing multiple estate agencies to market their properties in their attempts to sell during what is still (for the moment at least) a buyer’s market, now is perhaps a good time to remind both sellers and buyers of the double commission danger…
South Africa’s largest data breach has now been contained, according to the Experian credit bureau. During 24 to 27 May this year, it had released the personal details – including identity numbers, telephone numbers, physical and e-mail addresses of more than 23 million individuals and nearly 800 000 businesses – to an individual, now the ‘fraudster’, who presented himself as authorised to have that information…
THE EAAB’S COMMITMENT TO CONTINUED SERVICE DELIVERY: IT IS TO BE NOTED – that the EAAB will not at this stage be opening its doors to the public or Property Practitioners on 08 June however, communications will be sent out and placed on the EAAB website advising the official date for reopening its doors…
It was recently confirmed that the professional indemnity cover, that the Estate Agency Affairs Board (EAAB) arranged for all estate agents in 2017, lapsed about a year ago and wasn’t renewed without the regulator informing the industry of this yet…
The EAAB offices re-opened on Tuesday 11 August 2020…
IMPORTANT NOTICE from the EAAB….
Notices received from EAAB during the week: 14 September 2020…
Estate agents are encouraged to conduct virtual property tours and record offers to purchase electronically as part of the real estate industry returned to work under alert level 3 of COVID-19 regulations…
A recent Eastern Cape High Court decision – Borcherds and Another v Duxbury and Others (1522/2020) [2020] ZAECPEHC 37 (22 September 2020) — has focused the law on the ever-increasing use of electronic signatures. Unfortunately, the judgement, instead of giving guidance and certainty, introduces confusion and doubt into this fast-growing category of technology…
What do you think is the most important component of commercial energy efficiency and sustainability is? Most people answer “recycling” or “lighting” or “HVAC.” While all of these things play huge roles in energy efficiency, energy audit importance takes the cake…
While it might not be back to work as usual just yet, estate agents can register as an essential service provider to facilitate incoming and outgoing inspections – now that the once-off movement to relocate has been put into effect…
Have you provided for these administration and related costs payable by your estate?…
If you’re thinking about putting your property on the market, the first thing you need to know is how much it’s worth. This will give you a realistic impression of how much money you will make from the sale – and it also gives you the ability to plan your next step…
The South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) meets this week, with economists and analysts expecting another rate cut to be announced on Thursday…
A design-driven development, Fenwick Lane consists of eight new compact homes in Brooklyn, a suburb on the doorstep of Cape Town’s CBD…
While the Covid-19 pandemic has seen an uptick in businesses adopting digital technology, Bidstream, South Africa’s first homegrown developed online property auction website, had already moved to offer buyers and sellers an additional property sales channel…
According to recent research from home loan originator ooba, first-time home buyers increased by 12% in June, with the average age of buyers being 34…
Competition among the banks for new home loan business is not only making it easier for first-time buyers to obtain finance but encouraging them to buy more expensive properties…
FNB says that it will discontinue the issuing of cheques as of 1 January 2021…
Most of us will be a renter at some point during our lives. It may be a stepping stone for somebody leaving their parents’ home for the first time. Or, you may choose to be a renter rather than a home-owner for the long term simply because of the appeal of the flexibility and lower short-term costs that come with being a tenant. As a tenant, there are various tips and strategies to follow to safeguard yourself…
From negotiating rental relief with landlords and royalty fees with franchisers to asking for relaxed loan repayments with banks, franchise operators are battling to survive the Covid-19 lockdown as trade continues to be restricted…
The Western Cape Minister of Finance and Economic Opportunities, David Maynier recently called on the Minister of Agriculture, Rural Development and Land Reform Thoko Didiza to urgently intervene in the repeated and unnecessary closure of the Cape Town Deeds Office…
The South African Reserve Bank has announced a further reduction in the repo rate by 25 basis points. This brings the prime interest rate down to 7%…
The South African Reserve Bank on Thursday left the door open for a final rate cut before Christmas after two members of the Monetary Policy Committee (MPC) voted in favour of a 25 basis point rates cut…
The South African Local Government Association (SALGA) is considering a number of new measures to improve municipal revenue collection across the country…
An increasing number of homeowners who have lived in large family homes for 15 or 20 years are now selling and moving to smaller properties…
The percentage of total tenants that were recorded as being in good standing with their landlords dropped sharply in the second quarter of 2020, data from credit bureau TPN shows…
