Does The Conveyancing Industry Have To Consider Digital Assets?
UK - TodaysConveyancer
A friend recently showed me a CCTV app connected to a home camera with a startlingly clear image of a kitchen. However, it wasn’t the clarity of the picture that I found so shocking. It was the fact that it wasn’t actually my friend’s house that we were peering into. It was one he had sold three months previously.
I pointed out that, as well as being creepy, there was probably a law against what we were doing. He responded that he had never been asked about apps, systems or passwords during the conveyancing process when he sold the property. The buyer wasn’t interested in digital or tech. So he left behind a box of old paper documents and walked away with the home’s complete digital life.
This idea of a home’s ‘digital life’ would have meant nothing five years ago as data and digital tech were a minor aspect in how we manage our homes. This is now changing. Online accounts, passcodes, apps and other digital assets create a fog of connected data around our homes. Ownership of this data is not well defined and this problem becomes most obvious now when a home gets sold. At Chimni we break down this mess of digital activity into at least three types of digital ‘asset’ that need to be considered when buying or selling a home
To FLISP or not to FLISP? Do you qualify for the government's subsidy?
South Africa - PropertyWheel
Potential homeowners earning less than R22 000 a month should not miss out on the golden opportunity to buy their first home while the interest rate is at its lowest over fifty years. South Africa is currently seeing the most favourable lending environment in decades but what may not be widely known is that many potential buyers, who would not ordinarily qualify for a bond, can qualify for a government subsidy.
Jenny Rushin, BetterBond National Development Manager says that very few potential home buyers know that if they meet the criteria, they are guaranteed a once-off subsidy known as a Finance Linked Individual Subsidy Programme (FLISP), ranging from R27 960 to R121 626, depending on their income.
Currently, first-time home buyers are taking advantage of the low interest rate as well as the raising of the transfer duty threshold to R1 million with BetterBond reporting that 70% of its bond applications for the past three months have been first-time buyers. Many of these buyers were unsure of how to apply for FLISP or whether they even qualified.
South Africa - Tech4Law
What sounds like a swear word (to which one would take offence), is actually a legally valid requirement. And whilst heavy with compliance obligations, is nothing to be offended about.
We are aware that the subject of FICA has been discussed many times before, but with so many firms recently attending presentations on FICA management, we thought it would be a good idea to reacquaint ourselves with the reasons and virtues of FICA. Taking special note that a systematic approach is the safest way to remove human error and facilitate accuracy.
Ready? Let’s begin….