AA - May 2020

# Seller advice: Take every offer seriously – May 2020

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…

An in-depth look at the Rental Housing Act. – 7 May 2020

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…

Bank mortgage lending is drying up in South Africa – 29 May 2020

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…

Big standoff between retailers and landlords loom – 7 May 2020

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…

COMMENCEMENT OF BUSINESS RESCUE BY BOARD RESOLUTION – 19 May 2020

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…

EAAB – Latest Update – 31 May 2020

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…

HOW REAL IS YOUR RIGHT – 25 May 2020

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…

In Times of Great Change, Make Sure Your Will is Updated ! – May 2020

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”…

Is buying off-plan the best avenue to enter the property market? – 25 May 2020

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…

Leases, Contracts and COVID-19: What is Force Majeure? – May 2020

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…

LEVEL 3 NEWS – 29 May 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…

LEVEL 3 REQUIREMENTS FOR ESTATE AGENTS – 31 May 2020

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:…

Lockdown Lessons: Slow return anticipated to a new-normal – 8 May 2020

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…

Property may not notice short-term impact of recent repo rate cut – 22 May 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.

Real estate agents can work again! – 28 May 2020

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…

SPLUMA Certificate Confusion – 5 May 2020

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 …

The real estate industry asks government to reconsider level 4 restrictions – 4 May 2020

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…