A reader has asked the YourProperty experts to resolve an issue involving a lapsed sole mandate and the payment of agent's commission on the sale of her property. When the reader decided to sell her dwelling, she contacted an estate agent who proceeded to take the usual steps in advertising and showing the house. She explains that the agent was contracted, under a sole mandate, for a fixed … [Read more...]
Search Results for: Commission
Managing agent earns commission on the side
The Property Poser panel has received an interesting query from a reader regarding a commission paid to the managing agent of his complex. The reader lives in an estate that comprises both free-standing and sectional title units, resulting in the appointment of both a homeowners' association (HOA) and body corporate. Financial and administrative duties, as well as related management … [Read more...]
New owner queries rental commission
The Property Poser panel has been approached by a reader who recently purchased a property that includes a garden flat with an existing tenant. The reader says the previous owner entered into a year-long lease agreement about three months ago and the lessee would like to stay on despite the change of ownership. However, the letting agent now claims that the new owner is responsible for … [Read more...]
Agent’s commission paid prematurely
This week the Property Poser panel looks at the ramifications of a situation where the conveyancing attorney paid out an estate agent’s commission before he was entitled to do so. A reader writes that he paid a deposit into the attorney’s trust account, which was earmarked for transfer costs. The attorney instead used the money to pay the agent’s commission and, when confronted by the reader, … [Read more...]
No certificate means no commission for estate agents
The importance of the choice of a certified estate agent when buying or selling a property is evident in the experience of our reader who recently sold her house. After a poorly handled transaction, which left all parties aggrieved by the estate agents' unprofessional conduct, she found out that not only were the agents candidate agents who operated without the supervision of a qualified agent … [Read more...]
Basic provisions to include in rental agreement
A reader who is planning to rent out his property to a friend wants to know what the basic provisions are which need to be included in a lease because he feels he does not need a complex contract. … [Read more...]
Mistake on rental contract blamed for premature increase
A reader has been advised by the estate agent that a mistake on a rental contract is to blame for raising the rental amount of a flat in advance of the date specified in the lease. … [Read more...]
Implications of buying a house under market value
A reader who intends buying a bond-free residential property from his father at a price well below its market value wants to know whether he will pay transfer fees on the purchase price or market value. … [Read more...]
Certified letter can be valid will
A reader whose niece has apparently inherited a property after her aunt left it to her in what he calls a "certified letter" or "affidavit" wants to know how the niece should go about transferring it into her name. … [Read more...]
Agent not authorised to let property
This week the YourProperty experts consider an interesting situation that arose when a letting agent rented out a property on a short-term holiday rental basis, without getting authorisation from the property owner. Although the details of the situation are sketchy, it would appear that the reader has a pre-existing relationship with the agent concerned, as the latter appears to have keys to … [Read more...]
Tax deductions on rental properties
This week, the YourProperty panel considers a query from a landlord about which expenses can be deducted from rental income. According to Schalk van der Merwe from Rawson Properties in Somerset West, Cape Town, there are two main provisions of the Income Tax Act that deal with such deductions. "These two provisions are useful in attempting to clarify which expenses can indeed be … [Read more...]
Tenant stays on after property transfer
A reader has asked the YourProperty panel for some advice on handling a fairly tricky situation involving the purchase of a fixed property. The reader explains that she went to view a property that she intended to purchase as both an investment property and as a place for her children to use when studying. The house was tenanted at the time but the tenant's lease was due to expire shortly, … [Read more...]
Am I still liable to pay commision on a lapsed sole mandate?
Dear Property Poser, I recently decided to sell my house and gave an estate agent sole mandate, but it did not sell within this mandate. After receiving advice from the agent, I removed my house from the market. A few days after taking it off the market, one of the previous viewers of the house told a friend about it and this person has now expressed an interest in purchasing the … [Read more...]
How do I get rid of an uncommunicative agent?
Hello Property Poser, I have a problem with a contracted letting agent. I appointed this agent for the rental of my property and he duly sourced a tenant. The lease carried on for a year, but I never really received any feedback on the agent's duties in return for commission. I gave him notice as I wanted to contract directly with the tenant in future. Then the principle of the … [Read more...]
Landlord to oust uncommunicative agent
The Property Poser panel has been asked to deal with what appears to be a common problem among landlords – getting rid of a contracted letting agent. A reader writes that he appointed a letting agent for the rental of his property and that the agent duly sourced a tenant. The lease endured for a year, during which time the reader has received very little feedback on the duties performed by … [Read more...]
How to deal with managing agent problems
The managing agents must be registered with the EAAB (eaab.org.za). Write the a letter of demand for the names and contact details of the owners in your scheme. Preferably via an attorney. In terms of the Sectional Titles Act, the managing agent would be in breach of the code of conduct of the EAAB if they refused to give you this information. If they still will not give it to you you can … [Read more...]
To let agent handle tenants or not
This week the Property Poser panel assists a reader who does not have a problem at present but is proactively trying to prevent one. The reader explains that she would like to rent out her townhouse, which is in a sectional title complex, and is considering using the services of an estate agent to make the process easier. The agent has found a seemingly suitable tenant and is pressing the … [Read more...]
How to exit a joint mortgage bond
A reader has asked the experts for help in extracting himself from a property he jointly owns with his brother. … [Read more...]
