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Showing posts from May, 2014

High-rises to replace houses, says Absa

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There are so many posts on my Blog where I contend that Urban Sprawl is totally unsustainable and that densification of South African cities is absolutely essential! Here are some links to a few of these Blog posts: http://garethsfirstlaw.blogspot.com/2014/04/ambitious-property-developments-in.html http://garethsfirstlaw.blogspot.com/2014/03/pretoria-landmark-apartments-demolition.html http://garethsfirstlaw.blogspot.com/2014/02/inner-city-property-deal-to-regenerate.html http://garethsfirstlaw.blogspot.com/2013/12/historic-inner-joburg-suburbs-set-for.html http://garethsfirstlaw.blogspot.com/2012/05/schubart-park-hopes-for-lifeline.html Gareth Shepperson Commercial and Property Attorney High-rises to replace houses, says Absa The development of flats and townhouses is the relative sweet spot in the residential property market at the moment. Absa Home Loans property analyst Jacques du Toit believes the focus in the future, particularly in metropolitan are

How the Prescription Act applies to property matters

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How the Prescription Act applies to property matters The Prescription Act 68 of 1969 states that a claim to a debt must be finalised within a specified time limit. The claim to rental, for example, is extinguished or rendered unenforceable after three years. A judgment obtained for a debt in South Africa will prescribe or fall away after 30 years; so would a debt for a mortgage bond, taxation and certain debts owed to the State. Prescription is a way to 'punish' the creditor for taking long to claim her/his debt (Daily News, August 13, 2013). The act also refers to 'acquisitive prescription', the real right a person acquires over a servitude held or used for an uninterrupted period of 30 years. Section 6 of the Prescription Act 68 of 1969 (the 'Act') provides that '... a person shall acquire a servitude by prescription if he has openly and as though he were entitled to do so, exercised the rights and powers which a person who has a right to such se

Joburg mayor to pay R50 000 fine over erroneous billing

Joburg mayor to pay R50 000 fine over erroneous billing Failure by the City of Joburg to rectify an erroneous account has left city of Joburg mayor Parks Tau with a R50 000 bill. Along with his entire mayoral committee, Tau was left with egg on his face when the South Gauteng High Court fined him for contempt of court last week. The court also ordered that a copy of the judgment be served Fpersonally on Tau and the council's head of legal services, also slapping them with an order to pay the contempt of court application costs. The application was brought by the Hellenic Community of Joburg against the council for ignoring an earlier court order. The case stems from a billing error in which the Hellenic Community, owners of a building in Banket Street, were incorrectly charged. They were unable to get resolution from the council, so they approached attorney Dino Tzerkezis, who took the matter to court after he too failed to get a resolution. In October last year, Tzerke

Arrowhead aims for target of R2bn in residential property : Property News from IOLProperty

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Is the entry of the Listed Property Sector into the Residential Market a good or a bad thing? What are your thoughts? Gareth Shepperson Commercial and Property Attorney Arrowhead aims for target of R2bn in residential property Arrowhead, the listed property company, has set itself a target of increasing the value of its residential portfolio to R2 billion in the next 18 months from R150 million in March. Imraan Suleman, the chief financial officer of Arrowhead, said yesterday that it had added residential property valued at R300m to its portfolio since March and would access further residential stock from private players and institutions. The sale of residential property to listed companies was a natural exit strategy for developers that had built up equity in their portfolios because it allowed them to sell some of this stock to free up cash for other developments, Suleman said. Arrowhead was not predisposed towards any particular sector of the property market and was no

Signed agreements are binding, no matter what

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The heading of this article is not entirely correct because the merits of each and every case must be independently evaluated.  I have seen some contracts voided and some upheld. No blanket statement is applicable and it is always better to obtain independent legal advice from an expert in the field of Property Law. Gareth Shepperson Commercial and Property Attorney Signed agreements are binding, no matter what In property matters signed agreements are binding no matter how much one or other of the parties involved would like to see them cancelled or reversed. A case in which Denver Vraagom, a conveyancing attorney at the Cape legal firm, Gunston Attorneys, was recently involved shows how essential it is for buyers to check every aspect, not only of the property they are buying but also of the neighbourhood in which it is situated. In this particular case, said Vraagom, the seller sold his home without first finding an alternative home to purchase and move into. This put

Denny Crane

Denny Crane
It's not me ... yet. Denny Crane from the TV series Boston Legal. Click on picture if you're not sure who he is!