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Property & Conveyancing
A sole mandate is a contract between an estate agent and seller where the seller agrees to appoint the specific estate agent to sell his property.
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Regardless of the notable benefits timeshare offers its owners, there are some downfalls which may leave some people wondering how to get rid of timeshare in South Africa.
In some cases, people who have signed up to timeshare instantly feel that they have entered into a commitment they might not be ready for.
An executive managing agent (EMA) is any person who provides a body corporate with management services and thereby receives monetary or other compensation.
Before buying an erf or plot as part of a homeowner’s association (HOA), it is extremely important for the buyer to read and completely understand all of the provisions, including building penalties which are laid out by the HOA’s governance documentation.
Members of a homeowner’s association are required to comply with “commencement of construction” and “completion of construction” dates.
Two types of body corporate funds are available according to the Sectional Title Schemes Management Act (STSMA) 8 of 2011 and the Prescribed Management Rules (PMR). These funds are referred to as the administrative and reserve funds and each have a separate purpose.
Agreements which stipulate that co-owned property will be jointly owned forever are no longer valid. Any one of the co-owners of a property cannot be denied their right to sell the property whenever they so choose.
Both the purchaser and the seller sign the agreement once the offer has been accepted. Once both parties have signed the OTP, it becomes a legally binding contract. This requires both parties to fulfil their individual responsibilities as specified in the agreement.
Co-ownership of property can be a really good solution to acquiring expensive assets together with like-minded friends. But what happens when your circumstances or relationships change? If your agreement is based on a hand-shake, are you joined at the hip until death do you part?
Living together unmarried has definite implications that ensure you need to plan your financial partnership very carefully. This is partly due to a lack of the obligations and protection that a marriage contract automatically provides.
Have you and your partner been thinking about joining the real estate game by buying a property together?
That’s easily understandable. It’s common for romantically involved partners, or even groups of friends to buy properties together. This is mostly because the salary of a young single person usually isn’t enough to cover the kind of bond they would like.
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