WARNING FOR SPEEDING IN GAUTRAIN AREAS!

Hi Everyone,

Be very careful about speeding in the Gautrain construction areas – 15 new cameras have been set up around Gauteng – mainly in areas where GAUTRAIN construction is taking place.

All areas where speeds have been reduced from 120kph to 80kph, now have a ZERO TOLERANCE factor.

NO ADMISSION OF GUILT – and fines are between R8000 and R15000. You will HAVE TO APPEAR IN COURT.

Please circulate to all your drivers….

Regards

Team Leader – CCTV Division
Traffic Management SA

Slaggate wanneer ‘n eiendom oorprys is

Hier is die 12 slaggate wanneer ‘n eiendom oorprys is:

• Langer bemarkingstyd
• Minder navrae op advertensies
• Verkoper kry laer aanbiedinge
• Gereelde prysverlagings
• Eiendom te lank blootgestel (almal weet van die eiendom wat nie verkoop nie)
• Potensiële kopers word ontmoedig om te besigtig
• Nuwe kompeterende eiendomme raak meer aantreklik
• Algemene belangstelling van kopers ontbreek
• Kopers is traag om aanbiedinge te maak
• Kopers skakel oorprys eiendom uit agv sy hoë prys
• Beste bemarkingstyd is verlore (eerste 30 dae)
• Eiendom verkoop uiteindelik vir ‘n laer prys as markwaarde.

Vriendelike groete,

Willem Steyn

Joint or Co-ownership

What does joint ownership or co-ownership mean, and how can you safeguard yourself when things go wrong?

You do not have to be married to co-own a property with another person. Two or more people can also jointly own a property. This is becoming increasingly common with younger people today. The idea of co-owning is much more appealing than co-renting for some people. When you co-own a property with someone, the property as a whole is co-owned. No particular part of the property is solely owned by one of the co-owners.

The extent of the shares held by the co-owners does not have to be equal, although this is not always practical. But if you, for example, have a 60% share, it does not mean that you own a larger part of the property. It means that you would pay 60% of the purchase price and costs of purchasing the property.

Problems can and do arise when things go wrong and one person wants to sell while the other persons do not. A portion of the property can also be sold or leased with the consent of all the co-owners. A majority vote on this matter is insufficient. A share of the joint property can also be sold (usually) with the consent of all the joint owners. This will also depend upon the agreement between the owners in this regard.

So, be careful not to get too caught up in the excitement of purchasing property together. Always keep in mind that people and their ideas change, and that you should not put yourself in a situation that will be tricky to get out of. Insist that a co-ownership agreement is drawn up to safeguard all the potential co-owners before you sign the offer to purchase. This agreement would have to state, for example, that should one owner want to sell his share of the property, the remaining co-owners have first option to purchase it, but if no market-related offers are made by them, the property must be sold (as a whole) and the proceeds devided according to the extent of each co-owners share.

The money that you spend on drawing up such an agreement will be money well spent.

BE WARNED: If one of the co-owners does not pay his share of the Bond, the remaining co-owners are all jointly and severally liable for the debt. This meas that the other co-owners will have to pay the Bond. There is NOTHING you can do to safeguard yourself from this!!

Rental Income Tips – Tax & Insurance

Tax Implications:
Any rental income received becomes part of your personal or business income which means you are liable for tax on the income received. Certain expenses can be written off against the income you derived from the rental. Please consult a tax advisor to assist you when doing your tax returns.

Insurance Cover to Protect Landlords:
Certain Long-term Assurance Companies are providing insurance cover for landlords who want to safeguard themselves in terms of rental income losses and legal costs due to defaulting or absconding tenants.
The insurance policy will cover a certain amount of the legal costs as well as a number of months rent to assist the landlord financially during the eviction process.
For more information, speak to your Licenced Financial Services Provider or your Insurance Broker.

Rental Income Tips – Things that can go wrong

= You may lose rental income for a month or longer while you are between tenants. Make sure that you are financially able to survive this.

= You may experience a decrease in rental income due to various factors, such as worsening economic conditions or an increase in the supply of rented accomodation in your area, which brings down the rental rates because of increased competition.

= The location of your property could decline in popularity, meaning that you will experience a decline in your monthly rental income.

= There are always unexpected problems that arise, i.e. a burst geyser, leaking taps, faulty stoves and other general maintenance costs.

= Interest rates can go up, which will result in an increase in your monthly home loan instalments. It is not always that easy to increase your rental income accordingly.

= Tenants may pay late, or not at all.