Property 24/10 - 501

Deeds office to operate on Alert Level 4, as SA eases out of hard lockdown
South Africa is preparing to ease out of hard lockdown, to alert level 4, as part of its preparedness and Risk Adjusted Strategy to deal with the impact of the Covid-19 pandemic.

As of 1 May, the Deeds Office is expected to open, as the South African government begins to bring different sectors of the economy back to work, under Level Four of the Lockdown.

Draft measures were announced by President Cyril Ramaphosa, last week on Thursday 24 April - The current draft framework detailing businesses allowed to operate on the various levels from 1 to 5 can be accessed here. The final regulations will be announced on Thursday, 30 April.

The National Coronavirus Command Council (NCCC) states, "The classification of sectors in the draft framework follows the Standard Industrial Classifications (SIC) as published by Statistics South Africa. Where an entire division is permitted, it should be assumed that all subgroupings are permitted as well. Where only certain subgroupings are specifically permitted within a division, it should be assumed that other subgroupings are not."

This is how much you will save on your bond after another 1% rate cut in less than a month
The decision by the Reserve Bank to cut the repo rate by a further 100 basis points to 4.25%, bringing the bond rate to 7.75%, is seen as absolutely necessary for the economy and property market - providing a significant 20% saving and boost for demand.

The announcement made via twitter on 14 April, is the second major cut in less than a month, after the Reserve Bank cut the rate by one percentage point on 17 March. The surprise rate cut comes after the Monetary Policy Committee moved its May 2020 meeting earlier to today. This rate cut takes the interest rate to a new historic low. Here's what you can expect to save and pay per month on the following bond values. : Click here to calculate your own saving:

Sectional Title trustees offered free training via Trafalgar
This course will not only address role of ST trustee and its expectations - but also the practicalities of being a trustee during these trying times.

There are at least 35 000 residential sectional title (ST) schemes in SA incorporating more than 1-million homes, and ST sales as a percentage of total home sales have risen from around 34% to around 37% in the past year*, bringing the role of ST trustees increasingly into the spotlight.

“One only has to consider all the arrangements that needed to be made at the start of lockdown to keep ST schemes functioning, and the many decisions about security, refuse removal, cleaning, maintenance and finances that have to be made daily, to realise the vital role that trustees play,” says Andrew Schaefer, MD of leading national property management company Trafalgar.

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