Equipa Executiva O nossos pessoal a nossa prioridade. Valorizamos o talento, profissionalismo e trabalho em equipe. A nossa estrutura organizacyjna prowizja pozioma o compartilhamento de conhecimentos e um propsito comum para atingir a excelncia em tudo o que fazemos. Todos os nosso funcionrios so cuidadosamente selecionados, de acordo com as suas habilidades nicas, experincia e abordagem ao cliente. Ter as pessoas certas o fator chave de diferenciao no nosso setor. Dyrektorzy zarządzający grupą Antonios Achilleoudis Antonios Achilleoudis jest Partnerem-założycielem, dyrektorem zarządzającym grupy i członkiem komitetu wykonawczego AXIA z ponad dwudziestoletnim doświadczeniem na Wall Street i rynkach kapitałowych. Przed AXIA, Antonios był założycielem dyrektora AXIA Ventures Ltd, w Nowym Jorku, alternatywnej firmy doradztwa inwestycyjnego i doradztwa finansowego, obsługującej instytucje globalne, klientów korporacyjnych i biura rodzinne. Przed rozpoczęciem pracy w AXIA Ventures Ltd, Antonios był wiceprezesem ds. Inwestycji w Gruntal amp Co w Nowym Jorku, z pominięciem inwestycji portfelowych dla instytucji i biur rodzinnych. Antonios jest absolwentem New York University, Stern School of Business, z licencjatem z rachunkowości i finansów. Dimitrios Athanasopoulos Dimitrios Athanasopoulos jest Partnerem-założycielem, dyrektorem zarządzającym grupy i członkiem komitetu wykonawczego AXIA. Przed AXIA Dimitrios był dyrektorem zarządzającym AXIA Ventures Ltd w Nowym Jorku, alternatywnej firmy doradztwa inwestycyjnego i doradztwa finansowego, obsługującej instytucje globalne, klientów korporacyjnych i biura rodzinne. Przed dołączeniem do AXIA Ventures Ltd, w latach 2001-2004, Dimitrios pracował dla Fix Asset Management, jednego z największych na świecie funduszy z AUM o wartości 3,5 mld USD, prowadząc due diligence i generując pomysły dotyczące funduszy bazowych. Pracował także w oddziałach Private Wealth Management w Salomon Smith Barney i Morgan Stanley w Nowym Jorku. Dimitrios posiada B. B.A. w finansach i inwestycjach z Zicklin School of Business, Baruch College. George Linatsas George Linatsas jest Partnerem-założycielem, dyrektorem zarządzającym grupy i członkiem komitetu wykonawczego AXIA. Przed dołączeniem do AXIA George był dyrektorem generalnym, szefem akcji, a także członkiem zarządu Piraeus Securities. Wcześniej George był jednym z założycieli Artion Securities w Atenach, skąd wyjechał w 2001 roku, by dołączyć do Sigma Securities. George pracował również dla Ergasias Securities, Sigma Securities (1996-1999) amp IAM CARES (Washington DC, USA). Ma B. S. w Finance amp Marketing z University of Maryland w College Park i M. B.A. w International Finance z American University. Dział bankowości inwestycyjnej Alexandros Argyros Alexandros Argyros dołączył do AXIA w marcu 2017 r. Obecnie jest dyrektorem zarządzającym i szefem pionu bankowości inwestycyjnej. Przed rozpoczęciem pracy w AXIA Alexandros spędził rok z FiliaGroup, prywatnym funduszem skupiającym się na inwestycjach w sektorach energii ekologicznej i alternatywnej w Grecji. Wcześniej spędził siedem lat w Morgan Stanley, trzy lata w Global Industrials Group w Nowym Jorku i Londynie oraz cztery lata w greckim zespole ds. Zasięgu w Atenach. Alexandros wykonał znaczącą liczbę transakcji MampA i rynków kapitałowych w regionie, w tym, między innymi, 4,15 miliarda ocen uczciwości dla zarządu CosmotEs w związku z wykupem przez OTE, 2,1 miliarda euro w ramach podwójnej transzy oferty Euroobligacji