With the interest rate at its lowest in decades, it may now be more financially prudent to buy rather than rent a home…
Seeff Property Group believes that the residential market will boom once the full lockdown is lifted in terms of activity, but rental rates will come under tremendous pressure…
With a vast number of factors influencing where and how we choose to live, one of these is most certainly when we were born and, the context in which we grew up. Millennials, between the ages of twenty-four and thirty-nine, account for almost 30% of the total population according to Statistics SA, representing the largest generation to enter the country’s workforce (51%)…
La Concorde in the Cape Winelands town of Paarl will be getting a new lease on life. Property developers, the Giflo Group have big plans to revitalise the one-time head office of KWV. The KWV building, as it is still known, is a landmark in Paarl’s Main Road…
The national building regulations specify that at least 50% of the annual hot water generation volume be provided by means other than electrical resistance heating elements. These regulations were implemented in 2011…
South Africa’s annual house price growth fell to 1.9% in April, down from 2.5% (revised from 2.8%) in March, according to the latest FNB Property Barometer released on Thursday…
After three months of record-breaking sales post hard lockdown it is clear that South Africa’s property market is on the rebound after the coronavirus lockdown…
The commercial property-driven corporate mortgage advances growth rate has significantly outpaced the strongly residential driven household mortgage advances category since early 2014. However, the strong recent divergence in strength between the now relatively strong residential property market and the weaker commercial property market may see household mortgage advances become the relative ‘outperformer’ in the near term…
After over a month in Lockdown, the economic impact of COVID-19 is no longer speculation at this point, but rather proven fact says RE/MAX of Southern Africa…
Understanding how your marriage contract will impact the management of your family’s finances is essential to a happy marriage and a secure financial future…
The allocation of rights to the exclusive use of a part or parts of a sectional title scheme’s (“scheme”) common property is somewhat of a contentious topic in communal living in South Africa…
Living in a sectional title scheme has many advantages but one very distinctive disadvantage is being exposed to noise disturbances…
The problem arises because the Alienation of Land Act requires a deed of sale to be signed by both the buyer and the seller, and digital signatures are not sufficient to bring about a binding deed of sale. For a deed of sale to be binding, signatures need to be handwritten…
Managing utilities will be one of the top priorities of governments around the world for the next decade. South Africans are now living in a country where the provision of water and electricity is far from predictable and we must expect harsher regulations to curb wastage…
Dr Andrew Golding, chief executive of the Pam Golding Property group, considers how the Covid-19 pandemic and ensuing economic crisis will impact on our choice and location of accommodation and living spaces…
Particularly in these times of pandemic, deadly infections and uncertainty, no one can ever say with any confidence that we will still be alive tomorrow, or next month, or next year. Now more than ever having a valid and updated will in place is no luxury to be attended to “when I have the time” or “when I am older”…
The City of Cape Town’s Mayoral Committee have granted an in-principle approval of the lease renewal application of the Rondebosch Golf Club which includes the addition of a cancellation clause…
The Protection of Personal Information Act, No. 4 of 2013 (POPI Act) is now in operation, as from 1 July 2020. What does this mean for community schemes such as sectional title developments, homeowners associations and retirement villages?…
Buying property off-plan is a great way for first-time homebuyers to get a foot on the property ladder. It comes without transfer duty as there is no prior owner, and the VAT is included in the purchase price. For these same reasons, it is also an appealing option for someone looking to purchase an investment property that can be rented out to generate income…
The recent protest occupation of a Camps Bay guesthouse in Cape Town has sparked serious concerns for short-term accommodation landlords in terms of their ability to evict a non-paying tenant…
The Covid-19 national lockdown has resulted in more employees having to work from home. Due to cost-saving factors and the uncertainties around the pandemic, employers have now begun looking at the option of having their employees work from home indefinitely…
Retirement Villages are trending on the property front and potential Life Right Holders are spoilt for choice when it comes to choosing where to settle down for their retirement…
Kenilworth Upper is one of Cape Town’s oldest suburbs with a rich architectural fabric. At the heart of the area, sits Kenilworth Village – its Main Road which provides a high-street style shopping environment…
