s 118 Applications - 3rd Party Payments
City of Cape Town
The City of Cape Town has been receiving queries regarding some delays in the processing of S118 applications after payment has been made. These matters were investigated and feedback received indicated that in some cases, payments were made at 3rd parties. It also appears that for some unknown reason, the number of 3rd party payments is on the increase.
As agreed, in terms of process and procedure, payments can only be made by the conveyancer via EFT or trust cheque.
Any other method of payment, either via 3rd party or seller or buyer, will result in a delay in the processing of the S118 application. Should any of the aforementioned payment methods be used, the application will be put on hold for a minimum of 14 working days starting the day after submtting of successful submission.
This might result in a short fall on the accounts linked to the property being transferred which will then require additional payment. If any payments has been made via 3rd parties, proof of payment is mandatory as part of the transfer documentation.
Cape Town S118 3rd Party Payments
House Price Indices - June 2015
Absa - South Africa
Subdued house price growth recorded in the first half of 2015
The first half of 2015 saw year-on-year growth in the average nominal value of homes in the various categories of middle-segment housing in the South African residential property market remaining subdued. After adjustment for the effect of inflation, some real house price deflation was evident in some categories of housing in May compared with the same month a year ago.
Nominal month-on-month growth in house prices remained relatively low in the second quarter of 2015, averaging 0,5% during this period, while declining in real terms in the three-month period of March to May this year. House prices were in May still down by an average of 10,5% in real terms compared with the peak in August 2007.
The average nominal value of homes in each of the middle-segment categories was as follows in June 2015:
- Small homes (80m²-140m²): R830 000
- Medium-sized homes (141m²-220 m²): R1 224 000
- Large homes (221m²-400m²): R1 892 000
The abovementioned trends in home values are according to the Absa house price indices, which are based on applications for mortgage finance received and approved by the bank in respect of middle-segment small, medium-sized and large homes (see explanatory notes).
House Price Indices June 2015
Landlords and deposits
IolProperty - South Africa
While researching the rights and obligations of tenants and landlords in England, the matter of a tenant's deposit and how it is protected, came up quite often. If the landlord requires a deposit, it is for security against any damage caused by the tenant, and may be withheld in full or in part if the tenant owes utility charges, cost for repairs or any other relevant expense.
If there is no deduction, the deposit is refundable within 7 days after the tenant moves out of the dwelling in South Africa, and 10 days in England. In South Africa, the deposit once agreed upon, must be paid before the tenant takes occupation in terms of section 5(3)(c) of the Rental Housing Act 50 of 1999 regardless of whether the lease is for a fixed term or a common law periodic one (such as monthly or weekly).
In selling a home, the seasoned estate agent is irreplaceable
Rawson - South Africa
Throughout the long history of real estate marketing in South Africa there have been attempts by new arrivals on the property scene to undercut the professional fees charged by estate agents while at the same time ‘in theory’ providing a service of perceived equal efficiency. However, history has shown that these alternatives seldom gain more than a small niche in the market.
This was said recently by Wayne Albutt, the Rawson Property Group’s Western Cape Regional Sales Manager.
“Those interested in this matter,” said Albutt, “should remember that four different parties are involved in 80% of property deals. These are the seller, the buyer, the bank and the conveyancing attorneys – but the real estate agent is the only person dedicated to the marketing of the property and our experience is that agents are totally irreplaceable if a truly effective transaction is to be achieved which serves the best interests of the seller in particular, with due regard to all other parties.”