How to avoid Deeds Office pitfalls
Written by Meyer de Waal
An onerous title deed condition that isn’t discovered in time could delay or prevent the progress of a property development – with serious cost implications. Alternatively, such an omission could be costly when buying or selling property. Given this truism, the purpose of this article is to sensitise the reader to some pitfalls when dealing with title deeds. The deeds…
Having bought his dream home, Harry felt sure that his investment was secured against all unforeseen mishaps. After all, he had taken out home owners insurance with one of the leading insurance companies, according to the conditions of his bond approval. He could now happily begin paying the bond instalments. Everything went well for a year or two, until Harry…
The residential sector suffered a severe downturn in 2008/09 because: 1. Interest rates were raised in mid 2006 to help combat inflation 2. The National Credit Act came in during July 2007, constraining lending 3. The global financial crisis struck in Sept / Oct 2008 and banks tightened their lending criteria quite severely. In a research report, the J P…
SARB Leading Indicator, Vehicle Sales, Transfer Duty & House Prices  The SARB leading indicator dropped marginally, possibly reflecting some moderation in the economic growth rate … … yet, the annual percentage increase is very high because of comparative base effects (i.e. current levels are being compared to very low levels a year ago) Vehicle sales have benefited from World…
CLIBI Moving Sideways
Written by Dr Johan Snyman
The MFA Composite Leading Indicator for the South African Building Industry (CLIBI) recorded a peak of 69 in late 2004. The index dropped to 26 in 2009, reflecting a lower turning point. This building indicator rose to 32 in the first quarter of 2010. However, it dropped slightly to 31 during the second quarter. It moved virtually sideways during the…
In this month’s MFA newsletter we focus on the lending criteria of banks in South Africa and trends in new housing. This research was prompted by a question raised in Johannesburg during the recent BMI Forum. It is known that various factors are interrelated in the private housing market. Some interrelated factors: Interest rates Banks’ lending criteria (easy or strict…
The implementation of the Consumer Protection Act has been postponed to the 1st of April 2011 as the Minister of Trade and Industry is still in the process of finalising the regulations to the Act. They are also putting in place the structures required to implement the Act, namely the Consumer Commission and the Consumer Tribunal which will deal with…
A home is usually the biggest asset a consumer will ever acquire in his or her lifetime, but the stringent implementation of the National Credit Act by financial institutions is making it more difficult for potential home owners to enter the market. First time buyers and the self-employed are particularly affected. Nearly 50% of employed bond applicants are declined every…
You are no doubt aware that the Machinery and Occupational Safety Act of 1983 requires owners of buildings to hold a certificate of compliance in respect of the electrical installation. This has now been extended by recent amendments to the regulation.Peter Bowes advises that New Pressure Equipment Regulations have been promulgated under the Occupation Health and Safety Act, which bring…
Die wiele van ʼn verkooptransaksie word aan die rol gesit deur die ondertekening van ʼn koopooreenkoms of ʼn aanbod om te koop. In meeste van die gevalle is dit ʼn eiendomsagent wat die koopooreenkoms aan beide die koper en verkoper voorlê vir ondertekening. ʼn Eiendomsagent is die persoon wat namens die verkoper by die verkoop van onroerende eiendom optree. Nie…
GEUE v VAN DER LITH (20 NOVEMBER 2003) APPÈLHOF SAAK: 625/02 1.   Die Appèlhof het op 20 November 2003 beslis dat die vereiste gestel in Art. 3(e)(i) van die Wet op die Onderverdeling van Landbougrond (Wet 70 van 1970), naamlik: dat geen deel van landbougrond sonder die Minister van Landbou se toestemming verkoop mag word nie, ʼn absolute…
Die Voetstoots Klousule
Written by Libo van Aswegen
Die voetstoots klousule kom algemeen in koopkontrakte van vaste eiendom voor. Die aanspreeklikheid van die verkoper ten opsigte van verborge gebreke gee aanleiding tot interessante regsnavrae van verkoper, koper en eiendomsagente. Hierdie artikel dien as ‘n oorsig van die voetstoots klousule. Bespreking Die Suid-Afrikaanse gemenereg bepaal dat die verkoper nie aanspreeklik is vir gebreke van vaste eiendom wat met die…
The New Consumer Protection Act
Written by Thys Swanepoel
The Minister of Trade and Industry, Dr. Rob Davies, has deferred the general implementation date to 1 April 2011. The postponement will give business and the public sufficient time to prepare them for compliance with the new law. However, the regulations are still outstanding and it is difficult to get a full picture of the impact. The public and stakeholders…