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The South African property market has been witnessing significant growth, making property investment an attractive option for generating income.
The most effective way for parties to prepare for unforeseen circumstances whereat a need may arise for the early termination of a lease agreement, is to include an early termination clause in the lease agreement.
Property practitioners are often involved in marketing property which is an asset in a deceased person’s estate. However, buying from a deceased estate can deter buyers or investors from pursuing the purchase because such transfers are known to take longer than usual to finalize.
It has always been the responsibility of property professionals to obtain as much information as they can regarding the property’s condition so that they can disclose this information to the buyer. Transparency is key when it comes to buying and selling property.
Property buyers have several options available to them when purchasing certain developments in South Africa. Traditionally, buyers had the option to purchase either a plot or a plot-and-plan but recently, another option known as a turnkey sale was introduced into the property market.
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.
The Alienation of Land Act provides that for immovable property sale transactions of R250 000 and below, a cooling off period of 5 business days applies. In this period the purchaser may notify the seller and revoke the offer with no consequences.
Lease agreements are no different either, tenants are in a position to study a lease agreement before signing off and accepting rented properties. Despite having lesser bargaining power, tenants may also negotiate terms of the lease agreement with the landlord before parties eventually settle on what they agree on.
Cancelling an effective contract is usually not without repercussions, depending on the nature of the contract and the obligations under it. Some cancellations may be due to breach of the agreement by one party or both, requiring the affected party to seek redress and restitution to the extent of their proven loss.
SPLUMA came into operation on 1 July 2015 with the purpose being to develop frameworks that regulate planning authorisations and promote consistency with regards to land development under a municipality’s jurisdiction.
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