Sect. Title: Windows a Grey Area

The owners of units in sectional title schemes are usually aware that it is the body corporate’s duty to maintain and, if necessary, repair all common property in their schemes while they themselves are responsible for all maintenance in their section.

“This, is an easily understood concept – however, there is one grey area, the windows, about which we regularly have to sort out disputes,” says Michael Bauer, GM of IHFM.

.Property24Sect. Title: Windows a Grey Area – Top-Stories – News –

Auctions Explained

• Properties sold on auction are not always Sales in Execution – a private seller may choose to sell his property via an auction.
• The auction process is controlled by an Auctioneer – there will be a viewing date which you can inspect the property.
• Obtain the terms and conditions of the sale beforehand from the auctioneer and a copy of their operating policies so you can be properly prepared. Each Auction House has their own set of rules.
• It is important to note when buying property on auction there can be no conditions, ie: you cannot buy the property subject to the bank granting you a bond – you can get a bond but it cannot be subject to a bond grant. Once you have made your bid you are legally bound – get a pre-approved bond.
• A deposit is payable in the form of a bank guaranteed cheque or cash AT THE AUCTION.
• The Purchaser is liable to pay the auctioneers commission – ensure you know the commission payable before bidding.
• Get there ahead of time and register as a bidder, you will be issued with a bidders card.
• You will need to check the conditions of the auction – be aware you may be held liable for outstanding rates and taxes and/or outstanding levies.

Understanding The Rates Process: What is Required and How Does it Work?

• Upon signing the Offer to purchase the Agent is advised to obtain a copy of the rates clearance account – if possible take photos of the meter readings – council is only required to do actual readings once every 3 months;
• The transferring attorney will request the Seller to pay the application fee, upon receipt thereof the attorney completes the application form in full and applies for the rates clearance figures –  the majority of attorney use the service of a Rates Consultant who can chase up the application on a daily basis to speed up the process;
• Figures are charged +- 4 months in advance, however council is allowed to charge up to 6 months as per Gazetted Municipal Bylaws instituted by the Constitutional Court;
• Figures are valid for 30 days and the Seller is requested to make payment promptly to the attorneys;
• Once rates figures are paid, it normally takes approx. 4 working days to obtain the Clearance Certificates – this certificate is only valid the period of time specified on the certificate;
• The Rates Clearance Certificate is lodged in the Deeds Office along with the transfer documents;
• Once the transaction has registered the Seller is required to immediately notify Council and give proof of the current meter readings;
• The Deeds Office and the transferring attorney – will notify Council from their offices and the transferring attorney will supply the Seller and Purchaser with a letter as proof of registration;
• The Purchaser (now the new owner) – is required to go to Council and complete an application form and open a new rates account. Should this not be done immediately Council will in it’s own time open and send out an account and there will be a huge outstanding amount which the new owner will have to pay, in one huge lump sum. ”

This article has been reprinted with the kind permission of Masilo Freimond Inc.
Tel : 011 958 0488
Fax : 086 610 0276
E-mail : info@masiloincjhb.co.za

Chas Everitt April Newsletter

Chas Everitt Newsletter. 

via Chas Everitt Newsletter – April.