Should the purchaser choose the transferring attorney?
There is no law that prevents a purchaser from choosing the conveyancer or transferring attorney in South Africa. While the standard is for the seller to appoint the conveyancer, what are the implications of challenging this status quo?
What is the transferring attorney responsible for? Receiving the deposit and placing it in an interest-bearing trust account for the benefit of the buyer Paying SA Revenue Service the transfer duty on behalf of the purchaser Paying the Estate Agent commission Ensuring that the rates and taxes are up-to-date for the benefit and on behalf of the buyer /p>
Essentially there has to be an agreement between the buyer and seller as to who chooses the conveyancer. This is always a term and condition of the offer to purchase sale agreement, says Conveyancing Attorney Denoon Sampson.
Big City Exodus | Remote workers spur latest property trend
The trend towards working from home has gained massive ground in the wake of the Covid19 crisis but it's become so much more than just having a “home office”.
Semigration is a big factor. It's no longer just about a familiar pattern of movement from say Gauteng to Cape Town. Now it encompasses the worldwide counter-urbanisation or de-urbanisation movement, which sees people actively moving away from cities to smaller towns in search of a less stressful, more peaceful, country lifestyle, while still retaining their city jobs, if they wish to do so, by working remotely.
That’s the word from Berry Everitt, CEO of the Chas Everitt International property group, who says: “Technology has increasingly freed people to work remotely - or even run a business – from just about anywhere that has a good cellphone signal and fast internet connectivity. In fact, it has already enabled a large number of ‘digital nomads’ around the world to keep working and earning even as they indulge a love of travel to different places and countries.
The risks of flipping property | Top tips for first-time property investors
Is now the right time to purchase your first property? Here two property industry experts give their top tips for buyers looking to start building a property portfolio in the current recessionary climate.
The current buyer's market is seeing a recovery in housing prices, according to the latest FNB report for July. An overall 5% property value drop is forecast for 2020, as SA's weak labour market and uncertain economic outlook is still expected to impact the sector. However there are opportunities for investors in the current climate to purchase property at discounted rates.
Paul Stevens, CEO of Just Property, finds it interesting that the opportunities right now are not typically in investment properties but should appeal to buyers looking for homes to buy now in the higher price brackets.
Building vs Home contents | Know exactly what your insurance covers
South Africans didn’t just spend their lockdown baking banana bread and making sourdough. They also took the opportunity to do renovations at their homes, with the hardware industry reporting an unexpected boom in home upgrades, repairs and extensions.
Also, with the ever-increasing cost of living, homeowners may be reassessing their financial situation and looking at ways to save money and cut down on costs. Ideally, homeowners should review their insurance policies as part of an annual financial assessment – as the value of your home and the content therein changes in value each year.
Thus it makes sense that your insurance cover should be adjusted accordingly. Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett, says checking your insurance and possibly changing cover is a good way to save money. The research may take some time and effort, but it is always worthwhile to ensure that the current policy is still the best option.