Estate Agency Affairs Board refutes claims of 50 000 illegal estate agents
South Africa - EAAB
The Estate Agency Affairs Board (EAAB) has noted various media reports attributed to the organisation claiming that there were about 50 000 illegal estate agents practising.
The EAAB wishes to place it on record that these figures attributed to it are incorrect and has at no stage made such claims. These figures seem to emanate from a statement issued by PrivySeal which had unfortunately not been requested, nor had this information been verified with the Board.
Neither were remarks attributed by Ms Margie Campbell ever made as alluded to by PrivySeal in their statement.
The difference between an HOA and a Body Corporate
South Africa - Pam Golding
People often ask what the difference is between a homeowners’ association (HOA) and a Body Corporate – or if they are similar.
Auren Freitas Dos Santos, legal and compliance officer and property manager for Pam Golding Property Management Services explains: “An HOA and a Body Corporate are certainly not the same. A Body Corporate is a legal entity created in terms of the Sectional Titles Act and managed in terms of the Sectional Titles Schemes Management Act. The fundamental principal behind a Body Corporate is the division of a property into parts that are exclusively owned by individual owners and other parts that are jointly owned in undivided shares, referred to as common property. The functions of a Body Corporate are strictly defined in terms of Section 3 of the Sectional Titles Schemes Management Act.
“An HOA on the other hand is not created in terms of any specific national legislation and the common property is usually transferred to and registered in the name of the HOA which exists as a legal entity separate from its members, none of whom shall in their personal capacities have any right, title or interest to or in the property, funds or assets of the HOA.
NSW to digitise home buying
Austrialia - InnovationAus
Purchasing a new house could soon be a completely electronic process, end-to-end. At least that’s what the NSW government wants to see.
NSW has released a discussion paper for public feedback on a range of proposals that it says would simplify the property transaction process.
“The paper aims to identify all obstacles that prevent electronic transactions relating to land and that place any uncertainty or confusion around the validity of a land transaction,” it said.
“It looks at whether other forms of consumer protection may be needed in the electronic environment and asks how electronic technologies can be utilised to provide a better experience for all parties.”