Mortgage Bond Arrears: Can You Challenge a Certificate of Balance?
“O, I do not like that paying back.” (Falstaff, in Shakespeare’s Henry IV Part I) A standard clause in loan agreements, suretyships and the like is the “certificate of balance” or “COB” clause. Typically, it will read something like this (but normally with a lot more verbiage, and bear in mind that every lender has […]
A Complex Issue: Beware Late Building Penalties
“Home wasn’t built in a day.” (Jane Ace, radio comedian) You find the perfect plot on which to build your dream home in a security estate. Your offer is accepted and transfer proceeds – happy days! So, imagine your distress when, having proudly taken ownership, you are suddenly told by the HOA (Homeowners’ Association) that […]
How Can I Buy Property in South Africa as a Foreigner?
“I never knew of a morning in Africa when I woke up that I was not happy.” (Ernest Hemingway) Are you a visitor dreaming of waking up with giraffes on your lawn and wondering how to make it happen? Or a local being asked by overseas friends and relatives: “This country’s magic, how can I […]
Who Appoints the Conveyancer? Your House, Your Choice
Introduction “A man’s home is his castle.” – Sir Edward Coke, English common law ruling, 1604 Selling your home can be a rewarding journey, but it’s not without its complexities. To hear those magic words – “Congratulations! You’ve sold your property, the transfer is complete, and the purchase price has been paid” – requires more than just […]
Your Essential Property Buyer’s Checklist for 2024
“Don’t wait to buy land, buy land and wait.” – Will Rogers Summer is the perfect season to explore new property listings, especially with sellers eager to close deals by year’s end. And with recent interest rate cuts, the property market is poised for growth. Lower bond repayments can stimulate economic activity, increase property demand, […]
Three Ways to Protect Yourself from the Nightmare Neighbour in Your Complex
“A bad neighbour is a misfortune, as much as a good one is a great blessing.” (Hesiod, 700 BCE) It seems that every community has at least one nightmare neighbour who delights in objecting to everything, fighting with residents and management at every turn, and becoming abusive and aggressive when they don’t get their way. […]
Waiving the Bond Clause to Keep a Sale Alive: Risk Versus Reward
“This sale agreement is no more! It has ceased to be! This is an EX-sale!” (With apologies to Monty Python) A “bond clause” – standard in most property sale agreements – typically provides that the whole sale depends on the buyer obtaining a mortgage bond by a specified date. If the deadline comes and goes […]
The Garage Door That Had the Complex Up in Arms
“Good fences make good neighbours.” (Robert Frost) When you buy into a community scheme (such as a security estate, complex or apartment block) you automatically become a member of its management body: either a Homeowners Association (“HOA”) if your property is full-title or freehold, or a Body Corporate if your property is part of a […]
Home Buyer loses R5.5m in Phishing Scam – Don’t Make the Same Mistake!
“[The buyer] must in the circumstances take responsibility for her failure to protect herself against a known risk” (extract from judgment below) Cybercriminals absolutely love targeting property transactions because they provide the perfect mix of large money deposits, heavy reliance on email communication from trusted parties like attorneys, banks and estate agencies, and deadlines creating […]
Why an Oral Estate Agency Mandate Isn’t Worth the Paper It’s Written On
“A verbal contract isn’t worth the paper it’s written on” (Samuel Goldwyn) Perhaps you are a seller marketing your property through an estate agency, or a buyer asking an agent to find you one, or a landlord employing an agent to let out your property. Whatever the transaction involved, make sure that the agency mandate […]