If you own a home or are thinking of buying one, home owner’s insurance is a necessary evil and can even save your investment one day. But there are many different types of policies out there that can be confusing to the average home owner.
Below, we have gathered seven different kinds of home owner’s insurance to help you make sense of it all.
The question on every potential purchasers lips when considering a real estate investment is how best to time the market. Values are still declining in a down market, and the question is — how low can they go and how long should one wait?
Interest rates are bottoming out. In fact they are near an all-time low. They are unlikely to drop any further and if you wait too long you may not be able to afford to buy a home at any price.
At the other end of the scale the rental market is characterised by steadily rising rentals, driven by rising demand.
One of the advantages for buyers of property in the current economic climate in South Africa is the increased availability of Bank Repossessed homes on the market.
When borrowers default on the payment terms of the mortgage loan, eventually this will lead to legal action by attorneys instructed by the mortgage holder.
A judgement is obtained in the High Court and the property is then attached and sold by the Sheriff of the High Court at a sale in execution. If the auction fails to achieve the bank’s reserve price, then the property will be bought by the Bank and placed on the market again. This is called a Property in Possession (PIP). Continue reading Top 10 Tips for Buying A Bank Repossessed Property→
South Africa’s new Consumer Protection Act comes into effect on 1 April 2011. Part 1 covered the introduction of a “Cooling-off” period and the use of “Voetstoots” clause under the new CPA legislation.
Part 2 deals with some important changes to the law governing Lease Agreements, when the new CPA comes into effect on 1st April.
Now some of my more astute readers will have noticed that this is also April Fools Day. Please people, this is purely co-incidental, however inopportune the date may seem.
Lease Agreements: The CPA introduces some far-reaching changes to Lease Agreements for immovable property. Specifically for ordinary people, the changes affect the maximum duration and grants the parties certain rights of cancellation.
South Africa’s new Consumer Protection Act comes into effect on 1 April 2011. This law fundamentally changes the way business is done in South Africa. The law regulates the way businesses market their products and services and makes South African consumers among the most protected in the world.
Three important changes relating to Real Estate transactions are introduced with the CPA.
Firstly the Act introduces a bill of rights, granting consumers the right to cancel certain contracts within a “Cooling-off” period of five business days.
Secondly, the Act changes the way the voetstoots clause will be applied in Real Estate contracts.