Are you an investor or speculator?
So, you’re going to an auction and you’re serious about bidding on a property. You’ve done all your homework and you know what you’re in for with this purchase. But have you thought about why you’re buying it? What you’re going to do with it? What are the cost implications of your purchase? Are you buying it to keep for the long term, or sell in the near future for a quick profit?
Are you an investor or speculator? The following article by Schindlers addresses the difference and what the possible implication are.
In the previous 2 articles of this series, the word “voetstoots” has appeared quite a few times. This is a term that is largely misinterpreted or misunderstood, but it is a term that you will need to be aware of when purchasing property, especially with bank auctions like SIE’s. Literally meaning ‘to push with the foot’, the voetstoots clause (very) simply means what you see is what you get, or that a buyer agrees that they buy an item as it appears at the time of sale and cannot later claim against the seller if he finds certain defects.
Schindlers Attorneys, Notaries & Conveyancers have provided the following two articles covering the voetstoots clause and what all sellers and purchasers should know.
Property Auctions for beginners
This week, we’re focusing on property auctions. There are many types of property auctions, each having their own rules. The most likely auction you’ll attend is a bank auction. You may recognise the term, distressed sales, this is where the bank forces a property owner (who is in significant arrears on their bond) to place their property on auction. In most cases you could pick up a very reasonably priced property.
Property’s Most Influential Woman
Property professional Kim Faclier has won in the Property category at South Africa’s Most Influential Women in Business and Government (MiW) Awards announced recently by CEO Magazine.