Archive for the ‘estate agents’ Category

Homeownership Today

Monday, August 18th, 2008

Advantages of Owning your own Property

Your home has more than just it’s investment value. Homes are about families and families are our future! Both you and your family can live in it so avoid paying rent to somebody else. Buying your home is probably the singel biggest investment you will make in your life time.

It is not only a major financial commitment, but also an emotional experience that normally results in an exciting change in lifestyle. Whether you are building your own home or buying an established property, you are investing in your future wealth and security needs. Your home could well become the foundation of financial independance for you and your family.

One of the benefits of having spent a fair amount of time on this planet is that I have witnessed times when it seems nothing can undo the downward slide of property values.

or buying an established property, you are investing in your future wealth and sevcurity needs. Your home could well become the foundation of financial independance for you and your fasmily.

I don’t remember much of the 1960 and 1976 housing sell-offs, but they were triggered by internal political events from which we were supposed to never recover, and an army of skilled people packed for Perth. It was the trough of the mid - 1990’s that I remember vividly, when we were faced with interest rates of over 25%. Again, there was panic in the land and another quarter of a million South Africans uprooted themselves for safer terrain. As with previous drops which have happened many times before, Property recovered rather nicely and property owners and investors (yes, this is probably you) over the last few years have had a feast with price growth that topped the world as the market corrected.As long as records have been kept, property prices (as well as stocks and shares) have moved in a cyclical fashion, up and down every few years. So if you own property, consider that it’s a long term investment and don’t sweat the peaks and troughs - wherever you go on the planet, you will have to live with the same movement. Get your mind right and you will find many opportunities in the market.

For more information about McBeez please visit our Home Page

Tags: , , , , , ,
Posted in affiliate, buyers, estate agents, investors, sellers, training | No Comments »

Understanding Latent & Patent Defects in Your House

Monday, May 12th, 2008

 A patent defect :

Is a defect that is clearly visible to the naked eye, for example, cracked gutters and tiles or dripping taps. If a purchaser buys a house and afterwards notices that there are certain obvious defects, which would have been revealed by a reasonably careful inspection of the property by the purchaser, then the purchaser has no claim against the seller in respect of these defects.

Latent defects:

On the other hand, are defects that are not clearly visibly to the ordinary person - even if it would be apparent to an expert. These defects may be covered up or concealed. Very often they only become evident sometime after the date of sale or transfer, for example, a leaking pool or a leaking roof after heavy rain.In terms of our law, there is an implied term in a contract of sale (in other words, this position prevails even where the agreement is silent about the topic) that the seller warrants to the purchaser that there are no latent defects in the property. As a result, if it appears after the conclusion of the agreement that a latent defect in a house exists, the seller is liable for those defects whether he or she knew about it or not.Because this implied term (known as the seller’s warranty against latent defects) places such a heavy burden on a seller, most sellers include a clause in the contract to counter this common law provision. This clause typically states that the seller shall NOT be liable for latent defects in the property, and that the purchaser buys the property as is. This clause is commonly known as the voetstoots clause. Voetstoots means, roughly translated, ‘pushed with the foot’. It is almost as if the seller put the thing to be sold on the floor and pushed it with his toes in the direction of the purchaser, saying: “there it is, but remember, you buy it warts and all, whether you can see the warts at first glance or not.” 

 

So, if an agreement contains a voetstoots clause, and if the seller did not know about latent defects in the property, and if latent defects manifested themselves after the sale, the seller will rightfully be able to say to the purchaser: sorry, this is your problem, fix it at your cost; I am protected by the voetstoots clause.

 

 

Posted in estate agents, sellers, training | No Comments »