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Previously, there was a court case which made rulings related to the payment of commission to unregistered estate agents who concluded a sale of property on behalf of the estate agency.
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The Consumer Protection Act (CPA) became effective on the 1st of April 2011 and made provisions for the requirements that should be met in an estate agent mandate agreement.
Overall, the CPA serves to promote fair, transparent and ethical business practice so as to protect the consumer from unlawful conduct.
There has been a lot of speculation as to whether unapproved building plans for a carport or outbuilding would constitute a latent building defect.
Additionally, there have been questions raised regarding whether or not the voetstoots clause protects the seller against physical defects only.
Direct marketing laws affecting real estate are laid out by The Consumer Protection Act (CPA) and specify many aspects of direct marketing and the marketing related activities of estate agents.
Estate agents’ responsibilities are made clear in the Institute of Estate Agents South Africa Code of Ethics and Conduct and is supported by the Consumer Protection Act.
Assets acquired by a person during his or her life are calculated at market value and disposed of at that value at the date of death.
The difference in value between the market value and the nett costs of the assets is regarded as capital gain (or loss) and must be reflected accordingly in the income tax return of the deceased person.
The absence of approved building plans is considered a latent defect. Where there is a voetstoots contract in place, it means that the buyer of the property accepts the property as it is at the time of sale.
Just as we are liable to pay taxes on income, purchases and other transaction made throughout our lives, there are taxes for deceased estates too.
According to the Sectional Titles Schemes Managements Act 8 of 2011 (STSMA), administrative funds must be established and reserve funds for body corporate must be maintained by the body corporate.
Separate bank accounts must be opened for each fund as they each serve a specific purpose.
Since the Consumer Protection Act 68 of 2008 (CPA) was introduced, there has been a special focus on voetstoots in private sale agreements and general provisions of a voetstoots contract.
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