City of Tshwane Rates Clearance Certificates: Update
South Africa - Pretoria Attorneys Association
Some of our members appear to have misinterpreted previous communication from the PAA and are insisting on figures/certificates being available in 5 days. Please take note that the 5-day target relates to the goal for an ideal situation in a post-backlog world.
The City of Tshwane strongly urges all members of the PAA to send details of bribery and corruption. There are so many rumours circulating of people gaining physical access to Tshwane Offices to expedite figures/certificates or otherwise “fast-tracking” or “by-passing” the process. The City of Tshwane needs details (names) and can’t investigate rumours. Some instances have already been referred to the City of Tshwane by the PAA and we trust that these are being investigated for possible criminal prosecution. Our members may send the PAA details on an anonymous basis and we will pass it on for investigation.
We’ll circulate a “portal address” later, which we STILL await from the City of Tshwane despite numerous requests.
A sign of the times – Land Registry start accepting electronic signatures
UK - UKrealestatelawblog
The Land Registry has announced this morning that, with immediate effect and until further notice, they will accept for registration transfers, leases and certain other deeds which have been electronically signed.
Twelve weeks ago, when the Land Registry announced that they would register deeds which had been signed ‘virtually’ using the “Mercury” protocol, practitioners across the industry breathed a sigh of relief that a method of signing which had been in use for more than a decade was finally being recognised by the Land Registry. Now, with speed that would have been hard to imagine prior to the COVID-19 crisis, the way has been opened for e-signed deeds to be used for registrable transactions as well.
Estate Agents' Survey
South Africa -FNB
Activity plummets; outlook uninspiring
Overall, the FNB Estate Agents Survey results are consistent with our outlook. We expect both volumes and house price to decline significantly this year. Some pentup demand could be unleashed in the recovery phase (potentially from 2021), due to lower prices and borrowing costs. However, this will likely not be enough to replace the lost demand (possibly constrained to sought after areas) due to very weak labour market outcomes and the uncertain economic outlook. Indeed, some agents report that they have started seeing a recovery in buyer interest, and web traffic to property portals continues to improve. We reiterate that sustained recovery will depend on confidence and labour market outcomes.
Help for those in the gap property market
South Africa - PropertyWheel
People with qualifying incomes can use a Flisp subsidy to reduce their home loan or increase their purchasing power
The government-introduced Finance Linked Individual Subsidy Programme (Flisp) assists first-time buyers in the so-called “gap” market to buy their own homes.
This market is made up of those who earn too much to qualify for a free government home but too little to buy without some form of financial help. This subsidy is open to those with a combined gross household income of R3 501 to R22 000 and who meet the qualifying criteria, says Meyer de Waal, director of MDW Inc Attorneys, one of the founding members of the Attorney Realtor Hub and Flisp assistance services.