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Valuers' Newsletter Issue 03
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#03 issue:Thursday 01 December 2016



 


 

Herewith your next Valuers newsletter issued by the SAIV.




Rain is a blessing but not through the roof of my new house!
“I recently bought a beach house at the coast and we had our first stay there this long weekend. Much to my dismay, we discovered that rainwater leaked extensively through the roof into the house. I asked a local builder to fix the problem, but he advised me that this was not just a quick patch job but would be pricey given major structural problems with the roof and an inadequate roof pitch. The seller never mentioned anything of these problems and I only became aware of this when it started to rain. What can I do?”

In terms of our common law when an item is sold, there is an implied warranty against defects in that item. However, the seller of the item is able to dispose of this warranty by stating that the item is sold “voetstoots,” or loosely translated, ‘as is’ no matter what the condition of the item. Generally contracts for the sale of property will contain a voetstoots clause which allows a seller to be freed from the liability for both patent (obvious) and latent (hidden) defects of which a purchaser becomes aware after taking occupation of the property. 
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Turner & Townsend appointed to project manage major Hilton Hotel refurbishment in Durban
Midway through phase two, global professional services consultants Turner & Townsend were appointed as project managers for the entire refurbishment programme.  With extensive global experience in the hospitality industry, Turner & Townsend has managed previous projects for the Hilton Hotel group in Abu Dhabi, Europe and America.

Well positioned adjacent to the Durban International Convention Centre (DICC), the Hilton Hotel attracts international travellers and delegates attending events at the DICC, with a strong national business following during the week and mainly leisure market on weekends.
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Busamed Private Hospital debuts in Modderfontein New City
One of the country’s foremost black owned healthcare groups Busamed today announced the opening of the world class Modderfontein Private Hospital & Oncology Centre on the footprint of Zendai Development’s Modderfontein New City. The state-of-the-art tertiary hospital will offer comprehensive healthcare services to communities in and around Modderfontein.
The 170 bed hospital boasts of impressive facilities including the most modern medical equipment and a team of trained doctors, nurses and medical staff. It offers a comprehensive cancer program, full spectrum of orthopaedic services and super-specialised gynaecology / fertility experts. The facility will also offer Robotic Assisted Surgery, the first of its kind in orthopaedic surgery in the country and on the continent.
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High-end home buyers spend on 'green' and 'smart'

The demand for sustainable living and security technologies is rapidly gaining ground among the world’s most affluent home buyers, with whole-house energy solutions implemented during initial construction being the most popular, closely followed by the convenience offered by ‘smart’ technologies.


“These are findings of the Affluent Perspective 2016 Global Study released by international market research company YouGov in association with Luxury Portfolio International©,” says Berry Everitt, CEO of Chas Everitt International.

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Menlyn Park Shopping Centre becomes one of the largest mall in Africa
After undergoing a R2-billion revamp over the past two years, the Pretoria based Menlyn Park Shopping Centre is now one of largest mall in Africa, with a total floor space of 170 000m2.

Despite a slowdown in consumer spending across South Africa in recent months and shopping mall oversupply, at least 30 new centres, varying in size from 5000m² right up to 120000m², are expected to open their doors this year and next.
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What is so special about a Special General Meeting for a sectional title scheme?
There are two types of meetings that can be held in a sectional title scheme, namely an annual general meeting (“AGM”) and a special general meeting (“SGM”), with the AGM probably the most important of the two.

The SGM comprises of all other general meetings held in the scheme that is not an AGM. A SGM may be called by the trustees whenever they think fit, and must be called upon a written request made by owners entitled to 25 percent of the total of the participation quotas of all sections, or by any mortgagee holding mortgage bonds over at least 25 percent in number of the units in the scheme. Should the trustees fail to call such a meeting within 14 days of being so requested, the owners or mortgagee concerned shall be entitled to call the meeting themselves.
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Buying now with obligation to build soon - Consequences of non-compliance

Often in new developments, developers include a condition in the sale agreement and the property's title deed that the purchaser has to erect a building within a certain period. In this instance, the developer reserved the right to claim retransfer of the property if a home was not erected within the stipulated period. Is this enforceable?

 

View judgement here.

 

FACTS:
Bondev Midrand (Pty) Limited (Bondev) was the developer of a large residential development, the Midstream Estate, having in excess of 4 500 residential stands as well as shopping centres, private schools, a retirement complex and other amenities. 
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Historic Debt Liability: Relief

The Municipal Systems Act provides that outstanding debt remains a charge against the land, even after it changes hands. This could have the effect of making a new owner pay for debts the previous owner incurred. The constitutionality of this provision was finally challenged in this matter and the outcome provides relief to property purchasers. 


The Municipal Systems Act provides in section 118(3) that municipal debt, i.e. debt in respect of a property relating to “municipal service fees, surcharges on fees, property rates and other municipal taxes, levies and duties”, remains a charge against a property even if that property changes hands.

 

Click here to view Judgement as pdf document

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more Calendar

2017-06-27
KZN WORKSHOP 2017 June 27

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