Web Bytes

Web Bytes 303

FNB Estate Agent Survey
FNB - South Africa
Therefore, although the Lower Income Segment may have shown the sharpest acceleration in demand during the Late-2008/09 mini-upswing, that is not to say that this segment is in good shape. To the contrary, it would appear that the High Net Worth Segment, at the other end of the spectrum, may be the one that possesses more solid fundamentals in the form of far less financial stress, but it may possess a more cautious group of buyers in what are risky times - not necessarily a bad thing. A greater portion of cash buying on the high end may have also curbed demand growth in 2009, with household income growth generally weak.

The lower income segment, by comparison, is arguably more credit dependent, and a massive interest rate drop in 2009 thus probably temporarily stimulated the lower end demand more than it would the very high end. That big interest rate stimulus, however, now appears to wearing thin for the Lower Income segment.
FNB Estate Agent Survey

New court ruling on clearance certificates
RealEstateWeb - South Africa
Municipal clearance certificates - limit on amounts payable.

The South African High Court recently found that according to the Municipal Systems Act, the indebtedness of a property owner with regards to municipal rates is limited to a two-year period preceding the date of application of a clearance certificate. The payment of amounts that fell due prior to the two-year period is not a condition precedent for the issuing of a clearance certificate.

In the matter of Real People Housing, the applicant, Real People housing (RPH) owned several immovable properties falling within the jurisdiction of the City of Cape Town, the respondent.
RPH had sold some of these properties and in order to effect transfer to the purchasers, required a municipal clearance certificate as contemplated in the Local Government Municipal Systems Act, issued by the City of Cape Town.

Deeds Office fraud could cost Joburg
Business Report - South Africa
The City of Johannesburg (CoJ) and Johannesburg Property Company (JPC) are facing a multimillion-rand damages claim related to the fraudulent transfer of 33 properties by the Deeds Office in Pretoria to private companies.

It is facing the claim despite obtaining a court order in the Johannesburg High Court yesterday that will allow it to get back the 33 fraudulently transferred properties.

The court order set aside the transfer of the properties plus mortgage bonds registered in favour of Zambrotti Investments 54, Zambrotti Investments 48 and Changing Tides.

The Deeds Office was ordered to take all steps to give effect to this order and reflect the JPC as the registered owner of all the properties.
Business Report

Leave a comment:

Security Picture (click to change)
Word shown in picture:
menu close

Search Articles