Latest news with #DeedsOffice
Zawya
03-07-2025
- Business
- Zawya
South Africa: South Gauteng deeds office remains open for business
The Department of Land Reform and Rural Development has reassured that the South Gauteng Deeds Office remains open and fully operational, despite recent media reports claiming the facility's closure. In a statement issued on Tuesday, 1 July, the department acknowledged that while the facility is experiencing infrastructure challenges, services to the public and clients continue uninterrupted. 'The department has previously acknowledged the Occupational Health and Safety (OHS) issues in the building, which include, sometimes, dysfunctional lifts, intermittent poor lighting, and other challenges. 'Additionally, we have indicated that the Department of Public Works and Infrastructure is in the process of securing a suitable building. It has been incorrectly reported by the media that services have been compromised,' the department said. The department said the area, which is currently experiencing delays, is the data capturing after registration. Despite these challenges, the department has assured that performance targets continue to be met and exceeded. 'In terms of the target of 95% of deeds and documents made available within seven days from the date of lodgements for execution, the office performance is at 97%. The office exceeded the target. 'In terms of the target of 95% of deeds delivered within 10 days from the date of registration, the office delivered 99% in 32 days. The backlog is due to the Occupational Health and Safety challenges,' the department said. To address the situation, interim alternative working arrangements have been implemented to ensure business continuity, and additional measures are underway to address the data capturing backlog. 'Members of the public and clients requiring services at the South Gauteng Deeds Office are advised to note that the office is open and operational,' the department said. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
The Citizen
06-06-2025
- Business
- The Citizen
Why winter is a hot time to buy property
Contrary to popular belief, the Winter months are not a dead zone in the South African real estate market. In fact, data compiled by REMAX of Southern Africa dispels the myth that property sales go quiet during the colder season. According to internal national sales figures for REMAX Southern Africa, June, July, and August consistently reflect slightly higher transaction volumes throughout the year. This surprising trend illustrates that Winter offers fertile ground for property transactions, challenging the notion that warmer months are inherently better for buying and selling real estate. 'While our stats pick up from June, our registered sales figures tend to peak in September and November and then drop off in December and January,' says Adrian Goslett, regional director and CEO of REMAX Southern Africa. But these peaks don't necessarily indicate when buyers are most active – they reflect when sales are officially registered. In South Africa, it typically takes up to three months for a property sale to move from the point of offer to full registration in the Deeds Office. This means that homes registered in September and November were often secured by buyers during the Winter months of June, July, and August. 'When you account for the time lag between sale and registration, it becomes clear that Winter is when many buyers are actively making offers,' Goslett explains. While sales figures appear to dip in December and January, this is also easily explained by external factors. These months coincide with South Africa's peak holiday season, during which many buyers and sellers are on vacation, and the Deeds Office closes for a period in December, creating natural delays in the registration process. 'It's not necessarily that the market goes quiet—it's that administrative processes slow down over this period,' says Goslett. 'Buyers and sellers still transact, but you'll only see those deals finalised and registered in the months that follow.' According to Goslett, understanding when the property market is most active is essential because it allows buyers, sellers, and real estate professionals to make smarter, more strategic decisions. 'For buyers, knowing the peak periods helps them avoid fierce competition and potentially negotiate better deals during quieter months. Sellers, on the other hand, can time their listings to align with periods of heightened buyer activity,' he notes. With the winter months fast approaching, South African sellers are encouraged to shed the outdated view of seasonal lulls. Winter might feel cold; but in property, it's heating up. 'Ultimately, seasonal trends can influence pricing, speed of sale, and the overall success of a property transaction. But each suburb can have its own unique trends. Speak to your local real estate professional for some insights into what's happening in your specific area and how to best position yourself in the current market conditions,' Goslett concludes. Issued by: Kayla Ferguson
IOL News
30-05-2025
- Business
- IOL News
Understanding property inheritance: essential insights for heirs
