Unlocking Excellence with Keller Williams Realty - Team Diamond League

Unlocking Excellence with Keller Williams Realty - Team Diamond League: The world of real estate can be a complex and uncertain place. Whether you’re in search of your dream home, looking to sell your current property

Before Putting Your Property in the Market in Pretoria South Africa

Before Putting Your Property in the Market in Pretoria South Africa: When selling a house, you should have your handyman on speed dial

Real Estate Agency in Villieria - Sell Your Property in Villieria, Pretoria

Real Estate Agency in Villieria - Sell Your Property in Villieria, Pretoria: KW Team Diamond League – Moot, Pretoria

Some Tips Before You Putting Your Property in the Market

 

Before putting your property in the market:

Remember you don’t get a second chance to a first impression.

• Market valuation? Price correctly from the start, for a quicker and effortless sale. Remember the market is currently hyper price sensitive.
• Work with the right estate agent, Keller Williams Realty.
• Calculations: TAX – Keep in mind any applicable tax implications, for example capital gains tax. Seek advice from a financial advisor or accountant.
• Compliance certificates, building plans, property maintenance, etc.

Get your home ready:

• Call a handyman
When selling a house, you should have your handyman on speed dial. Make sure anything and everything that needs to be fixed (think: locks, hardware, leaky faucets, running toilets, cracks in the walls, broken appliances, squeaky doors, etc.) has been taken care of before listing a home. Otherwise, property buyers may think your home hasn’t been well taken care of, which can be a turn-off for many. Repairing all known defects in the property before show day.

• Paint the walls
Now’s the time to re-paint your home. Start by painting over those bright orange and green walls with neutral colors. Stick to whites, light greys, light beiges, and “greige” wall colors. These shades will make your home appear bigger, brighter and more welcoming. Adding a fresh coat of paint to your home will also help cover the wall’s imperfections and convey a blank slate to potential property buyers.

• Buy more light bulbs
Go ahead and stock up on light bulbs. When showing your house to potential property buyers, all light fixtures and lamps will need to be turned on. For this reason, it’s important that all lights in your home have working light bulbs.

• Give your house a deep clean
First impressions mean a lot. So don’t let foul smells, dirty floors or dusty surfaces make a bad one on a potential property buyer. Before listing your home (and throughout the selling process), give your home a deep clean. This means cleaning toilets, wiping down surfaces, mopping floors, cleaning rugs and scrubbing bathrooms. Consider calling in the professionals to ensure that your place is in pristine condition.

• Declutter the home
Decluttering and organizing your space will go a long way in appealing to potential property buyers. When a home is clutter-free, property buyers are able to focus on the actual home instead of on the junk, knick knacks and overflowing closets.

• Stage your home
According to multiple studies, staging a home really can help it sell faster and for more money. Fortunately, staging your home’s interior is easy and affordable. Don’t forget to also spruce up your home’s curb appeal when staging the home. After all, the outside of the home is the first thing potential buyers will see when they pull up for a showing. So make sure that the grass is cut, the yard is landscaped and the knick knacks are gone (think: gnomes and children’s toys). If your home is looking a bit rundown, you should also consider adding a fresh coat of paint to the exterior walls.

• Rent a storage unit
Selling a home successfully will involve some decluttering and purging of your belongings. For this reason, go ahead and rent a temporary storage unit before selling your home. Having a self-storage unit nearby will give you somewhere to temporarily place all of your extra stuff when staging and showing the home.

• Depersonalize your home
When selling a home, you want to strike the perfect balance between depersonalization and creating a warm, welcoming home. This means putting away the majority of framed photos, bulletin boards and personal items (think: photo albums, magazines, toys, equipment, awards, etc.) throughout the home. Leave a few nice, framed photos around the house to make the home appear inviting and lived in.

• Professional photography
Given that many potential property buyers search for homes online, it’s crucial to include high quality, professional photos in your online listing. Without excellent high resolution images, potential property buyers may (sadly) overlook your home. So before putting it on the market, our professional photographer will snap photos of your clean and staged abode.

Start preparing your documents:

The normal process is that only after the offer to purchase is signed, will the seller “get around to dealing with” the Conveyancer’s requests for paperwork. This can drag out the transfer considerably – already a 2- to 3-month long process, calculated from the date of sale. The property seller can be faced with an astonishing amount of paperwork; which could include the items listed below. Of course, not every property has the same history and unique circumstances and therefore not all these items will apply.

