Property 24/10 - 314

Land Expropriation Bill process needs more clarity
Jacob Zuma has requested the Speaker of the National Assembly and the Chairperson of the National Council of Provinces to advise him on the process followed by Parliament in passing the Expropriation Bill.

The bill was voted for adoption in the National Assembly in May. However, President Zuma received objections against the signing of the bill into law from individuals and various organisations, his office said on Monday.

The petitions raised a number of procedural issues which include that procedures followed by the NCOP and some provincial legislatures in passing the bill were inconsistent with the Constitution.

EIASA Western Cape property update on 10 August
Estate agents in the Western Cape region are invited and encouraged to attend an IEASA property update at Lookout Hill, Khayelitsha, together with an esteemed international delegation from National Association of Realtors (NAR).

This is according to Annette Evans, regional manager of IEASA, Western Cape, who says this property update session will be held on 10, August 2016 from 09h30 to 12h30 at Lookout Hill on the corner of Mew Way and Spine Road, Ilitha Park, Khayelitsha.

While the property update is free of charge, Evans says there is limited seating, so agents are asked to book their space online as soon as possible.

What you need to know about CGT
Although the large majority of property transactions will not be subject to capital gains tax (CGT), it is still important for prospective sellers to understand the implications that it could have on their sale, should their home be sold for more than the primary residence exclusion threshold is according to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who says forming part of an individual’s income tax, CGT is part of an ongoing reform programme which was introduced in South Africa in October 2001.

Goslett says the tax pertains to the disposal of an asset such as an immovable property or any capital sale of assets globally, where the proceeds exceed its base cost.

“The tax applies to South African resident taxpayers, trusts and companies. Non-residents are liable to pay CGT only on the sale of their immovable property in South Africa,” he says.

Time for South Africans to embrace green building
ESustainable development specialists and property analysts have urged all South African businesses and developers to embrace the reality of “green building” as government actively pursues legislation to enforce more sustainable construction.

Sustainable building academic at Nelson Mandela Metropolitan University (NMMU), Chris Allen advises that government is in the process of developing a green building framework aligned to the Green Building Council of South Africa’s green star rating system, in order to reap the benefits in government buildings throughout the country, namely more efficient operation leading to lower running costs.

On the back of these moves to strengthen South Africa’s already significant switch to more sustainable buildings in the wake of the energy crisis of 2008, government is providing both the carrot and stick to get the private sector to follow suit.

Tips for landlords: Minimise the risk of vacancy
A vacancy is a substantial risk for a buy-to-let property investor. Without a tenant paying rental, the buy-to-let investor is not receiving an income from the property, and must, in addition, fund the expenses associated with the property out of their own pocket. This can have a significant impact on the investor’s cash flow and the viability of the investment.

This is according to Paul Stevens, CEO of Just Property, who says, however, that common sense dictates that even the best property in the best area will not be tenanted every day of every year for the next 10 or 20 years.

For this reason, he says it is crucial to understand the risk thoroughly and address it before buying an investment property.

Stevens gives advice:

Five top tips for prospective real estate franchisees
Starting any new business is challenging. But by going the franchising route, you minimise the risk of failure, especially if you’re a franchisee in real estate.

Harry Nicolaides, CEO of Century 21, says a real estate franchise is a cost-effective and affordable opportunity if you want to be your own boss, as compared to starting a new business from scratch or joining a franchise in the retail sector.

If you’ve been thinking about becoming a franchisee in real estate, Nicolaides offers some top tips…

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