Learn the complexities of property inheritance, including how marital regimes affect your rights, the role of executors, and essential steps for a smooth transfer of property to heirs. Image: File If you plan to bequeath immovable property in your Will, be mindful that the process can be complicated. As the owner of immovable property, it must transfer to another person upon your death, either through intestate succession or as stipulated in your Will. If you nominate an heir in your Will, your appointed executor will oversee transferring the property to the beneficiary's name. However, your marital regime may restrict your freedom to distribute immovable property, making it crucial to fully comprehend how your marital contract influences your property rights. For instance, if you are married in a community of property, only 50% of the joint estate is yours to bequeath. This means that your surviving spouse will remain a one-half share owner of the fixed property. If you are married out of the community of property with the accrual and intend to bequeath your property to a third party, bear in mind that your surviving spouse's claim for their share of the accrual could necessitate the sale of your fixed property, which could complicate matters. From a cost perspective, where the fixed property is transferred to another person by way of inheritance, whether testate or intestate, no transfer duty is payable, and Sars will issue a transfer duty exemption certificate upon application by the transferring attorneys. However, keep in mind that your deceased estate remains responsible for the conveyancing costs, Deeds Office fees, rates, and levy clearance certificates. Transferring property from a deceased estate is complex, requiring careful handling by your executor, who typically outsources this to conveyancing attorneys. As an asset in your estate, your property must be reflected in the Liquidation and Distribution (L&D) Account, and no transfer of fixed property can proceed before the L&D Account has undergone public inspection and approval by the Master. Further, the conveyancing attorneys must lodge special documentation at the Deeds Office demonstrating rightful heirship and compliance with Section 42(1) of the Administration of Estates Act. If your property carries a home loan and the appropriate bond cover is in place, your executor will utilise the life cover proceeds to settle the bond, allowing your heir to inherit an unencumbered property. Without such cover, your executor may need to liquidate other estate assets to repay the bond, as debt settlement is a priority in estate administration. If your heir is intent on taking ownership of the property, they can apply to take over the existing home loan, although they will need to meet the bank's qualifying criteria to do so. If your beneficiary is not in a position to take over the home loan or chooses not to, your executor may sell the property out of the estate at market value. In such circumstances, your executor is responsible for signing the Offer to Purchase and all other transfer documents. Further, the transferring attorney must obtain a certificate from the Master verifying that they have no objections to the transfer. Additional complexities can arise if your heir is a minor and no testamentary trust has been established in your Will. Since minors (under 18) cannot legally own property, the executor must seek permission from the Master to sell or manage it on the minor's behalf. Without a trust, the minor's legal guardian will be responsible for administering the property until the child reaches adulthood. However, the guardian faces certain limitations in this regard, notably requiring the Master's consent to sell the property, contingent on proving it serves the minor's best interests. Where the fixed property is left to your minor in a testamentary trust, the trustees will be responsible for administering the property on behalf of your minor children, and this is generally speaking a much more favourable method of leaving fixed property to minors. To facilitate a seamless transfer of property upon your death, regularly update your Will and maintain current records of home loans, bond cover, municipal accounts, utility bills, and title deeds. Diligent planning in bequeathing immovable property can safeguard your intentions, mitigate disputes, and streamline estate administration for your beneficiaries. * Tapfuma, CFP, is an associate financial planner at Crue Invest. PERSONAL FINANCE
IOL News
19-05-2025
- Business
- IOL News
House prices rise slightly despite declining property sales in first quarter of 2025
Ilitha Park in Khayelitsha experienced a rise in property prices as demand for properties in the area surge. Image: Leon Lestrade While the volume of property sales decreased overall in the first quarter of this year, house prices still strengthened slightly. This is according to the REMAX National Housing Report Q1 2025 released on Monday which showed that the first quarter of 2025 produced a mixed bag of results. Referring to national deeds office information, in terms of units sold, the South African market was said to be down by roughly 8%. Adrian Goslett, regional director and CEO of RE/MAX of Southern Africa, said this is not necessarily cause for concern and can be attributed to a few factors. 'Firstly, the timing of the annual National Budget Speech often introduces a degree of uncertainty into the market, as potential buyers adopt a cautious 'wait and see' approach in anticipation of changes to taxes, subsidies, or economic policy. "In Q1 2025, this effect was compounded by ongoing geopolitical tensions and global economic instability, which influenced inflation and overall consumer confidence,' Goslett said. Additionally, Goslett highlighted that seasonal trends have historically contributed to lower transaction volumes in the first quarter. 'January is a shorter working month due to the holiday period, and December typically includes a closure of the Deeds Office, which causes a backlog in property registrations and delays in processing. "These cyclical administrative slowdowns and reduced operational days mean that Q1 is often the quietest quarter for property transfers,' he said. Despite this, the RE/MAX SA network's registered sales grew by 6.93% in Q1 2025, while the brand's reported sales grew by a staggering 10.51%. The average days until marked as sold on for Q1 2025 was just 17.1 days. 