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30 March 2017

EDRS Bill published for comment
Government Gazette - South Africa
In terms of Gazette No 40686, Notice No 2016 of 15 March the Electronic Deeds Registration Systems Bill, 2016 and the Explanatory Memorandum have been published for public comment. Members of the public are invited to submit written comments within 30 calendar days. The bill has been drafted to provide legislation that is required for the development of an electronic deeds registration system.
EDRS Bill Published for comment

Credit and mortgage advances
Absa - South Africa
Household credit and mortgage balances growth slowing down further

Growth in the value of outstanding credit balances in the South African household sector slowed down further to 0,4% year-on-year (y/y) to R1 501,7 billion up to the end of February 2017. The current downward trend in credit balances growth came against the background of a slowdown in growth in secured credit balances, whereas the component of unsecured credit balances is contracting as a result of specific data distortions (see explanatory note).

The value of household secured credit balances (R1 150,2 billion and 76,6 % of total household credit balances at end-February) increased by 2,1% y/y at the end of February, down from 4,1% y/y at end-February last year. The continued slowdown in growth in secured balances was the result of declining growth in household mortgage balances (see below), whereas instalment sales balances (21,4% of total household secured balances), contracted for the eight consecutive month up to end-February.

The value of household unsecured credit balances (R351,5 billion and 23,4% of total household credit balances in February) contracted by 4,1% y/y up the end of February, with year-on-year growth on a declining trend since April last year as a result of data distortions. The component of general loans and advances balances (58% of total household unsecured credit balances and largely consisting of personal loans and micro finance) contracted by 8,5% y/y at end-February, mainly driven by developments related to African Bank (see explanatory note).
Credit and mortgage advances (Feb 2017)

Don't rely on cooling-off period when buying a property
ReMax- South Africa
Once an Offer to Purchase has been signed by both the buyer and seller, it immediately becomes a legal and binding Sale Agreement.

"In fact, the buyer will generally have already signed the contract before it is presented to the seller, which means that buyers need to be certain that they want to purchase the property before they sign the agreement," says Adrian Goslett of RE/MAX of Southern Africa.

According to Goslett, many people are under the misconception that the Consumer Protection Act (CPA) gives them a cooling-off period when entering into a Sales Agreement. However, this is only applicable in certain instances. "Sometimes buyers will sign offers on several homes in the hope that one of the sellers will accept, but if more than one offer is accepted they could find themselves in some hot water," warns Goslett. "It is best to submit one offer at a time and work from there."
Cooling off period

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