Property: Don’t Pay Double Commission!

Property: Don’t Pay Double Commission!

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. Consider this scenario – you mandate an agent who introduces a potential buyer to your property, but no acceptable offer results. Later on you bring another agent in, and this time the same buyer makes an acceptable offer. Q: Which agent must you pay commission to – the agent who originally introduced the buyer…
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Property: Green Shoots, Agent’s Commission and Fidelity Fund Certificates

Property: Green Shoots, Agent’s Commission and Fidelity Fund Certificates

Dollar billionaire Andrew Carnegie said it a century ago, and it still rings true – wise property investment can be hard to beat when it comes to accumulating wealth. The exciting opportunity for buyers at the moment is of course the more attainable sale prices and the lower interest rates resulting from the pandemic and the lockdown. It is, by all accounts, still very much a buyer’s market. On the other side of the coin, sellers and estate agents are no doubt heartened by recent signs that the first green shoots of a recovery are in the offing, and so…
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Property Sellers – Prepare for SPLUMA

Property Sellers – Prepare for SPLUMA

Many factors can delay your property transfer, and all of them are likely to cost you. A last-minute rush to comply with statutory requirements is one such pitfall to avoid. Beware therefore of the possibility that you will soon need (in some parts of the country you may already need), to lodge before transfer a formal “SPLUMA” (Spatial Planning and Land Use Management Act) certificate of compliance. SPLUMA, without getting too technical, provides a framework for all provinces and municipalities to pass laws governing land use and development. There is (at date of writing) some confusion over what is actually…
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Plot and Plan: The strange case of the unsigned sale agreement

Plot and Plan: The strange case of the unsigned sale agreement

You buy a plot in a residential development and the developer agrees to build you a house to stated specifications and plans.  You pay in full for the plot and it is transferred into your name.  All good so far. But then you fall out with the developer over the costs, finishes and other specs for the building work.  What happens now?  A High Court case (Bray v Grand Aviation (Pty) Ltd and Another (07/28371) [2015] ZAGPJHC 139) illustrating a particular danger for both developers and buyers revolved around these rather unusual facts - A buyer bought a piece of…
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