New STMA: Budget conscious buyers to guide developers' choices
The new Sectional Titles Schemes Management Act (STSMA) came into force in October 2016. Its provisions include the need to have a long-term 10-year maintenance programme for any items that may need to be maintained or replacement within the next 10 years.
This is according to Mike Spencer, Professional Associated Valuer of Platinum Global, who says provision will have to be made for painting, waterproofing, lifts, wooden windows, etc.
While prudent bodies corporate would have already made these provisions, Spencer says many of them did not, and that resulted in special levies.
Government to implement laws to curb the sale of RDP houses
Human Settlements Minister Lindiwe Sisulu says government is working on laws to stop the sale of government subsidised houses. From April 2017, national government will implement a centralised National Housing Needs Register (NHNR), which is a centralised database of all those who require housing assistance in the country.
The Minister was opening the North West Human Settlements Indaba on Thursday.
From April 2017, national government will implement a centralised National Housing Needs Register (NHNR), which is a centralised database of all those who require housing assistance in the country.
Double check Offer to Purchase home loan clause
The mortgage clause in some Offer to Purchase (OTP) or Agreement of Sale documents can be confusing, and home buyers and sellers must be sure before they sign these documents that they are not committing themselves to the transaction under unacceptable conditions.
“The mortgage clause usually stipulates that the purchase agreement is subject to the buyers being granted a home loan within a certain period, but because different estate agencies use different OTP documentation, the clause can be worded in different ways,” says Berry Everitt, CEO of the Chas Everitt International property group.
“So both buyers and sellers need to check it very carefully and make sure they understand exactly what it says, especially if this is their first home purchase or sale.”
Visit the Cape Town Property Buyer Show from 8 - 9 April
Looking to buy or invest in Western Cape property?
“Then make sure you will be attending the Property Buyer Show at the Cape Town International Convention Centre (CTICC) where an innovative exhibition layout is designed to walk buyers through the property buying process,” says Benhard Wiese, Principal Agent of Cape Coastal Home (CCH).
“It is literally a one-stop shop, which will simplify the process.”
Wiese says the expo offers a finance zone, property zone, first-time buyer seminar theatre and a property investor theatre.
What you need to know about cancelling your home loan
In certain cases, homeowners who have paid off their home loan may have the option to keep their bond account open, which will keep the loan facility available to them.
Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, says that the reason that a homeowner would want to keep the facility open is to ensure that they have access to money when they may need it for household improvements or repairs.
“The advantage of keeping the account open is that the homeowner will not need to register another bond over the property and incur more registration costs,” says Goslett.
Rental inspections - what's the big deal?
If you’re renting a property, as either a tenant or a landlord, you should be quite familiar with the concept of incoming and outgoing inspections - they are, after all, required by law under the Rental Housing Act.
Despite this, Jacqui Savage, the Rawson Property Group’s National Rentals Development Manager, says many people consider inspections to be a formality at most.
Savage says this can be a very dangerous stance to take.
“The incoming inspection with a new tenant forms the foundation of the relationship between landlord, tenant and agent,” she says.