In the recent Medium-Term Budget Policy Statement (MTBPS), National Treasury laid out its GDP (gross domestic product) growth projections to 2023. GDP growth is forecast to decline by -7.8% in 2020, before “partly recovering”, growing 3.3% in 2021, 1.7% in 2022 and 1.5% in 2023…
With the easy access of available information, comes the risk of misinformation and disinformation sending DIY knowledge-seekers on a wild goose chase. The property industry is far from immune to the impact of incorrect or misleading information…
With South Africans being forced to tighten their belts even further this year, it’s becoming increasingly important for consumers to learn where and how they can save money and the rental arena is no exception…
Earlier this month, Cabinet approved the Expropriation Bill and sent it to Parliament for adoption. This prompted a revived deluge of negative press, fears of government-approved land grabs and visions of a fast forward to Zimbabwe-style land losses. No such perceptions are warranted or correct, as the short discussion below highlights…
It is now very clear that the coronavirus pandemic and widespread lockdown responses have negatively impacted global economies and will likely continue to do so for some time to come. In South Africa, this negative impact has hit the property sector especially hard, particularly given that it was already under pressure before the outbreak…
The COVID-19 crisis has changed everything. Our personal lives have been upended and our businesses hit hard.
And with many businesses operating out of leased premises, a great many landlords and tenants are asking themselves what happens if the crisis leaves a tenant unable to pay the agreed rental…
The Supreme Court of Appeal recently reaffirmed the common law position regarding a grandparent’s maintenance obligation towards their grandchildren. In the judgment of Phillipa Susan van Zyl N.O. v Keith Getz N.O. (6 July 2020)…
The new regulations relating to Level 3 arrangements have been published. Note that these new regulations do not repeal the 29 April 2020 regulations and these must therefore be read together to get the full picture…
Since the good news that many businesses may again operate under the Level 3 regulations that become effective on 1 June 2020, many questions have been raised by agents as to their responsibilities. Here is a list of important requirements:…
Estate agents will be relieved to go back to work in June under Alert Level 3 in terms of the new regulations published on 28 May.
As part of our # Lockdown Lessons series, Bizcommunity is reaching out to South Africa’s top industry players to share their experience of the current Covid-19 crisis, how their organisations are navigating these unusual times, where the challenges and opportunities lie, and their industry outlook for the near future…
It is safe to say that almost every economic sector in the country has in some way been affected by the impact of the Covid-19 lockdown. And while it’s too soon to make accurate predictions on the impact the national lockdown and the global Covid-19 pandemic will have on the property market in the medium- to long-term, it is sure to disrupt the industry in one way or another…
Tensions between neighbours are no doubt at an all-time high, and whether you are working from home or just trying to stay sane until our “new normal” starts kicking in, you are no doubt noticing more than ever all those little irritants from next door that would normally fly below your radar or at least be tolerable…
It appears that from 21 May 2020, the Cape Town Deeds Office will again be accepting new lodgements…
As anticipated, the Monetary Policy Committee (MPC) kept the repo rate on hold at its meeting this week. While interest rates have already been reduced by 300 basis point for the year to date, to a near 50-year low of 3.5%, several analysts argued that there was in fact room for a further rate cut at this week’s MPC meeting…
Currently at 7%, the prime rate is at its lowest level in decades, driving more South African tenants to consider property ownership…
When you make a bequest in your will to a beneficiary who is married in community of property, the inheritance will fall into the joint estate of that beneficiary and his or her spouse. If a testator seeks to avoid this result, the will must expressly state that the bequest is excluded from that beneficiary’s joint estate which he or she shares with his or her spouse…
The City of eThekwini has signed a memorandum of agreement to create the Brickworks Development in the Avoca Development Node, north of Durban…
The latest data from the Central Energy Fund points to a massive cut in the petrol price for motorists in May, which presents good news for some sectors of the economy due back at work beginning next week…
Over the past three months, numerous parcels of land have been released by the Department of Public Works and Infrastructure (DPWI) for human settlements development, land redistribution and restitution…
The National Home Builders Registration Council will resume offering its full service operations at its main Provincial Offices as of Monday, 8th of June 2020 in line with the Level 3 Lockdown Regulations…
The Department of Transport has published a new directive which outline the validity of motor vehicle licences and registrations during South Africa’s 21-day lockdown…
The National Assembly has passed a number of new bills dealing with a range of issues including marriage, criminal offences and social justice issues…
