Property News - December 2012
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.
We at PPI would like to take this opportunity to wish all our clients, business associates, fund managers and valued newsletter subscribers a happy festive season and all the best going into the new year.
Please be advised that our offices will be closed from the 24th of December and we will re-open again on the 7 January 2013.
The Property Sector Charter Council is pleased to announce the recent gazetting of the Property Sector Charter as a Sector Code on Black Economic Empowerment in terms of Section 9(1) of the Broad Based Black Economic Empowerment Act (Act 53 of 2003).
The Property transfer process requires a lot of patience because it does take longer than expected. There are many factors that can cause delay, but if you comprehend the process you will be helping yourself to avoid surprises and prepare yourself for a quick and smooth transition to your new home.
The executives in many sectional title schemes and home owners’ associations (HOAs) use fines as a way of discouraging rule breaking by members or residents. At first glance this seems a good way of ensuring that the rules are obeyed but there is an immediate problem with any attempt to fine someone, and that is making sure that the fine is actually paid.
From October 2012, a new system introduced by the SA Revenue Service (SARS) means that the transfer of any property will be subject to delay unless all the parties involved - including the estate agency - have their tax affairs in order.
The new Withholding Tax on Interest and Withholding Tax on Royalties that apply when interest or royalties are paid to or for the benefit of non-South African residents, become effective July 1, 2013.
Portfolio Property Investments (PPI) is going all out in support for the Extra Mile initiative. The initiative which was first piloted by the READ-group and the QuadPara Association KZN through the 2012 Midmar open water swim of Jill Hanass-Hancock .