Property News - April 2024
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.
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Articles
In part four I looked at the challenges that arise in retirement schemes where some segments are devoted to life rights and others to for-profit commercial enterprises. In this part an illustrative case study includes elements common to many life right schemes, to examine how the statutory bodies established under the Housing Development Schemes for Retired Persons Act of 1988 (‘the Act’) and the Sectional Titles Schemes Management Act of 2011 (‘STSMA’) can legitimately be operated by just one overarching management body to achieve both management efficiencies and legal compliance.
South Africa - National Minimum Wage Up (effective: 1 March 2024)
The National Minimum Wage (NMW) for each “ordinary hour worked” has been increased from 1 March 2024 by 8.5% from R25-42 to R27-58.
SA Election Update - An independent analyst’s view 2024
It is now official: 51 parties will contest the national elections in May, 3 more than in 2019.The one with most media coverage is, of course, Mr Zuma’s uMkhonto weSizwe (MK) Party. Mr Zuma was the number 1 candidate on that party’s list, but the constitution bars him from standing and he was duly disqualified by the Independent Electoral Commission just before the Easter weekend.
Legal Speak Made Easy - “Prima facie”
Literally meaning “at first face” or “at first sight”, this term is often used in statutes and contracts to provide that a document is proof of the facts recorded in it in the absence of evidence to the contrary.
Sectional Title - Can a body Corporate write off levy arrears, interest and legal fees?
In the realm of sectional title schemes, the issue of financial management is of paramount importance. One of the key aspects of this is the collection of levies, interest, and legal fees. A question that often arises is whether a body corporate has the power to write off or reduce these claims.