A new representative council has been formed to provide a single voice for property practitioners to speak with authority on issues connected with the property industry…
Clawing back from the devastating global cascade of the sub-prime collapse of 2008/09, the real estate market had a tried and tested economic textbook roadmap and traditional real estate models to successfully guide the process. However, as the modern business world has never had to contend with a global pandemic, the real estate industry, still adapting to digital and millennial disruptions, is going to have to write a new recovery textbook, says Yael Geffen, CEO of Lew Geffen Sotheby’s International Realty…
Researchers at Stellenbosch University (SU) found that South Africa has sufficient log resource options for a sustainable wood residential building market…
The real estate industry will no doubt look very different by the end of this year to the way it looked before the Covid-19 pandemic – but in many cases, the changes made will be extremely positive for estate agents and principals as well as their clients because of the potential for both better service and greater rewards…
The FNB House Price Index (HPI) has highlighted an annual house price growth acceleration in August, reaching 2.8% year-on-year and up from 1.8% in July (revised up from 1.4%). The rebound in prices is supported by the unexpected rapid recovery in market activity since the easing of lockdown restrictions…
While the National Home Builders’ Registration Council (NHBRC) provincial offices will resume full service operations next Monday, 8 June, satellite offices will be phased in gradually…
In accordance with the Estate Agency Affairs Act 112 of 1976, Estate agents are not entitled to earn commission on transactions they negotiated successfully if they were not, at the time of conclusion of the agreement, in possession of a valid Fidelity Fund Certificate…
However, In an important judgment handed down by the Supreme Court of Appeal last week, it was held that in certain very narrow instances, an estate agent will not be precluded from claiming commission where the Fidelity Fund Certificate was not in place at the relevant time…
Is it a problem if I only have one will in respect of my worldwide assets? AND Are there any benefits to having a separate will in each country where I own assets? …
Leases often give tenants an option to extend or renew at the end of the current term, and tenants who lose sight of the value and importance of such an option are flirting with disaster…
Owning property in a sectional title scheme has the advantage that all owners contribute to the maintenance of the scheme, to the obvious benefit of all…
There are many advantages to living in residential estates and sectional title developments, but there are also rules and responsibilities…
According to the first PayProp Rental Index for 2020, during March 2020, just over 20% of tenants were in arrears, increasing to almost 24% in April. Johette Smuts, head of data and analytics at PayProp SA, says the average size of arrears jumped from 78% of monthly rent in March to a whopping 84% in April…
President Cyril Ramaphosa today announced the commencement dates for most of the remaining parts of the Protection of Personal Information Act. The Act has been put into operation incrementally, with a number of sections having been implemented in April 2014 already. Most of the remaining provisions could only be put into operation at a later stage as they require a state of operational readiness for the Information Regulator to assume its powers, functions and duties in terms of the Act…
Real estate players: As a responsible party you must also be POPIA compliant. You are also encouraged to include compliancy clauses in your service agreements with third-party vendors and should review all such existing contracts to ensure compliance…
The residential market will boom once the full lockdown is lifted in terms of activity, but rental rates will come under tremendous pressure…
The national lockdown and deep recession have taken a toll on the commercial property market, dragging capital growth deeper into negative territory in the first half of 2020…
In an environment of ever-increasing requirements, property professionals strive for better transparency, disclosure, accountability, and governance. Professional indemnity cover in real estate is similar to medical malpractice cover for the health industry…
My husband has died. We own our property 50/50, I am sole beneficiary. We are married out of community of property. I understand that property needs to be transferred to myself as sole owner…
Every investor will at some point be confronted with making a decision on whether or not to sell a long-term asset such as a property. This can sometimes be a challenging decision for an investor, more so for a novice investor, amid tough economic times…
The property market has shown some steady signs of recovery after being brought to a complete standstill due to the national lockdown during the second quarter of 2020…
The recent repo rate cut of 50 basis points brings the cumulative repo rate reduction in the current rate cutting cycle to 3 percentage points. Meaningful property demand boost emanating from interest rate cutting specifically is not expected, but it is still believed to be an important source of support for the property market.
