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Monthly Archives: July 2011

Oosthuizen & Co Meyer de Waal creating waves within South Africa

PROPERTY TRANSACTION KIT (PTK):

 

“COMPLETE COMPLIANCE” SEMINAR

From the 2nd of August 2011 until the 4th of August 2011, Meyer de Waal of Property Transaction Kit (PTK) in association with S.A. Home Loans, the Institute of Estate Agents of S.A. (Western Cape) and the Consumer Protector will be conducting seminars in various areas of theWestern Cape.

Attendants can expect presentations on the following:

  • Official view on the Consumer Protection Act (CPA) and property transactions, by a representative of the Consumer Protector’s offices;
  • Complete Compliance and disclosure of sales and documents for Buyers, Sellers and Agents, by Meyer de Waal (PTK);
  • What the finance institutions are looking at when they receive a home loan application, by Gustav Zwiegelaar (S A Home Loans);
  • What happens when a bond is declined?- can we save the deal?, by Solly Molefe CEA Setsmol Training ( Home Ownership Education for 2 major banks)

Due to the interesting and relevant nature of the above presentations, all three venues were 120% booked within 3 days and are all therefore full.

Congratulations to all those involved in putting these seminars together.

To our readers, we promise to provide you with a report on how the seminars go and other related, relevant information and/or news.

For more information on the PTK, click on the following link:

MY BUDGET FITNESS (MBF):

A huge congratulations to MBF- after 2 and 1/2 years of slaving away in trying to put all the structures required for the effective running of MBF, Rent2Buy and Mobile2Budget into place, things are starting to look up; all the hard labour and perseverance is paying off

MBF has been appointed by one ofSouth Africa’s prominent banks to assist with their declined bond applications. MBF will take these applicants, rehabilitate them and get them back to a position where they will be able to get their bond applications approved.

If you are having issues with your bond applications and/or want to manage your finances better, please do not hesitate to contact Meyer de Waal ( meyer@budgetfitness.co.za). Alternatively, take a look at the following websites for more information:

 

 
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Posted by on 25/07/2011 in Extras

 

A GREAT MAN

HAPPY BIRTHDAY MR NELSON MANDELA

from Oosthuizen & Co Meyer de Waal

 

“…As I sit in Qunu and grow as ancient as its hills, I will continue to entertain the hope that there has emerged a cadre of leaders in my own country and region, on my continent and in the world, which will not allow that any should be denied their freedom as we were; that any should be turned into refugees as we were; that any should be condemned to go hungry as we were; that any should be stripped of their human dignity as we were. …

Were all these hopes to translate into a realisable dream and not a nightmare to torment the soul of the aged, then will I, indeed, have peace and tranquillity. Then would history and the billions throughout the world proclaim that it was right that we dreamt and that we toiled to give life to a workable dream…”

quote from Mr Nelson Mandela’s address to the United Nations General Assembly, 21 September 1998

 
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Posted by on 18/07/2011 in Extras

 

NATIONAL CREDIT ACT (NCA):

Enforcement of credit agreements

 As most of you might have been aware of, in terms of section 86 of the National Credit Act (NCA)  a credit provider was prohibited from pursuing legal action against the debtor/consumer who has applied for debt review. As a result, a credit provider therefore had to wait for the outcome of the debt review, before pursuing legal action. However, the Supreme Court of Appeal (SCA) in the Collett v Firstrand Bank case changed this.

 The SCA in this case  held that a credit provider is now entitled to terminate a debt review applied for by a debtor/consumer , at any time, even after the matter has (already) been referred to the Magistrate Court, if the debtor/consumer is in default under the credit agreement.

 

 

 
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Posted by on 18/07/2011 in Content

 

MUNICIPAL CLEARANCE CERTIFICATES

Limitations on amounts payable

In terms of the Local Government Municipal Systems Act 32, 2000 (The Systems Act), the Registrar of Deeds may only register the transfer of a property, if he or she is provided with a clearance certificate. Clearance certificates are issued by the municipality in which the property in question is situated.

A clearance certificate is essential to finalize a property transfer at the Deeds Office, as it confirms that all taxes and fees in connection with the property in question that were due during the two years preceding the date of application for the certificate, have been fully paid.

The matter, regarding the issuing of clearance certificates was dealt with and finalized in the City of Cape v Real People Housing (Pty) Ltd’ case.

The Supreme Court of Appeal (SCA), in the abovementioned case, confirmed that a municipality is obliged to issue a clearance certificate, if the rates and taxes, of the property in question, in respect of two years preceding the application, are settled. This takes place, regardless of the existence of older outstanding debts. Therefore, as a result of this case, payment of amounts that fell due prior to the two-year period is not a pre-condition for the issuing of a clearance certificate.

It is important to note however, payment by a property owner of the rates and taxes that have become due in the two years preceding the application and the issue of a clearance certificate by the municipality, does not absolve the owner of the property of liability for amounts that fell due prior to the two-year period. The fact that a clearance certificate was issued does not deprive the municipality of the right to take legal action against the property owner for recovery of these amounts.

 
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Posted by on 11/07/2011 in Content

 

Consumer Protection Act: part 5

CONSUMER PROTECTION ACT AND AUCTIONS:

Section 55 of the Consumer Protection Act (CPA) provides for a consumer’s rights to safe, good quality goods. However, this section does not apply to goods bought on an auction.

  • section55(1) reads as follows:

This section does not apply to goods bought at an auction, as contemplated in section 45

  • section 45 (1) reads as follows:

In this section, ‘‘auction’’ includes a sale in execution of or pursuant to a court order, to the extent that the order contemplates that the sale is to be conducted by an auction.

It is important to note that although goods bought on auction are not subject to section 55, the auctioneers still have to ensure that auctions are complaint with section 45 of the CPA’s  requirements.

Extra information:

Under the Alienation of Land Act, in terms of section 29A, consumers are provided with the right to cool-off. This allows consumers to withdraw from a transaction and/or contract under certain circumstances. It is important to note that sellers are not afforded with the same right. Under this Act, this right is governed by the following:

  • property must be used mainly for residential purposes;
  • sale price must not exceed R 250 000 (buyers who purchase property for more then this amount do not enjoy this right);
  • the purchaser is given 5 working days to cool-off, which commence the day after he has signed the contract.

The above right does not apply to goods bought on auction. In addition to this, the general view under the CPA is that the right to cool-off, which is afforded to consumers as well as the prohibition of voetstoot clauses in terms of the CPA, are not applicable to goods bought on auction.

 

 

 
2 Comments

Posted by on 04/07/2011 in Content