What is Immovable Property?
Immovable property is property that has a fixed location and cannot be moved or transferred elsewhere. It can be built upon or affixed to the ground; the term legally also refers to land or the premises upon which a home or building stands.
In real-estate law, immovable property has specific characteristics and ownership confers certain rights upon those persons holding full or partial title to the property.
What is a Property Valuation?
A property valuation establishes the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.
This valuation basis represents the current exchange value of the property if placed on a similar market as exists today but was placed on that market long enough ago to be properly marketed and the best price obtained as at the valuation date.
What stands for Vacancy Rate in Real Estate?
A vacancy rate indicates the level of empty space in a specific area or building and is usually expressed as a percentage of the gross rentable area. It also refers to the period of time that a residential buy-to-let property is vacant during a year.
What does Sectional Title stand for in a property Transaction?
A sectional title scheme is a property divided into individual units, usually townhouses or flats, which are sold separately. Thus, tenure is held by the property owner over a section of the property, not the whole property. The sectional title property has common areas, such as stairways and lifts that belong collectively to all the owners of the units. The sectional title complex is managed by a body corporate, who takes care of the day-to-day management of the complex e.g. employment of maintenance staff, upkeep and collection of levies. All the owners of the individual units are members of the body corporate and pay monthly levies to contribute to the day-to-day running expenses.
What is a Second Mortgage Bond on a property?
A second mortgage bond a property is an additional mortgage or bond registered over the property.
What is SAPOA referring to?
South African Property Owners Association.
What is a Sale & Leaseback Transaction in the Property world?
Sale & Leaseback Transaction is a financing arrangement where a property is sold by its owner-user and simultaneously leased back from the buyer for its continued use. This type of sale cannot be Zero Rated for VAT purposes.
What is a Sole Mandate in Real Estate?
Giving an estate agent a sole mandate to market your property, means that you cannot confer a similar mandate on another estate agent before the expiry of a determined period. If another estate agent sells or lets your property during this period, the estate agent with the sole mandate can claim damages from you, which may be equal to the commission that he could have earned if he sold the property.
You however, can sell or let the property yourself without any implications during this period as long as you make sure the wording in the mandate does not state that the estate agent has 'sole and exclusive selling rights' or 'sole right to sell' or 'sole authority to sell'.
What is Secondary Industrial Space?
Secondary Industrial Space is industrial space which is not classifiable as prime because it does not satisfy all prerequisites for prime space. Such space is typically old buildings or structures, which have been haphazardly renovated. It would have multiple floors, poor access, too little yard space or office accommodation, inadequate goods lifts, no three-phase power and obsolete electrics and ablution facilities. Such space is often found in highly urbanised areas.
What is regarded as a Rent-Free Period?
Rent-free period means no rent is payable by the tenant for an initial portion of the term of a lease. It is offered by a landlord as a rental concession to attract tenants.