Property Archives - Ashersons Attorneys

25 Feb 2025

Mortgage Bond Arrears: Can You Challenge a Certificate of Balance?

“O, I do not like that paying back.” (Falstaff, in Shakespeare’s Henry IV Part I) A standard clause in loan agreements, suretyships and the like is the “certificate of balance” or “COB” clause. Typically, it will read something like this (but normally with a lot more verbiage, and bear in mind that every lender has their own version or versions): “A certificate signed by a bank manager will be prima facie proof of the amount owing in terms of the loan agreement, unless the contrary is proved.” Most homeowners will have encountered a COB clause in what we all refer to loosely…

28 Jan 2025

By Ashersons Attorneys

A Complex Issue: Beware Late Building Penalties

“Home wasn’t built in a day.” (Jane Ace, radio comedian) You find the perfect plot on which to build your dream home in a security estate. Your offer is accepted and transfer proceeds – happy days!So, imagine your distress when, having proudly taken ownership, you are suddenly told by the HOA (Homeowners’ Association) that you are liable for penalty levies because the previous owner didn’t build on the plot within the deadline period set out in the HOA’s constitution. You ask the HOA for an extension – after all, it was the seller who was in default, not you. And…

07 Jan 2025

By Ashersons Attorneys

How Can I Buy Property in South Africa as a Foreigner?

“I never knew of a morning in Africa when I woke up that I was not happy.” (Ernest Hemingway) Are you a visitor dreaming of waking up with giraffes on your lawn and wondering how to make it happen? Or a local being asked by overseas friends and relatives: “This country’s magic, how can I buy myself a property here?” We have all the answers… First up, can you even buy as a foreigner? The good news here is that we’re as welcoming to property buyers as we are to visitors! Foreigner or local, there are very few restrictions on…

26 Nov 2024

By Ashersons Attorneys

Who Appoints the Conveyancer? Your House, Your Choice

“A man’s home is his castle.” (Sir Edward Coke, English common law ruling, 1604) Of course, what we all want to hear at the end of our house-selling journey is something like this: “Congratulations! You sold for a good price, the buyer’s taken transfer and you’ve been paid the purchase price. Time to pop the bubbly🍾”. Having your sale go this smoothly is about a lot more than just finding the right buyer at the right price. It’s also about navigating a complex legal process to ensure a smooth and timely transfer of ownership. A critical part of this journey is…

28 Oct 2024

By Ashersons Attorneys

Blue Skies Ahead for Property? Be Prepared with this Buyer’s Checklist

“Don’t wait to buy land, buy land and wait.” (Will Rogers) Summer’s a great time to look for property. With the year winding down and the holiday season upon us, many sellers who’ve been holding back are now putting their properties back onto the market, so expect to see some great new buys out there. But that’s not the only reason… Blue skies ahead? The recent interest rate cut, which hopefully heralds more cuts to come, will not only make bond repayments more affordable, but it should also help stimulate our economy generally. If these positive trends hold, the resultant…

25 Sep 2024

By Ashersons Attorneys

Three Ways to Protect Yourself from the Nightmare Neighbour in Your Complex

“A bad neighbour is a misfortune, as much as a good one is a great blessing.” (Hesiod, 700 BCE) It seems that every community has at least one nightmare neighbour who delights in objecting to everything, fighting with residents and management at every turn, and becoming abusive and aggressive when they don’t get their way. What can you do to protect yourself and your family if you live in a residential complex and come under attack from such a neighbour? Of course, first prize will always be to prevent a long and bitter feud from developing in the first place.…

27 Aug 2024

By Ashersons Attorneys

Waiving the Bond Clause to Keep a Sale Alive: Risk Versus Reward

“This sale agreement is no more! It has ceased to be! This is an EX-sale!” (With apologies to Monty Python) A “bond clause” – standard in most property sale agreements – typically provides that the whole sale depends on the buyer obtaining a mortgage bond by a specified date. If the deadline comes and goes without a bond being granted, the sale lapses and the buyer is entitled to get their deposit back. Most agreements also provide that the bond clause is there for the sole benefit of the buyer, who is thus entitled to waive it, i.e. to tell…

29 Jul 2024

By Ashersons Attorneys

The Garage Door That Had the Complex Up in Arms

“Good fences make good neighbours.” (Robert Frost) When you buy into a community scheme (such as a security estate, complex or apartment block) you automatically become a member of its management body: either a Homeowners Association (“HOA”) if your property is full-title or freehold, or a Body Corporate if your property is part of a sectional title development. You are then automatically bound by the rules and regulations formulated by your management body, so make sure you understand them fully. They are there to promote everyone’s safety, quality of living and property values, and you have no choice but to…

25 Jun 2024

By Ashersons Attorneys

Home Buyer loses R5.5m in Phishing Scam – Don’t Make the Same Mistake!

“[The buyer] must in the circumstances take responsibility for her failure to protect herself against a known risk” (extract from judgment below) Cybercriminals absolutely love targeting property transactions because they provide the perfect mix of large money deposits, heavy reliance on email communication from trusted parties like attorneys, banks and estate agencies, and deadlines creating a sense of urgency and lack of attention to detail. Let’s consider just one recent example of a high-value BEC (Business Email Compromise) attack on the purchase of a house. A textbook case costs a pensioner R5.5m A woman describing herself as “an elderly divorced…

03 Jun 2024

By Ashersons Attorneys

Why an Oral Estate Agency Mandate Isn’t Worth the Paper It’s Written On

“A verbal contract isn’t worth the paper it’s written on” (Samuel Goldwyn) Perhaps you are a seller marketing your property through an estate agency, or a buyer asking an agent to find you one, or a landlord employing an agent to let out your property. Whatever the transaction involved, make sure that the agency mandate is in writing. The problem is that, because we have a human tendency to hear only what we want to hear, the parties to any verbal agreement can, quite genuinely, each remember the terms of their agreement quite differently. Even worse, if one party is…