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Valuers' Newsletter Issue 04
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#04 issue: Wednesday 01 February 2017
 



 

 

 


 

SAIV would like too wish you a very Prosperous 2017!

Herewith your next Valuers newsletter issued by the SAIV.




VAT Scare in Property Sale Agreement

Gerber v Naidoo and Another (3048/2015) [2016] ZAECPEHC 11 (25 February 2016) 
The judgement deals with a claim by liquidators in an insolvent estate that the price of a property sold by them, subject to the bondholder’s consent, was VAT exclusive and that the purchaser was liable to pay VAT on the purchase price. Although not included in the agreement, the liquidators argued that the purchaser was liable therefore because the bondholder's consent was made conditional on the purchaser paying VAT. What now? 

The Judgement can be viewed here.
Click below to continue reading the Summary 

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CEO of a jewellery house makes history as she bids R90m at an auction for a dream villa in Clifton.
THE CEO of a jewellery house made history yesterday when she bid R90-million at an auction for a dream villa in Clifton. Clare Wiese put in the highest bid ever achieved on a residential property in South Africa.
The six-bedroom mansion in Nettleton Road, arguably the most exclusive street in the country, was developed by property mogul Stuart Chait, who co-founded MvelaProp with Tokyo Sexwale.
Sasfin Bank had been a partner. But Chait said the bank considered it “too big an exposure on their books” and decided “not to extend the loan”.
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Property demand pushes Rosebank to new market highs
Property punters say they are seeing increasing demand in the Rosebank precinct — with rentals surpassing those in Sandton and Melrose Arch.

The current economic conditions being experienced on a global scale have seen a rise in vacancies for many property owners.  Now, more than ever, it is imperative to attract and retain tenants – particularly in commercial office buildings, which have been hardest hit by increasing vacancies.
But this is not the case with Rosebank, judging by the record rentals being achieved in the node and the burgeoning demand for luxury apartment living.
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Nedbank backs Umhlanga's new mixed-use development with R1bn

Umhlanga, a resort town north of Durban on the coast of KwaZulu-Natal, will soon get a new mixed-use office and retail development — thanks to Nedbank’s recent approval of R1 billion finance facility.


The iconic Park Square development, which is located in the fast-growing Umhlanga Parkside node adjacent to CJ Saunders Park and opposite the Gateway Theatre of Shopping Centre, will have a 4-Star Green Star Design and As-Built rating and will serve as one of Nedbank Group’s flagship campuses in KwaZulu-Natal.

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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

2017-10-24
KZN Branch Workshop 24 October 2017

2017-10-27
Southern Branch 2017 One-day Seminar 27 October

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