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Entering into a mortgage bond with a co-applicant, be it a partner, family member, or trusted friend, is a familiar occurrence in the realm of homeownership. However, as circumstances evolve, individuals may find themselves contemplating the possibility of terminating their joint liability in the mortgage agreement.
When you sell a property, you are legally required to obtain a rates clearance certificate from your local municipality. The rates clearance certificate (RCC) certifies that all rates and other municipal charges which include electricity, water, sanitation, and/or refuse are paid in full.
Property owners have the responsibility to check the municipal property valuation ascribed to their property. If the valuation of the property is not in line with the market value or if the categorization is incorrect, property owners must submit their objection before the objection period closes.
As part of its dispute resolution procedure the CSOS attempts to resolve disputes firstly through Conciliation (formal or informal) and where the dispute remains unresolved, Adjudication follows. However, there are instances where Management Rules in sectional title schemes or the Memorandum of Incorporation in Share Block Schemes provide for arbitration as a process for dispute resolution.
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.
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