Property investors eye 'Generation Rent'
South Africa - IolProperty
Millenials are fast becoming known in the property industry as "Generation Rent" as increasing numbers are opting to rent their homes as opposed to buying them.
The increased cost of living and tough economic conditions are an obvious reasons the younger generation are staying in the rental market for longer, explains Adrian Goslett regional director and CEO of Re/Max of Southern Africa.
Another key factor is that many desire to stay in trendier, often more expensive, areas they cannot afford to buy in, he adds. This is particularly evident in Cape Town where the price of property is "excessively high" relative to other cities in SA, says residential letting consultant for Trafalgar, Ahmed Hoosain.
Generation Rent
Required disclosure by intern estate agents
South Africa - Estate Agency Affairs Board
Intern estate agents are reminded that they are obliged, pursuant to the provisions of regulation 2(4)(a) of the Standard of Training of Estate Agents Regulations, 2008, to disclose the fact that they are intern estate agents on all printed material relating to their activities as estate agents. They are required, therefore, specifically to disclose the fact that they are intern estate agents on, for instance, all business cards, letterheads, pamphlets, brochures and any form of advertising, save only for advertisements appearing in the ‘smalls’ section of the press.
Intern estate agents may not, whether directly or indirectly, hold themselves out or advertise that they have complied with the prescribed educational requirements or that they are full status estate agents.
EAAB notice
A bank evaluation is not a home inspection
South Africa - RealNet
Homebuyers should not confuse a bank's valuation of a property with a home inspection. Bank evaluations are performed to see whether there is sufficient value in the property to secure a home loan, and not to identify possible defects.
"In the US," says Gerhard Kotze, MD of the RealNet estate agency group, "evaluation and home inspection are combined in one process termed appraisal - and by law, all homes have to pass appraisal before a sale can proceed.
"However in SA the functions are separate, and the sale is usually not conditional on the home passing a professional inspection for faults or defects, unless the prospective buyer writes that into the sale agreement.
A bank evaluation is not a home inspection
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