Property News - February 2024
Welcome to our Property Investment Newsletter, the aim of which is to keep you up to date and informed as to the most recent property trends and news.
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2024 - Over the holiday period there were several important developments regarding the major issue facing the country, electricity.
The first two parts dealt with the basics of life rights and then the establishment, nature, members and levies of a life right management association (‘LRMA’) in terms of regulations 6 to 12, 14 and 15 under the Housing Development Schemes for Retired Persons Act of 1988 (‘the Act’). In this third part I examine the LRMA’s committee, management and meetings and briefly compare it with a sectional titles body corporate.
If you’ve ever wondered why so many legal principles referred to by our courts are stated in Latin or Dutch, the answer lies in the history of our legal system. “Roman-Dutch” law was based on old Roman law as applied in the Netherlands during the 17th and 18th centuries and was imported to the Cape during the Dutch colonial period.
South Africa is attractive to overseas property buyers with our world-class lifestyle, depreciated Rand, strong property registration and legal systems, and minimal restrictions against non-resident property ownership. Which is of course great news for property sellers in any area popular with foreign investors.
We wanted to share an interesting thread from Paddocks Club regarding the rezoning of a Sectional Title Scheme and Jennifer & Graham's advice in this regard.