It’s every homeowner’s nightmare – your property starts subsiding and as the tell-tale cracks in the living room widen alarmingly, it begins to dawn on you that your whole house is at risk of collapse…
With Covid-19 forcing many people to spend the majority of their time at home, it has become more than a sanctuary. Homes have now evolved into what are being dubbed ‘quarantine bubbles’…
The celebration of Heritage Month each September creates a conducive environment for all South Africans to embrace and celebrate what has been inherited or bequeathed to us. One such inheritance is the gifting of property to family or a charity…
To cut costs, the easiest solution to accommodate an additional family member is to work with whatever space a household already has, which often leads to a garage conversion…
In the latest battle over the planned mega-development at Observatory’s River Club, the Heritage Western Cape Appeal Tribunal is being taken to court by the Western Cape Department of Transport and Public Works…
Here’s what property buyers need to know about the way forward after SA’s lockdown…
The Covid-19 crisis united South Africa’s real estate sector as never before in our history and the hard work has paid off – on Monday 1 June all property professionals may once again go outside to sell properties on condition of adhering to strict safety protocols to keep them and the buyers and sellers safe from infection with the novel coronavirus…
The recent interest rate cuts have stimulated interest among buyers. Even though the market is under pressure, we have unlocked a new buyer in the market, add to that the house prices will not be growing, it’s the best time to buy…
The following guidelines and templates can be used by the real estate industry for their workplace plans…
The COVID-19 pandemic and its ongoing economic fallout have left many businesses struggling with cash flow and even viability challenges. The result is that an increasing number of companies are either trading in insolvent circumstances, or in grave danger of doing so…
As a general rule, South African tax residents are taxed in South Africa on their worldwide income. Relief is however provided through an exemption introduced in 2000 aimed at preventing double taxation by exempting foreign earned income provided that certain requirements are met…
No longer – life just got a little bit easier with the new online reporting service from NaTIS (the National Traffic Information System)…
Despite the impact of Covid-19 and the tightening of economic activity, property remains a sound investment, according to Lightstone…
After a slow start to the year, the combination of a mild improvement in demand, progressive mortgage lending as well as attractive market pricing supported the residential property market in 2H19
With no international travel permitted during the Covid-19 lockdown, properties in sought-after areas such as Camp’s Bay and the Atlantic seaboard in Cape Town are now listed at a steal, says Grant Smee, MD of Only Realty…
The current property market is displaying interesting new trends. One of the most welcome is that although the lower prices and even lower interest rates have created a real buyers’ market, quick in-and-out buyers are no longer nearly as evident as they were 12 to 24 months ago…
With the home buyers’ market buoyant and still being driven by sharply lower interest rates, the September Consumer Price Index (CPI) inflation numbers continue to point to a battling residential rental market which is being hampered by tenants who are financially pressured by a deep recession and ‘outcompeted’ by the home owner market due to the dramatic reduction in interest rates earlier this year…
For companies around the world, Covid-19 lockdown has forced rapid change. Where there was reluctance to adopt remote working and hybrid workspaces pre-pandemic, lockdown made this a non-negotiable..
The economic impact of Covid-19 has seen many small business owners around the world terminating their leases at shopping centres and office buildings and seeking more affordable options, including working from their homes…
You decide to open a home business, or perhaps you are about to buy a house in order to run a business from it. You apply for rezoning but the council is taking forever to decide…
The Deeds Office is undoubtedly the civil service office served by the most productive and committed civil servants in the whole of our civil service with regard to the processing of designated workloads…
The Housing Act prevents the voluntarily sale and transfer of a FLISP subsidy house within eight years from date of acquisition…
South Africa’s housing market, already battling headwinds, can expect further shocks in the coming months, analysts have warned. According to the latest FNB Property Barometer released on Thursday…
It is not uncommon for an estate agent to be involved in the marketing of a property which is an asset in a deceased person’s estate. But buying from a deceased estate can, at times, discourage an eager property buyer or investor due to the fact that such transfers are likely to take longer to finalise than ‘normal’ sales.
