Property 24/10 - 523

SA property market in supply-and-demand balancing act, as Cape Town Deeds office sheds backlog
It's full steam ahead for the SA property sector - especially in the Western Cape, where the deeds office has had to chip away at a massive lockdown backlog.

The Western Cape Deeds Office, Registrar of Deeds Kasavel Pillay has shared the following update on execution/registrations, data capturing, and information copies. The Cape office specifically has been dealing with a huge post-lockdown backlog, with the update detailing current day to day lodgements and the registrations currently in the system for many weeks.

September's daily registration average was set at 933 deeds, according to the update sent out to industry stakeholders. August capturing rates where high with 15 672 deeds Captured from the 18 988 registered. The verification process saw a 52% rate for, with some 9 106 deeds carried over.

Deeds and lodged registered between 1-25 Sep 2020:

Deeds lodged - 15 900
Total deeds registered - 16 801
Daily registration average - 933

What you should know about the Sectional Titles Amendment Bill
The minister of Agriculture, Land Reform and Rural Development, Thoko Didiza, recently published the Sectional Titles Amendment Bill, 2020, which she intends on presenting to Parliament before the end of the year.

The Bill is aimed at amending the Sectional Titles Act and will have no impact on the Sectional Titles Schemes Management Act or the day to day running of established bodies corporate - therefore sectional title trustees and owners have little to be concerned about.

It is aimed at "giving additional protections to tenants and other people who hold the lease of a property".

"Ultimately it will bring about some useful, practical tweaks aimed at providing more flexibility for developers at the pre-establishment stage of a body corporate," says Auren Freitas dos Santos – Founder and Director of The Community Schemes Advisory Inc.

Trying to sell property privately? Beware of these 8 specific pitfalls
Selling your home yourself and keeping the commission in your pocket instead of paying it to an estate agent may sound like a good idea, especially in a busy market, but you should be aware of the dangers before you decide on this approach.

So says Berry Everitt, CEO of the Chas Everitt International property group, who notes, “We find that most DIY or private sellers are homeowners who need to sell in order to get out of financial trouble, and have taken this route in the hope that saving the commission will mean they won’t have to ‘pay in’ to settle their home loan after the sale.

“Unfortunately, though, they often fall into one of the many potential pitfalls of selling privately, and end up even worse off. We see this every day, and we would like people to be aware of the hazards and think carefully before they decide to dispense with the services of a professional agent.”

Property Legal expert Denoon Sampson says a carefully drafting a Private Sale Agreement can really go a long way to creating a quick and trouble-free property transfer, especially if you're a private seller. He offers this advice - How to negotiate a quick and trouble-free property transfer

Stuck with a bond interest rate above prime? Here's how to renegotiate with your bank
Raising a home loan is often the one of the most stressful times in one’s life - but don't forget, renegotiating a lower interest rate a few years later can save you thousands of rands. You have nothing to lose, so it's worth a try.

Renegotiating Premiums
If you insure a car, the value of the car reduces every year. An insurance company is usually willing to adjust and reduce the car insurance premiums to accommodate the lower value if the car as the exposure to risk of the insurance company decreases.

The value of a property increases over time. The risk of the home owner client reduces over time as the income of the home owner usually increases. As a portion of the home loan debt is repaid, so too the risks of a bank decreases over time.

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