And just like that ... the second Edition

Hello my loyal and faithful band of Subscribers (and others)

As the heading of this Article suggests, in the blink of an eye, we've arrived at the second edition of The Law, Property and Business. The first order of business must surely be to find a better name for this Newsletter. All suggestions will be most welcome. I know what some people think of Lawyers, so let's keep it clean. ;)

What's in this Edition, I hear you ask. Well, in the Property and Legal arena, the Property Practitioners Act (PPA) came into effect this week, so we'll take a look at what the PPA entails. Then, it has been an exciting couple of weeks for Elegant Corporate Services, so I will give you a sneak preview. Lastly, M5 Bimagorsy has been in the news and I will share some Links.

PROPERTY PRACTITIONERS ACT

So what's the PPA all about? Firstly, the name of the Estate Agency Affairs Board (EAAB) will change to the National Property Practitioners Council (NPPC). What does this mean for the 40,000 or so Estate Agents in SA. In my opinion, NOTHING. The saying "lipstick on a pig" springs to mind. There are so many underlying issues at the EAAB that will not be resolved by a "rebranding". The proof is in the pudding and time will tell if the lived-experience of Estate Agents is impacted.

On a positive note, Section 21 of the legislation seeks to address property sector transformation and to establish a Property Sector Transformation Fund. It is a noble intention that is much needed (only a quarter of agents are black) but so much well-intended legislation is let down in its execution and the track record of the erstwhile EAAB doesn't inspire confidence.

In the past, I have written numerous articles and given many speeches about latent and patent defects, voetstoots and the Consumer Protection Act. The PPA tries to address these questions by the inclusion of a comprehensive property defects disclosure document as a legal requirement.

There is also a tightening of the requirement of a valid Fidelity Fund Certificate (FFC), and tax clearance and BBE certificates as well. To reduce the administrative burden, however, new FFCs will be valid for a period of three years instead of one. There is also an easing of the burden with regard to Trust Accounts.

For a look at some different aspects of the PPA, see the following articles in Real Estate Investor Magazine:

• What is the Property Practitioners Act and how will it change inspections in South Africa?
• Sellers and landlords take note, new property act requires disclosure of defects

ELEGANT CORPORATE SERVICES

Elegant is in the midst of an exciting transformation.

• Elegant Corporate Services (Elegant) has been providing Trust services since 2012.
• These services include registration of Trusts and acting as Independent Trustees.
• Due to demand, Elegant expanded into Company Registration and Consultancy (Tax, Accounting and Law).
• Elegant continues to receive requests from individuals, start-ups, SMME’s, sole-proprietors and family-owned businesses for assistance with a variety of business related services.

Elegant has therefore decided to transform from an Independent Trustee Service into an easily accessible ONE-STOP-SHOP for business owners!

In the last couple of weeks, I have been meeting with potential service providers in the areas of Business Finance, Business Insurance, Training and Independent Directors. Each of these meetings has revealed infinitely more possibilities that I could possibly have imagined before the meeting. I am super-excited.

M5 BIMAGORSY

We continue to roll out the ZAKHELIKHAYA PROJECT. Those that follow me closely (i.e. the stalkers), will have seen our Launches at Powerville, Orange Farm and Evaton. Bigger and better launches are coming! Watch this space.

We've been in the news:

• Real Estate Investor Magazine - The Zakhelikhaya project changes the self-building landscape
• Construction World SA - The Zakhelikhaya Project changes the self-build landscape

Any Local Builders who want to be part of a nation-wide Project are welcome to apply on our website. Click HERE

Any Agents or Developers who want to include their Stands in the Zakhelikhaya database of available Land, click HERE