In light of the national lockdown, which has been precipitated by the COVID-19 pandemic, there has been widespread uncertainty regarding what trustees of sectional title schemes can do and what they cannot do…
The bond that prospective South African homeowners can afford will depend on a number of factors, including their actual take-home pay as well as how much of a deposit they put down…
Contrary to popular belief, the bottom line in contract negotiations is not always the bottom line, especially in real estate. When selling a home, for example, the price to be paid is usually the major consideration, but it is worth noting that sale agreements can and regularly do fall apart when parties fail to agree on non-price terms of the contract…
With interest rates at their lowest levels in decades and a huge choice of inventory, many home-buyers and investors feel that this might be a good time to pick up a bargain property or two, and are “trying their luck” with really low offers to purchase…
One often deals with transactions where a property that is leased to a tenant, is sold. The question then arises as to what the rights of the tenant, seller and purchaser are…
When it comes to property, there are several factors contributing to the market’s current resilience that will continue to bolster it through these tough times. Affordability is one of the biggest of these contributors…
The Real Estate industry could provide much-needed economic stimulus, with the impact of Covid-19 showing rising House Price inflation as SA heads for deep recession…
Women are the leading gender in the first-time home buyer market in South Africa. According to Hayley Ivins-Downes, this trend has held true between 2015 and 2020…
While the market has picked up significantly and Seeff ended July with the highest sales in six years, buyers putting in low offers are left disappointed, says Samuel Seeff, chairman of the Seeff Property Group…
As the “tiny house” movement sweeps across the world, the demand for luxurious, small homes is also growing in South Africa…
Some confusion created by recently published press articles about the requirement to have a “SPLUMA certificate” … The articles suggest that all property transfers require a SPLUMA certificate … In reality, only some property transfers require a certificate issued in terms of section 53 of SPLUMA (“SPLUMA Certificate“) and similar certificate requirements already existed under older legislation even before the enactment of SPLUMA …
South Africans are facing steep municipal tariff hikes for the next year, as some of the country’s large cities struggle to balance their books…
You’re in the market for a new home, and your estate agent takes you to see a series of houses that are totally out of your price range or that tick none of your boxes…
The FlowFindings survey has uncovered the staggering statistic that only 37% of South African tenants can afford to pay their rent in full – and a significant 22% cannot pay their rent at all…
With the number of interest rate reductions this year, a home loan or ‘bond’ is starting to look like a really attractive option if you need to access a large amount of cash, and fast. We’re not talking about selling your home but rather accessing some of the equity in your property…
Owning a rental property portfolio which provides income is like owning a business. There are tax implications and dues that need to be paid to the South African Revenue Service (SARS)…
The ins and outs of searching for a home in this new reality. Despite the precarious economy, and because of what the global pandemic has manifested, lockdown has reintroduced property owners to their homes, which may be a blessing or a curse…
The Estate Agency Affairs Board (EAAB) announced on the 14th of February that 87 agents benefited from a special re-admittance practice note published in June last year. This is to accommodate agents who have not applied for renewal of their Fidelity Fund Certificates (FFC) for three years or more and allows them to pay the “debt” over 6, 12 or 16 months…
New data from analytics group Lightstone shows which estates in South Africa are drawing the most retirees.
According to Lightstone, which has been tracking the retirement property industry for the last 20 years, the sector has evolved from limited options to now include an array of lifestyle estate options, sectional title or lock-up-and-go as well as the upmarket coastal home…
Landlords are confronted with the question of whether to excuse their tenants’ performance, the possibility of renegotiating payment terms and making amendments to the rental lease, and whether or not to pursue immediate defaults and take necessary legal action. Tenants, on the other hand, are frantically looking towards landlords for financial assistance while some are even preparing legal defences against non-payment, including the claim that the lockdown constitutes a force majeure or vis major event…
A new judgement from the Supreme Court of Appeal will have major implications on the rights and responsibilities of dog owners in South Africa…
There are three different forms of homeownership in South Africa which include owning a home as a natural person, a company or, as a trust. Each option has its own set of pros and cons and it is important to understand each option before proceeding with the purchase…
The process of purchasing your very first home can be an overwhelming experience with the overload of information and procedures you need to familiarise yourself with…
The bond that prospective South African homeowners can afford will depend on a number of factors, including their actual take-home pay as well as how much of a deposit they put down…
In adulthood, we will be exposed to sureties in one form or another. Whether this requires a partner, spouse, or parent to stand surety to qualify for a home loan or, standing surety for a facility granted to a company. Occasionally, surety just forms part of a contract, a loan, or an instalment finance agreement which one enters…
The Spatial Planning and Land Use Management Act 16 of 2013 (SPLUMA) which came into effect in 2015 was established to provide a uniform system of spatial planning and land use management throughout South Africa in order for municipalities to apply land use control…
The increase in the number of distressed property sales owing to the lockdown and a rising unemployment rate is an unfortunate reality. Some of these property sales require a bit of work but they do provide cash-strapped buyers with the opportunity to enter the property market while rescuing the sellers from their debt.