'These results demonstrate the strength of our brand and the hard work of our network, especially in a market that is showing signs of overall decline,' Goslett said. Looking at the provincial and suburb trends, the top 5 most searched suburbs on were Parklands (Western Cape), Westville (KwaZulu-Natal), Bluff(KZN), Summerstrand (Eastern Cape) and Table View (WC). The regional director and CEO said house price growth in the Western Cape has been among the most robust in the country over recent years, driven by strong demand, perceived lifestyle advantages, and relatively stable municipal governance. 'However, this sustained price escalation appears to be having a dampening effect on demand,' Goslett said. For the first time in a while, the Western Cape no longer dominates the entire Top 5 list of most searched suburbs on with only Parklands and Table View making the cut. Suburbs in KwaZulu-Natal (Westville and Bluff) and the Eastern Cape (Summerstrand) have now edged into the spotlight, suggesting that prospective buyers may be broadening their searches to more affordable coastal alternatives. This shift was said to likely signal a price resistance threshold being reached in the Western Cape, where affordability concerns are starting to outweigh the province's lifestyle appeal for many middle-class buyers. 'As price sensitivity increases, buyers are turning to regions where they can still enjoy coastal living without the premium price tag, potentially redistributing demand more evenly across provinces,' says Goslett. There are also signs that some might even make the move back to Gauteng. The province's proportional contribution to the RE/MAX SA brand increased from 37% of all units sold in Q1 2024 to 39% of all units sold in Q1 2025. 'From an investment perspective, Gauteng remains South Africa's economic powerhouse, generating the highest provincial GDP. Ongoing infrastructure projects and urban regeneration efforts in key areas, such as Sandton, Rosebank, and parts of Pretoria, signal long-term capital growth prospects. "For savvy investors, Gauteng presents an opportunity to purchase properties at relatively lower entry points, while still benefiting from high rental demand and gradual capital appreciation, particularly as more buyers shift their focus away from overheated markets in the coastal provinces,' Goslett said. He said that while seasonal lulls and macroeconomic uncertainty dampened overall transaction volumes, the resilience of RE/MAX SA's network, coupled with regional shifts in buyer interest, signalled that opportunity still abounds for those who remain informed and proactive. In the latest FNB Property Market Report, Siphamandla Mkhwanazi, FNB senior economist, said the recent dip in consumer confidence due to heightened global and domestic uncertainty is likely to disproportionately impact the affluent segments, potentially leading to slower sales and price stagnation. He said that in the lower-priced segments, potential interest rate cuts by the South African Reserve Bank (SARB) and a potential 10% increase in the transfer duty threshold could stimulate demand. These factors suggest a potential shift in demand towards more affordable housing options amid increased uncertainty, he said. Independent Media Property
The Citizen
15-05-2025
- Business
- The Citizen
House prices are rising in SA — here's why
Factors suggest a potential shift in demand towards more affordable housing options amid increased uncertainty. The FNB Home Price Index (HPI), released on Wednesday, indicates that houses in South Africa are becoming increasingly costly due to high demand. FNB reports that house values increased by 2.2% in April, up from 2.0% in March. The bank states that this is the fastest pace in approximately two years, since March 2023. Siphamandla Mkhwanazi, senior economist at FNB, attributes the growth in house values to improved demand. Not many people are buying houses According to information obtained from the Deeds Office, the number of people buying houses remains 16% below pre-pandemic levels. Mkhwanazi attributes this transaction volume to the slow market recovery since the pandemic. However, estate agents report an increase in positive sentiment, with activity ratings reaching a three-year high in the first quarter of 2025. 'Market outcomes are still modest, as reflected in slow transaction volume growth and slightly longer selling times (from 11 weeks in the fourth quarter of 2024 to 12 weeks and one day in the first quarter of 2025),' he adds. ALSO READ: Thinking of buying your first home, here are five key issues to consider Why are people not buying houses? Mkhwanazi says despite positive sentiment, there is still caution among buyers due to the impact of the pandemic-induced cost-of-living crisis, which has been made worse by global uncertainty. 'Many prospective buyers, particularly in the affordable segments, may still face significant hurdles in the home-buying process related to affordability,' he added. However, there is a demand for affordable housing in the country. In the lower-priced segments, potential interest rate cuts by the South African Reserve Bank (Sarb) and a potential 10% increase in the transfer duty threshold could stimulate demand. These factors suggest a potential shift in demand towards more affordable housing options amid increased uncertainty. Prices to increase by 3% by 2026 He says the recent dip in consumer confidence, due to heightened global and domestic uncertainty, is likely to disproportionately impact affluent segments, potentially leading to slower sales and price stagnation. 'With the HPI averaging 1.8% year-to-date, there is an upside risk to our 1.9% forecast for 2025. We currently project house price growth to approach the 3% mark by 2026.' NOW READ: Warning for South Africans buying homes