Giving the 90 days’ Notice to the existing bondholder for cancellation of the bond.

Having an Access Bond frozen, before cash can be drawn therefrom.

Obtaining building plans for the house.

• Incorrect rates and taxes accounts, especially where a previous subdivision took place;
• Lost original title deed and the long delay in having a duplicate original issued,
• Failing to have had conveyancing documents or a Power of Attorney signed before travelling overseas.

Arranging Electrical Certificates of Compliance, Gas and Fence Certificates, which are valid and beyond reproach,

• Making sure that the Company or Close Corporation Seller has not been de-registered by the company’s office.
• 75% of Shareholders, Directors and Members in a Close Corporation to authorise the sale of its property.
• Trustees in a Family Trust must first be updated.
• Making sure that the property, if built within the last 5 years, has the obligatory NHBRC (National Home Builders Registration Council)
• Not having paid Engineering Services and Endowments, that were raised when an application to subdivide or rezone the property, was submitted to the Council.
• Deceased Estates: Only an Executor appointed by the Letters of Authority is allowed to sell the Deceased’s property.

Ready to move?

• So you’ve spruced up your home, put it on the market and sold it. Congrats! Now it’s time to start planning your move. Find a reliable and trustworthy moving company. Best of luck and happy moving!

How Does the Property Transfer Process Work in South Africa?

The property transfer process in South Africa can be complex and time-consuming, but it is important to understand the steps involved in order to ensure a smooth transaction.

Step 1: Offer to purchase

The first step in the property transfer process is for the buyer to make an offer to purchase the property from the seller. The offer to purchase is a legally binding document that sets out the terms of the sale, including the purchase price, the payment terms, and the date of transfer.

Step 2: Securing the purchase price

Once the offer to purchase has been accepted, the property buyer needs to secure the purchase price. This can be done by obtaining a home loan from a bank or by paying the purchase price in cash.

Step 3: Appointing a conveyancer

The property seller and the buyer will each need to appoint a conveyancer to handle the legal aspects of the property transfer. The conveyancer will be responsible for drafting the necessary documents, conducting the necessary searches, and registering the transfer with the Deeds Office.

Step 4: Obtaining the necessary documents

The conveyancer will request a number of documents from the buyer and the seller, including:

• Identity documents
• Proof of residential address
• Marriage certificate or ante-nuptial contract (if applicable)
• Existing deed of transfer
• Bond cancellation figures (if applicable)
• Rates and taxes clearance certificates

Step 5: Signing the transfer documents

Once all of the necessary documents have been obtained, the conveyancer will prepare the property transfer documents for signature by the property buyer and the property seller. The transfer documents include the deed of transfer and the bond registration documents (if applicable).

Step 6: Paying the transfer costs

The property buyer will need to pay a number of transfer costs, including:

• Conveyancing fees
• Transfer duty
• Deeds office registration fees

Step 7: Lodging the transfer documents

The conveyancer will lodge the transfer documents with the Deeds Office for registration.

Step 8: Registering the transfer

Once the Deeds Office has satisfied itself that all of the requirements have been met, the transfer will be registered.

Step 9: Finalizing the transaction

Once the transfer has been registered, the conveyancer will finalize the transaction by paying the proceeds of the sale to the seller and transferring ownership of the property to the buyer.

Timeline

The property transfer process in South Africa typically takes between 6 and 12 weeks to complete. However, the exact timeline will vary depending on a number of factors, including the complexity of the transaction and the workload of the Deeds Office.

Tips for a smooth property transfer

• Choose a reputable conveyancer and provide them with all of the necessary documents as soon as possible.
• Be prepared to pay the transfer costs promptly.
• Communicate regularly with your conveyancer and the other parties involved in the transaction.
• Be patient and understanding, as the property transfer process can be complex and time-consuming.

Property Market Overview in the Moot Area of Pretoria

The property market in the Moot area in Pretoria, South Africa is currently showing signs of stability. The average asking price for a property in the Moot is R1.5 million, which is slightly higher than the national average. However, the time it takes to sell a property has increased slightly, with the average time on the market being around 80 days.

There is a good demand for properties in the Moot, particularly among families and young professionals. The area is well-located, with easy access to major roads, public transport, schools, and amenities. This makes it a desirable place to live and work.