South Africa’s High Court has recently dealt with a case involving the sanctity of the marriage and the importance of saying ‘I do’…
Research group New World Wealth has published its South African wealth report for 2020, highlighting where some of the country’s richest people choose to live. As part of the group’s research, it looks at the price of property per square metre in prime property areas across the country…
When the Sectional Titles Schemes Management Act (STSMA) was signed into law on 7 October 2016, it shook up the lives of many body corporate members”…
With the summer holiday season approaching, areas along the coastal region will experience an influx of non-registered agents offering deals that are too good to be true on managing clients’ holiday rental properties. The trouble with this is that these clients will have little to no legal recourse against these agents if they turn out to be con artists…
Property Practitioners Act: SUMMARY: What is the Property Practitioners Act?
[this article was first published January 2020]…
The Radisson Hotel Group has debuted its fourth brand in South Africa, the Radisson Hotel & Convention Centre, Johannesburg, O.R. Tambo. The new edition further strengthens the group’s presence in one of its key African markets, bringing the company’s South African portfolio to sixteen hotels in operation and under development…
After hearing confirmation that the real estate industry will not be reclassified to operate under level 4 of lock down restrictions, the real estate industry has joined forces to implore government to reconsider, explaining that this decision affects not only the thousands that are employed within this sector, but also has a far reaching impact on the economy as a whole…
The announcement of South Africa’s third recession since 1994 has sent shock waves across the country. While we all saw it coming, the market shrinkage reported by Stats SA confirms one thing: we have now reached our lowest point since 2009…
While some sellers believe listing the property price higher than the market average is the best strategy because it allows for downward negotiation, it is rare that this strategy works…
While the Deeds Office may operate during lock down level 4, the transfer and registration process will look a bit different under the current restrictions…
The current data is a clear indicator of the effects of the national lockdown on rent levels, rental growth, and arrears in South Africa…
The property sector saw a big jump in home loan applications in June, data from bond originator, Ooba shows. The second quarter of 2020 (Q2 20) commenced with two months of lockdown for the real estate industry. Estate agents were only allowed to resume work on 1 June under Alert Level 3, with home buying accelerating in June due to pent up demand created by the lockdown as well as historically low interest rates…
Numbeo has published its Cost of Living Index for mid-year 2020, ranking the most expensive cities in the the world, including five in South Africa…
A South African buyer has snapped up the ocean-level Clifton 3rd Beach bungalow on the Atlantic Seaboard in an auction held earlier this month. The property, which is one of only seven properties with direct beach access, sold for R17.84 million.
A parking bay off Victoria road in Cape Town’s suburb of Clifton has gone on sale for R1.1 million – or around R78,500 per square metre…
Data from home loan comparison service, Ooba, shows minimal growth of 1.8% in the average house price year-on-year from Q4 2018 to Q4 2019.
Managing one’s investments in the midst of a pandemic is no easy task, no matter where you reside. South Africans, however, face a far more complex environment when considering where their money is safest in a post Covid-19 world. Confidence in the local investment landscape is markedly depressed…
The COVID-19 pandemic and lockdown are stressful for everyone. You’re justified if you feel that keeping the house tidy is a low priority. However, a neat, organised home can actually help keep everyone reasonably sane and productive…
Being a commercial landlord in a post-pandemic world poses the challenge of how to provide occupants with secure, sustainable, and flexible spaces…
Our law requires that when a trader sells any part of his business other than in the normal course, such trader must publish a notice of his intention to do so in order to protect creditors of the business.
