Prohibition Against Undue Influence No Property Practitioner shall, without good and sufficient cause, directly or indirectly, in any manner whatsoever, solicit, encourage, persuade, or influence any party or potential party to a pending or completed transaction to utilise or refrain from utilising: Code: 7.1 the services of any particular attorney, conveyancer, or firm of...
Remuneration No property practitioner shall: Code: 8.1 stipulate for, demand, or receive directly or indirectly any remuneration, commission, benefit or gain arising from or connected with any completed, pending, or proposed contract of sale or lease which is subject to – 8.1.1 a suspensive condition, until that condition has been fulfilled; or 8.1.2 a resolutive condition,...
Trust Money and Interest A Property Practitioner – Code: 9.1 Shall not solicit or influence any person entitled to trust funds in the practitioner’s possession or under his control to make over or pay to the Property Practitioner directly or indirectly any interest on money deposited or invested in terms of section 32(1) or 32(2)(a) of the Act; 9.2 Shall, before he receives...
Confidentiality Code: No property practitioner shall, without just cause, divulge to any third party any confidential information obtained by them concerning the business affairs, trade secrets, or technical methods or processes of a client or any party to a transaction in respect of which they acted as a property practitioner. Discussion: This clause is self-explanatory. It is of minor...
Vicarious Responsibility Code: Every Property Practitioner who is the sole proprietor of a Property Practitioners business or a partner in a partnership, or a director of a company, or a member of a close corporation contemplated in paragraph (b) of the definition of "Property Practitioner" in section 1 of the Act carrying on the business of a Property Practitioner, shall be held...
Commercial and Industrial is a separate division within the SA Golden Homes organisation, with different rules, regulations, and commission percentages. Your principal would either have a separate franchise agreement for commercial and industrial sales and rentals, or would have special permission to do so on an ad hoc basis. Retail and industrial properties are both considered to be commercial...
Use the information below and complete the relevant OTPs and present the offer in a role-play activity to fellow property practitioner(s) / principal property practitioner(s). Mr John Michael Lewis and Tracy Lewis are looking to buy a duplex townhouse in Bartlette / Bardene area in Boksburg. They viewed the ideal property with you and want to put in an offer on the property. They are first-time buyers...
Addendum – Bond Grant Date Use the information below and complete the relevant addendums. Present the addendum in a role-play activity to fellow Property Practitioner/s or principal Property Practitioner/s. Mr John Michael Lewis and Tracy Lewis applied for a bond to purchase 30 Protea Gardens, 60 Julius Knight Street, ERF 192. There was a delay, and they could not secure a bond in the 30 days....
Calculations of client’s net surplus income and qualify bond amount. The following is a high-level bond qualification estimation summary. The banks / financial institutions will determine the value according to their own assessments. Gross Earnings: R 44 000,00 x 30% R Bond Amount Applying for : R 750 000,00 Maximum...
Calculate the estimated cost a purchaser will pay when purchasing a property PURCHASER COST ESTIMATION The following is an estimation of costs involved in the transfer of a property Purchase Price 1 580 000,00 Transfer duty Conveyancing fees (incl vat, deeds office, petties, Fica) Rates & Taxes / Levies - 6 months (R350 p.m) Bond...