The most popular suburbs in the Moot are:

• Rietfontein
• Moregloed
• Wonderboom South
• Gezina
• Villieria

These suburbs offer a wide range of properties, from apartments and townhouses to large detached houses.
The Moot property market is expected to remain stable in the coming months. However, the rising interest rate is likely to have a dampening effect on demand. Overall, the Moot is a good area to invest in property, as it offers a good return on investment.

Here are some of the factors that are driving the property market in the Moot:

• Strong economic growth in the Pretoria area
• Low unemployment rate
• High levels of investment in infrastructure and amenities
• Good schools and universities
• Close proximity to major employment centers

If you are considering buying or selling a property in the Moot, it is important to speak to a qualified real estate agent. They will be able to advise you on the current market conditions and help you find the right property for your needs.

Exploring the Legal Implications of Cohabitation: How South African law fails unmarried couples

How does the law regulate the lives of those who live together but who are not married?  The traditional civil marriage is no longer the only option available to couples in South Africa. Partners may decide to get married in terms of customary law or in terms of the Civil Unions Act or the Marriage Act. The law, however, has been slow to recognize the relationship of partners in a permanent cohabitation arrangement.

Draft legislation in respect of domestic partnerships exists, but the Draft Partnership Bill has not been advanced since 2008.  A domestic partnership is a relationship between two people who are living together, as though they are married, but are not. This will include relationships between same- and opposite-sex couples.

This gap in the law inevitably leads to a large portion of the population being excluded from the rights and obligations which naturally flow from a recognized marriage relationship, even if the people involved in the relationship act no differently toward each other than a married couple. It must be stated very clearly, that South African law does not recognize the concept of a common law marriage. No amount of time living together automatically translates to a marriage.

This shortcoming in the law usually only affects partners in permanent relationships at the dissolution of the relationship, whether it be by death or mutual decision. Especially where one partner passes away, the financial consequences involving inheritances and maintenance can turn especially tricky.

Many of the disadvantages alluded to above flow from the legal definition of the word ‘spouse’ and how it is defined in the pieces of legislation that govern inheritance and maintenance. The differentiation between married, unmarried, same-sex and opposite-sex partners has been the subject matter of many cases over the past few decades, as the Constitution provides that unfair discrimination based on marital status and sexual orientation is prohibited.

The word ‘spouse’ has been expanded several times to provide for people in different permanent relationships. For example, even though Islamic marriages are not formally recognized, the Intestate Succession Act provides that a spouse in an Islamic marriage is also included in the definition of ‘spouse’. The Estate Duty Act and the Income Tax Act also include permanent life partners, whether it be same-sex or opposite-sex, in the definition of ‘spouse.’

This article will briefly look at the impact of the provisions of the Intestate Succession Act on partners in a permanent relationship by way of the case of Bwanya v Master of the High Court, Cape Town and Others [2021] ZACC 51. 

Ms Jane Bwanya lived with her partner in a permanent relationship. They were due to commence lobola negotiations and conclude a marriage, but unfortunately her partner passed before they could commence with the arrangements. Her partner left a will that nominated his mother as his only heir. However, his mother had predeceased him.

Ms Bwanya instituted 2 claims against her late partner’s estate – one for maintenance and the other for inheritance from his estate. Both claims were rejected by the executor of the estate, since Ms Bwanya was not considered to be a spouse to the deceased, as per the definition of spouse in the relevant legislation. She then challenged the constitutionality of the Acts in the High Court and was successful in her challenge of the Intestate Succession Act (ISA hereafter) in the High Court.

When the matter appeared before the Constitutional Court, Bwanya contented that the definition of ‘spouse’ in the ISA unfairly discriminates against her and others in her situation, based on the grounds of gender, marital status, and sexual orientation.  She also argued that the ISA differentiates between surviving same-sex and opposite-sex life partners. This is due to the decision in the 2007 Constitutional Court case of Gory v Kolver, where the court ordered that the definition of ‘spouse’ be interpreted to include a partner in a permanent same-sex life partnership where the partners have undertaken reciprocal duties of support.

Madlanga J in the majority judgment emphasized that permanent life partnerships are a legitimate family structure and are deserving of respect and should be entitled to legal protection. The High Court’s declaration of invalidity of the definition in the ISA was confirmed. The Constitutional Court also recognized that the definition of ‘survivor’ in the Maintenance of Surviving Spouses Act was unconstitutional and invalid in so far as it excludes people in Ms Bwanya’s situation.

