Web Bytes 162

Scholarships offered for previously disadvantaged individuals in Property Management
Paddocks.co.za - South Africa
The University of Cape Town's Faculty of Law (UCT) together with Paddocks, a specialist property firm, are offering 5 scholarships for previously disadvantaged individuals from throughout the country to attend a 6-month distance-learning course in property management.

"With over 600 students having graduated from this course in 24 months, there is no doubt that the property management industry is becoming more professional" says Prof Graham Paddock, the author of the course. Consumers throughout South Africa now have the power to choose a professional managing agent to look after their most important investment.
Application form

Negotiating the National Credit Act
Rode.co.za - South Africa
At the recent Rode Annual Conference held last month, John Gilchrist (editor of My Mortgage magazine) described the new National Credit Act as a vehicle with which to "save South Africans from themselves".

Commenting further on the new legislation, Gilchrist was of the opinion that the Act would have no real, long-term effect on the property market but rather just a short-term period of adjustment and could even work to the advantage of those who had found themselves being turned away from banks in the past.
Rode.co.za

Land ownership law 'may stymie expats'
Business Day - South Africa
In the debate over possible restrictions on foreign ownership of land in SA, one factor that may not have been adequately considered is that much of the offshore demand may well come from expatriate South Africans who one day intend returning home.

This is an insight that emerged in a briefing given by the Acutts property group in Durban last week.

Acutts MD Owen Dormehl said that the company had "noticed a major increase in the number of international enquiries via the web site".

More than 75% were from expatriate South Africans, the majority of whom fell into the 20-35 year age category.
Business Day

Get your tax house in order before buying or selling property
RodneyHayter.com - South Africa
If you are planning to buy a property, make sure your tax affairs are in order - and make sure you have an exit route from the deal if any other party is not up to date with his taxes.

Central to the issue, says Gerhard Kotzé, CEO of the ERA South Africa property group, is the South African system where there is almost always a "chain" of buyers and sellers in a given property transaction.

"We are all familiar with 'subject to' clauses in an Offer to Purchase and by far the minority of property deals in South Africa are unencumbered - that is, cash deals.
And as the saying goes, a chain is only as strong as its weakest link. You have to protect yourself as far as possible should one of those links fail."
RodneyHayter.com