LPC Rules for Comment
South Africa - LSSA
The National Forum has published the Legal Practice Council Rules that will apply to legal practitioners once the LPC comes into operation. Deadline for comment is 5 March.
After finalisation, the Rules will apply all legal practitioners (attorneys advocates) as well as all candidate legal practitioners and juristic entities as defined, when the Act comes into operation in terms of section 120(4) thereon. They consist of the following parts:
Cape Town drought may delay property transfers
South Africa - Sotheby's International
A prolonged interruption of Cape Town's water supply may significantly impact the property sale process. This is according to Craig Guthrie, Specialist Conveyancing Attorney at Guthrie Colananni who says that a disruption in supply property will see transfers be delayed due to the City's by-law requirements.
And to exacerbate matters, disputes are likely to arise between buyers and sellers regarding the condition of the property, damage to water infrastructure and possibly misrepresentations made at the date of sale.
"According to the City of Cape Town Water By-law 2010, criminal liability will be imposed on any person who transfers property without first supplying a Plumbing Certificate to the City. It further stipulates that a certificate cannot be issued unless an accredited plumber has tested the water system to ensure that the installation complies, the meter works correctly, and that there is no cross connection between potable supply and any alternative supply.
Drought may delay property transfers
Home selling related to financial pressure and constraints
South Africa - FNB
FNB Estate Agent Survey pointed to ongoing caution amongst households in their property buying decisions in the 4th quarter, but with financial “pressure” still at moderate levels
With widespread weakness in sentiment late in 2017, showing up in both Consumer and Business Confidence readings as well as the Rand, it came as no surprise to see households remain a relatively conservative bunch at the time of the 4th quarter 2017 FNB Estate Agent Survey, which was done in October.
A good indicator of financial caution is to be found within the main reasons that agents believe sellers are selling primary residences for, most notably the estimated percentage of home sellers selling in order to upgrade to a better residence.
The sample of agents surveyed in the FNB Estate Agent Survey estimated that 11% of home sellers were selling in order to upgrade to a better property during the 4th quarter of 2017.
This is unchanged from the prior quarter’s 11%, and very significantly lower than the last multi-year high of 20% reached in the final quarter of 2013, just before interest rates started to rise in January 2014.
Financial_Pressure Related Selling Feb 2018