After this case, the surviving life partner in a permanent opposite-sex life partnership can inherit or claim maintenance if the partners undertook reciprocal duties of support to each other.

It is clear from the Bwanya case as well as those that came before it, that there is a general movement towards inclusivity towards all different kinds of relationships, regardless of whether the arrangement has been formally recognized by legislation.  However, a practical hurdle exists in determining when exactly a relationship between two persons stops being casual and is intended to be permanent in the sense that it also attracts the rights and obligations naturally associated with a marriage relationship.  In the case law examples that are available, all the couples were engaged or about to become engaged.

To make clear a couple’s intentions with regard to their life partner, it is of the utmost importance that an updated, valid will is available when a partner passes. This will prevent many heartbreaks and long legal battles regarding the interpretation of definitions. In an effort to be unambiguous and clearly set out the duties of the partners towards each other, a cohabitation agreement can also be drawn up.

Contact JJR Inc. to assist you with putting your affairs in order through proper estate planning. They also assist with notarial agreements of cohabitation.

This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice.

(Quoted from the source: https://jjrinc.co.za/28-february-2023/)

The ups and downs of property co-ownership

Property ownership is no small feat. It is one of the most reliable forms of investment and one of the biggest items that most people have on their financial “to-do” lists. Unfortunately, it is not always an easily achievable goal. Property ownership has always been a costly endeavour, and in recent years the age of first-time homeowners has been steadily increasing as younger professionals find their financial footing later than in previous years, making co-ownership a valuable option that will help property buyers side-step the financial burden of buying a new property. But how beneficial is this path really?

Co-ownership of property is when more than one party jointly own a single property. In essence, the owners share legal ownership without having to divide the property into physical portions for their exclusive use. It is thus commonly referred to as co-ownership in undivided shares.

It is possible to agree that owners acquire the property in different shares; for instance, one person owns 70% and the other 30% of the property. The different shares can then also be recorded and registered in the title deed of the property at the Deeds Office.

On paper, it’s a great idea. For starters, the burden of bond repayments and maintenance costs are lessened. However, there can be problems and although not every friendship or relationship is destined to disintegrate, there does often come a time when one of the parties involved wants to sell up and move on to bigger and better things.

If ownership is given to one or more purchasers, without stipulating in what shares they acquire the property, it is legally presumed that they acquired the property in equal shares.

The risks, the benefits and the obligations that flow from the property are shared in proportion to each person’s share of ownership in the property. For instance, one of the co-owners fails to contribute his share of the finances as initially agreed, resulting in creditors such as the bank or Body Corporate taking action to recover the shortfall.

If two people own property together in undivided shares, it is advisable to enter into an agreement that will regulate their rights and obligations if they should decide to go their own separate ways.

The practical difficulties that flow from the rights and duties of co-ownership are captured by the expression communio est mater rixarum, or “co-ownership is the mother of disputes”. It is therefore important that certain remedies be made available for when the agreement entered into by co-owners does not help them solve arising disputes.

The co-ownership agreement should address the following issues:

• In what proportion will the property be shared?
• Does anyone have sole right to occupy the property?
• Who will contribute initial payments to acquire the property?
• Who will contribute what amounts to the ongoing future costs and finances?
• How will the profits or losses be split, should the property (or a share thereof) be sold?
• The sale of one party’s share must be restricted or regulated.
• The right to draw funds out of the access bond must be regulated.
• A breakdown of the relationship between the parties.
• What happens in the occurrence of death or incapacity of one of the parties?
• Dispute resolution options to be relied on before issuing summons.
• The guidelines for the termination of the agreement.

Co-ownership of property can be a wonderful way in which to realise your dreams of homeownership, even when your financial situation does not yet fully allow it. But it is vital that you obtain the necessary guidance and advice when entering into such a relationship to ensure a long-term, mutually beneficial experience.

This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice.

 Quoted from the source: https://jjrinc.co.za/2022/01/the-ups-and-downs-of-property-co-ownership/

Property in Waverley - Elize Dormehl Estate Agents Waverley

Property in Waverley - Elize Dormehl Estate Agents Waverley: Elize Dormehl - Estate Agent in Waverley with Skilled Qualified Property Practitioners for Ease of Mind. We Market Pretoria Moot Properties with Great Passion.