New properties on SA Monopoly board
IolProperty - South Africa
The City of Joburg is delighted that Vilakazi Street in Soweto has been incorporated in the new Mzansi Monopoly - the South African version of the game. Vilakazi Street, in Orlando West, was one of 22 destinations that South African board game lovers voted for earlier this year for to be on the first localised edition of Monopoly.
The street boasts two Nobel Peace laureates: Archbishop Emeritus Desmond Tutu, who received the prize in 1984 and Nelson Mandela in 1993. Vilakazi Street is also home to internationally renowned Sakhumzi and Nambitha restaurants. Both have local cuisines on their menus.
Joburg Tourism's Laura Vercueil said the city is delighted from a tourism awareness and destination perspective. "This is testament to Vilakazi Street's uniqueness and importance as a heritage site," she said.
The differences between transfer fees and VAT
Rawson - South Africa
When purchasing a commercial property from a legal entity, there is a common misconception that no transfer fees, or alternatively, any costs linked to transfer are applicable. “Buyers often confuse transfer fees as a whole with VAT when they are in the process of conducting a commercial property purchase,” says Jason Gregoriades, a member of the Rawson Property Group’s Commercial Business Development Team in Cape Town.
Although it is possible to own commercial property in one’s personal capacity, it is more common that a commercial property is owned by a legal entity. This being so, one must always keep in mind the difference between the actual transfer fee payable and the other costs linked to the transfer process of a commercial property, collectively known as the transfer costs.
Tech in legal sector 'not just a need for speed'
BusinessCloud - UK
John Jones, compliance director and head of legal practice at Total Conveyancing Services, says technology should also be used to "get the detail right"
Law firms must become paperless and adopt automatic processes to deliver a better service for clients according to John Jones, compliance director and head of legal practice at Total Conveyancing Services.
“TCS does volume conveyancing. It’s all residential work. We are using tech to demystify the conveyancing process,” he told a BusinessCloud roundtable.
FNB - South Africa
Residential Mortgage Market Outlook
The Residential Mortgage Market is weak in terms of transaction growth, but solid in terms of debt repayment performance under weak economic circumstances. Solid mortgage debt repayment performance has much to do with a major lowering of overall household indebtedness since 2008, along with the SARB’s more moderate approach to interest rate hiking these days. A hypothetical model simulation of a 2008-style economic shock, in 2017 yields far better results in terms of bad debt levels this time around, were such a shock to take place.