Transfer duty - the basics

R 600 000.00 = Zero % Transfer Duty.

From R 600 001.00 to 1 million = 3% Transfer Duty.

Above R 1 000 001.00 to R 1 500 00 = R 12 000 + 5% Transfer Duty.

R 1 500 001 and Above = R 37 000 + 8 %

Becoming an Estate Agent in SA

Becoming an Estate Agent can be achieved in many ways.



One way is to find an Agency that will enter into an agreement with you on a full or part time basis. You then register with the Estate Agency Affairs Board as a Candidate Agent. You can now act as an agent under the guidance of a principal.



There are then a few routes from there - but the best is that you register on a Learnership and get signed off as being competent on the various Unit Standards of the required NQF 4 Qualification for Estate Agents. After this you also need to do the professional designation examination with the EAAB.



For any other support or guidance you may want to contact the Institute of Estate Agents of SA at admin@ieasajhbmetro.co.za



You can aslo visit my blogsite http://realestategoingson.blogspot.com/ for developments, and of course the IEASA and EAAB sites.



Good luck.



Charl Heydenrych

proplib@tiscali.co.za

Dr Andrew Golding talks on Rebosa and other developments.

UPDATE ON IEASA AND REBOSA

The importance of further professionalisation of the industry continues to be high on the

property list of real estate industry focussed organisations, particularly in the light of recent

adverse publicity. Furthermore, it remains an important priority for the industry in general to

organise itself in properly organised and representative groups in order to successfully lobby

and influence decision makers and law makers about any current or future regulatory

amendments or changes.

To this end, as has been previously communicated and in line with NEDLAC

recommendations, in order to properly represent the residential real estate industry at the

highest levels of government and other decision making entities, a decision was taken to

create two separate entities within the real estate profession, one representing business

owners and principals, called REBOSA (Real Estate Business Owners of South Africa) and

a second organisation representing the interests of "labour" (estate agents and employees).

Significant progress has been made in this regard, firstly in respect of REBOSA. Off the

back of a nationwide series of road shows where significant support was garnered, the name

has now been registered and is awaiting registration at CIPC (Companies & Intellectual

Property Commission). Furthermore, a draft code of conduct and a constitution have been

compiled and are currently under review by the interim national steering committee.

As far as the other organisation representing labour is concerned, a decision was taken at a

special board meeting of the national Institute of Estate Agents of South Africa (IEASA) to

evolve and transform itself into a new association to be called the Property Practitioners of

South Africa (PPSA^and represent the interests of estate agents and employees ie. labour.

It is furthermore the intention of both REBOSA and PPSA to be fully inclusive and as far as

possible represent the interests of the full range of all constituents in the residential property

industry in South Africa.

Furthermore, and to complete the organisational picture, and given the many common points

of interest relating to both labour and business, it is the intention of both REBOSA and PPSA

to form a joint committee comprising elected members from each organisation to address

these issues from time to time and when appropriate .

Finally, once formed and registered with the Department of Labour, both associations will

work together to form a professional body for real estate by registering with SAQA (South

African Qualification Authority) where professional designations will be housed for both

employers and employees. In this way both REBOSA and PPSA will be jointly responsible

for this aspect of the professionalisation of the real estate industry.

For further information, email Pam Snyman at pam@ieasa.org.za, or contact Dina Porteus,

co-ordinator@rebosa.co.za.

Ends

Caption: Dr Andrew Golding, national president of IEASA

Farmland - the next battle

What is on the cards for redistribution of farm land:

"a property evaluator empowered to determine the amount of money to be paid if land is expropriated." This is one of the points made in the Green Paper, now available for comment.

The party (DA) said the country already has courts to determine land ownership rights and compensation, and that giving those powers to an extra-judicial political office opened the road to abuse.

...I couldn't agree more.

Time to stand together.

Amidst all the controversy surrounding the persons involved with the regulator, there seems to be a wider feeling that if only the Real Estate Profession could bury its narrow interests it should be able to regulate, educate, act for labour, and promote our industry. This is also the view of Tony Clarke, Managing Director of Rawson Properties. He believes that “We need to get all the stakeholders to unite eg, IEASA, SAPOA , NPF, SSETA etc. He states that and all should be represented in such an endeavour. He also feels that the majority representation should be industry operators.

He says: “Its time we get our act together, set up a professional body and apply for self regulation for our industry. If attorneys can do it, why would we not be able (to do so)?”

It is hoped that the newly formed REBOSA (Real Estate Business Owners of SA) and the restructured IEASA will play a leading role in such an effort.

Extract from the FNB House price index - Aug 2011

The August FNB House Price numbers provides what could perhaps be described as “mixed signals”. In year-on-year terms, the FNB House Price Index growth rate continues to accelerate. This reflects, with a lag, the mild resurgence in demand in the summer of 2010/11. On the other hand, while the seasonally-adjusted month-on-month growth rate continues to point to still-positive growth, it also indicates a slowing in growth momentum. This arguably reflects some weakening demand more recently during the winter months, not only as a result of seasonal factors but also due to no further interest rate cuts in 2011 as well as slowing economic growth (and likely household income growth too). Simultaneously, FNB’s valuers continue to suggest a deteriorating balance between supply and demand.

On a year-on-year basis, the FNB House Price Index rose by 6.1% in August (i.e. August compared with August a year ago). This represents an increase on the revised growth rate of 4.8% for July. In real terms, adjusted for CPI inflation, the year-on-year percentage change for July was still mildly negative to the tune of -0.5%, given that CPI inflation in July was 5.3% and the revised nominal house price growth rate for that month being 4.8%.

How am I doing?

If you are an Estate Agent operating in the retail residential market in South Africa, we invite you to participate in a confidential and voluntary information sharing programme.

The purose of the programme is to collect information about the market and trends within the market. The programme will not only give you information on how you are doing in relation to other agents in the market, it will also help you to set targets and track your preformance over time.

All you need to do is to submit your sales data on a monthly basis. The information is aggregated in such a way that no individual agent or agency is identifyable.

If you are interested in participating please complete this form and we will let you know what to do. If you have any queries please send an e-mail to proplib@tiscali.co.za

The saga continues.

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