HYDE CONSTRUCTION CC V K2013046547 (SOUTH AFRICA) (PTY) LTD AND OTHERS (9179/2019) [2020] ZAWCHC 31 (29 APRIL 2020)…
The appeal against Heritage Western Cape’s two-year provisional protection of the River Club site in Observatory, where a mega-development is planned, has been dismissed in a scathing ruling against the provincial and city authorities…
There is a lack of education and information related to property investment in South Africa and it is essential to work towards unlocking this concept of wealth creation…
Living together as husband and wife without concluding a civil marriage, whether as a conscious or unconscious choice, occurs in the vast majority of instances without appreciation of the consequences…
The Cape Town Attorneys Association, referring to a note from the Chief Registrar of Deeds, confirmed that various communications have been addressed to the office of the Minister of Justice, motivating the re-opening of the Deeds Office as an essential service. We are currently awaiting the outcome of these submissions and our advices will follow as soon as positive details are known…
The V&A Waterfront’s 360-degree integrated farm-to-fork food experience, Makers Landing, is set to open its doors at the Cape Town Cruise Terminal (E-Berth) next month…
Now more than ever, leasing office space for your business is daunting as the country transitions out of the national lockdown. With remote working part and parcel of our daily experience, both small and large businesses are scrutinizing lease agreements and asking the important question: Are we getting value for money?…
Can an employer be held liable for the theft of a client’s goods by one of its employees?…
The lockdown regulations in essence affected all business owners who do not provide essential services. Not being able to trade for more than a month might prove to be the final nail in the coffin for businesses, already under financial strain prior to the pandemic…
The City of Johannesburg has called on ratepayers who are financially distressed to approach it for payment arrangements or face being cut off…
A body corporate is responsible for the maintenance of the common property of the scheme which includes planned and unforeseen maintenance. Maintenance to water damaged areas tends to raise the question: “Who is responsible for the repairs after a leak has been discovered?”…
Five Elands Bay beach property owners have been served warning notices by the Western Cape’s environmental authorities for allegedly illegally building houses and other structures within the protected coastal zone…
Looking to take advantage of the favourable property buying conditions and put in an offer to purchase, but not sure what would be a reasonable offer below asking price?…
An auction is generally described as a public sale in which goods or property are sold to the highest bidder. Banking institutions have traditionally used auctions to achieve successful sales of a property in respect of which a court order has authorised an execution sale…
The traditional office space is fast becoming passé, with entrepreneurs the world over embracing remote work and distributed workforces especially during the Covid-19 pandemic…
Commission earners who earn more than 50% of their total remuneration as commission income are not limited in the type of business expenses they can claim, as long as these are incurred in the production of their income and are not capital or personal in nature…
Now on Level 1 lockdown, it is hopeful that South Africa is on the path to economic recovery, however, there is still some way to go, with the economy anticipated to shrink by 7.8% this year. In terms of the property sector, the knock-on impact is that buyer confidence is low – something that cannot be attributed solely to the pandemic…
Even with all the home buying activity that is going on at the moment, it is too early to make a call on the real estate market…
Events which shape one’s life, such as marriage, the purchase of a property, the birth of a child, the death of a loved one, a divorce or emigration, all lead to a change in personal circumstances which may require the updating of your will…
It’s chiefly during these times that the highest evaluation is seldom the best evaluation for numerous reasons – and should at least be tempered with a best case and a worst-case scenario, or the property will end up staying on the market for an extended time”…
In the currently active property market, driven by the historically low interest rate, sellers may be tempted to increase their asking prices, but this can be a big mistake…
The South African Reserve Bank (SARB) Monetary Policy Committee (MPC) announced another rate cut of 25 basis point rate this week, which most economists predicted…
The property market has seen vacancies rise and values drop, in some cases by up to 30% during 2020 with an unexpected surge in activity in ‘entry level’ residential properties…
Many South Africans are experiencing some form of financial stress owing to the current financial climate. You may miss a credit card or loan repayment and when you try and open an account at your favourite clothing store or apply for a home loan, you may find out that you have been blacklisted…