The increasing importance of Fidelity Fund Certificates
Property Practitioners who now need to hold a Fidelity Fund Certificate, unless excluded, to practice in terms of the Property Practitioners Act, 22 of 2019, may have certain questions regarding the application process to obtain the Certificate, its issuing from the Authority and any disqualifications from issuing, its amendment, withdrawal, and lapse thereof. A Property […]
Who owns your home – the bank, or you?
With the vast majority of homes being financed through the country’s biggest banks, the popular online debate around who owns a mortgaged home in South Africa continues. While some would argue that the bank owns your home, the truth lies in two salient points: The authority that you elect to take on as soon as […]
Selling a property with defects: What you need to know
The purchaser signs an agreement of sale with the seller. The property is transferred into the purchaser’s name. A month later, there is heavy rainfall and they realise that the roof is leaking. Is the seller liable to repair the roof or the purchaser, as the new owner? To understand which party is liable, one […]
Complex living: Be aware of the hidden costs
When considering the purchase of a unit within a complex, it’s crucial to look beyond the surface-level expenses such as the advertised levies. Without thorough research, potential buyers may find themselves facing unexpected financial burdens. The structure of sectional title schemes In sectional title schemes, you own your unit but share ownership of the property’s […]
Home power backup systems
Electrical engineers answer your questions Eskom has made it clear that ‘load-shedding’ isn’t going to end any time soon. This reality, and President Cyril Ramaphosa’s announcement during his annual state of the nation speech on 9 February 2023 that tax incentives for solar power use are imminent (confirmed in the Budget on 22 February 2023), means […]
Factors to consider before negotiating your home loan’s interest rate
As interest rates continue to rise, many homeowners find themselves contemplating the idea of fixing their home loan interest rates. Initially, when the interest rate hike began after the historically low rates experienced in 2020, experts advised against fixing rates. However, the landscape has evolved since then, and the decision to fix your interest rate […]
Should sellers provide approved building plans when selling property?
The simple answer is no. However, the National Building Regulations and Building Standards Act mandates that local authorities approve building plans for the construction, alteration, or conversion of a building. Consequently, if approved plans are absent, the property owner would be committing a statutory offence. Once signed by both parties, an offer to purchase becomes […]
What happens to your deposit if the home sale falls through?
It depends on which party is responsible. It’s every home buyer’s worst nightmare. You find your dream home; your offer is accepted; and you pay a deposit—only for the sale to fall through before the property is transferred into your name. The question now is, where does this leave your hard-earned deposit? The answer depends […]
Rate hikes: Are buyers over-reacting?
Historically, interest rate hikes have had a dampening effect on the South African residential property market, with homeowners reassessing their affordability in anticipation of higher monthly loan repayments. The resultant reduction in home loan applications immediately following an interest rate hike is a reaction from buyers who are hesitant to make a long-term commitment until […]