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24 August 2017

A quick guide to occupational rent
South Africa - Leapfrog
Once the sales agreement has been signed it still takes a number of weeks (generally around 12) for a property to be transferred from the seller to the buyer.

Depending on how quickly a buyer's property sells, or on when their current lease agreement expires, they might decide to take early occupation of their new home.

"Buyers need to note that there is a difference between taking ownership and occupation," explains Bruce Swain, CEO of Leapfrog Property Group, "Once a buyer has taken ownership of a property it legally belongs to them to do with as they see fit - living in it, renting it out, selling it etc. Taking occupation merely means that the buyer is allowed to live in the home while the sales transaction is concluded."
A quick guide to occupational rent

'Voetstoots' clause still valid for property sales
South Africa - IolProperty
Since the Consumer Protection Act was implemented in 2011, there have been many property buyers and sellers who have thought that the 'voetstoots? clause is no longer applicable.

However this clause is still very valid and it can be used where the seller's ordinary course of business is not property (i.e. he is not a developer, investor or speculator), says Nelio Mendes, estate agency SAProperty.com's marketing manager.

"Voetstoots" means that the buyer takes the property as it stands, whether it has patent or latent defects, or not. Latent defects refer to defects which exist in hidden or dormant form, but are usually detectable if someone looks hard enough for them.

Patent defects refer to defects which are openly seen, discovered, or understood to be defects.
IolProperty

Residential building statistics
South Africa - Absa
Contraction in residential building activity in the first half of 2017

Levels of building activity in the South African market for new private sector-financed housing, contracted on a year-on-year basis in both the planning and construction phases in the first half of 2017, based on data released by Statistics South Africa.

The number of building plans approved for new housing declined by 4,6% year-on-year (y/y), or 1 298, to 27 224 in January to June this year. Although plans approved for new houses smaller than 80m² increased by 9,2% y/y in the 6-month period, plans approved for houses equal to or larger than 80m² and flats and townhouses dropped by 9,4% y/y and 12,2% y/y respectively over this period. The total number of plans approved in respect of new housing since the start of 1994 came to 1 708 590, of which 42,8% were for houses less than 80m², 29,9% for houses equal to or larger than 80m² and 27,3% for flats and townhouses.

The volume of new housing units reported as being completed was down by 0,5% y/y in January to June this year, with the segment for houses of 80m² and larger showing a relatively sharp drop of 21,4% y/y, or 1 308 units, to 4 800 units over this period. The total number of new housing units built since the start of 1994 came to 1 265 225, of which 46,1% were houses less than 80m², 26,9% were houses equal to or larger than 80m² and 27,0% were flats and townhouses.
Building stats Jun 2017

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