Unmet deadlines render an agreement of sale void Property buyers should take care to ensure that they are aware of all dates and deadlines for bank guarantees and bond approvals, because missing such deadlines can result in the agreement of sale being rendered null and void. 'First-time buyers are particularly at risk, as they might not be aware of the seriousness of not meeting suspensive conditions as stipulated in an agreement of sale,' says Mike Greeff, the chief executive of Greeff Properties, an affiliate of Christie's International Real Estate.
- Other Apps
Sectional title VAT registration changes welcomed Until now sectional title bodies corporate have been exempt from VAT and home owners' associations have had to register for VAT if their incomes exceeded the VAT threshold amount. The logic to this is that, in sectional title schemes run by bodies corporate, the aggregated rates, electricity and water accounts are paid on behalf of the owners then recovered from the owners. Imposing VAT on a body corporate, therefore, would mean that a double layer for these amounts is created.
- Other Apps
Joburg lacks building inspectors The City of Joburg has only 54 building inspectors to monitor illegal building activities and contraventions in the entire city of more than 3 million people. As a result, people are flagrantly disregarding building by-laws. Within the first five months of the 2013/14 financial year, Joburg spent its entire budget allocated to fight building and planning contraventions, leaving thousands of building and land-use contraventions unprosecuted.