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Property News

QS president questions fixed rate CGT


The president of the Association of South African Quantity Surveyors last week questioned the fact that capital gains tax was not indexed to the rate of inflation as it was in other countries, so that only real gains were taxed.

Compass investors lose confidence

Debenture holders in property group Compass, an Amaprop subsidiary, are demanding that their investment be redeemed as soon as possible after allegations of mismanagement of their funds.Concerned debenture holders said they had lost confidence in management.

One-stop system for real estate launched


South Africa’s real estate sector is about to be revolutionised by the launch of an integrated transaction management system that links estate agencies, mortgage originators, financial institutions, conveyancers and insurers via the Internet.The Comcorp Online system allows all the participants in a property sale to simultaneously "see" exactly what is happening to that transaction, and to act in concert to ensure that the transfer is completed quickly and costeffectively.Home sellers will benefit, of course, because they will receive the proceeds of their sales in the shortest possible time.

Cooling-off clause applies to bigger transactions too


The "cooling-off clause" that applies to residential properties costing under R250 000 also applies to some plot-and-plan housing, even if the total cost of the land and building "package" is more than R250 000, says the Estate Agency Affairs Board.

Let agent establish true ownership


Learning that you could not take transfer of a property because the seller was not actually the owner is certainly not a common scenario, says Dr Piet Botha, chairman of the Nationlink estate agency group, but it can and does happen.

Check timing for CC formation before buying assets


People who are buying property on behalf of a close corporation or company that has yet to be formed must make sure that the sale agreement they sign allows enough time for the formation.

Sable Homes to develop Park Meadows


Sable Homes has secured the rights to develop the residential portion of Wooltru Properties’ multimillion rand Park Meadows project on the Kensington Golf Course site.

Long wait for home buyers


Homebuyers wishing to take advantage of the lower interest rates by purchasing into brand new homes could have a long wait after current unsold stocks are taken up.

Loyalty could save you money


Buyers should negotiate on interest rates before locking themselves into a home loan. A survey conducted among Cape Town's Homenet members showed that if the buyer was entering into the transaction with a healthy deposit and prepared to lock into that bank's other products, the lender could be induced into offering a favourable interest rate.

Gauteng boom augers well for homeowners


Gauteng sales volumes, says Johannesburg agency principal Lew Geffen, are currently 44 percent ahead of where they were at the end of the ’99 financial year, and strong buyer interest in the past three months suggests they could rise even faster this year.