OTE, 181 mln Paragon Shipping IPO na NASDAQ, 1,3 miliarda praw do emisji Piraeus Bank, 150 milionów wymiennych obligacji Vivartii, 510 milionów greckich Pocztowych Banków Oszczędnościowych przyśpieszyło oferowanie książek w imieniu Republiki Greckiej, 450 milionów Dolphin Capital Investors kolejna oferta akcji, 3,3 miliarda ofert kredytowych Credit Agricole SA dla Emporiki Bank Grecji i 247 milionów transakcji Genco Shipping na IPSE na NYSE. Alexandros jest absolwentem ekonomii w Amherst College w USA. Francisco Sottomayor Francisco Sottomayor dołączył do AXIA w sierpniu 2018 r. I jest dyrektorem zarządzającym i szefem pionu bankowości inwestycyjnej, Iberia. Przed dołączeniem do AXIA, Francisco był zatrudniony przez Credit Suisse przez 16 lat jako dyrektor zarządzający i szef papierów wartościowych ds. Kapitału własnego i stałego dochodu z zakresu Iberia, gdzie zarządzał zespołami w biurach Credit Suisses w Londynie i Madrycie. W tym okresie doradzał dużym hiszpańskim i portugalskim bankom, takim jak Santander, BBVA i Caixa Geral, i był zaangażowany w wiele dużych projektów, takich jak prywatyzacje z udziałem rządu portugalskiego i chińskich inwestorów, korporacyjne IPO, pozyskiwanie kapitału dla różnych banków i telekomunikacji firmy w Iberii i Brazylii, transgraniczne transakcje MampA, transakcje z hiszpańskimi firmami ubezpieczeniowymi dotyczące zarządzania aktywami, a także finansowanie aktywów sektora publicznego i projektów infrastrukturalnych. Przed dołączeniem do Credit Suisse Francisco pracował dla Citigroup Portugal i Banco Portugus de Investimento. Francisco posiada licencjat z ekonomii na Universidade Nova de Lisboa. John Chrysikopoulos (pracownik ACM) John Chrysikopoulos obecnie pełni funkcję prezesa AXIA Capital Markets LLC. John dołączył do grupy AXIA w lipcu 2017 roku, a wcześniej John był współzałożycielem i kierownikiem Mediterra Holdings, butikowej firmy doradztwa finansowego w Atenach przez dwa lata. Wcześniej John był zatrudniony przez trzy lata przez Mesirow Financial jako dyrektor zarządzający w bankowości inwestycyjnej. W okresie od 2005 do 2008 roku John pełnił funkcję dyrektora zarządzającego w Goldman Sachs w Grupie Industrials, Investment Banking i wykonywał znaczną liczbę transakcji MampA i rynków kapitałowych, w tym, ale nie wyłącznie, 1 miliard sprzedaży Prairie Packaging na rzecz Pactiv, 2,4 miliarda sprzedanych szalunków Temple Inlands, 5 miliardów ofert papierów dłużnych o ratingu inwestycyjnym dla International Paper Company i 240 milionów IPO dla BWay Corporation. Przed Goldman Sachs John spędził dziewięć lat w Citigroup jako Dyrektor Zarządzający w Grupie Papierniczej i Pakowania, Bankowości Inwestycyjnej i zrealizował szereg transakcji MampA i Rynków Kapitałowych, takich jak 4,8 miliarda Nabycia Skonsolidowanych Papierów od Stora Enso, 610 milionów Akwizycji Gruzji - Pacific Assets od Koch Industries, 2,65 miliarda ofert inwestycyjnych i wysokowydajnych ofert dla Abitibi-Consolidated, 775 milionów sprzedaży Chesapeakes Tissue Business oraz 920 milionów Cross-Conditional Debt and Equity Tender of Temple Inland oferuje dla Gaylord Container. W latach 1987-1996 John był Senior Analyst w dziale Equity Research w Goldman Sachs, gdzie zajął pierwsze miejsce w rankingu Institutional Investor. John uzyskał tytuł MBA na Uniwersytecie Waszyngtońskim w St. Louis, tytuł magistra inżyniera na Uniwersytecie w Pensylwanii i tytuł licencjata inżynierii na Uniwersytecie Tulane. Francisco Lume (pracownik ACM) Francisco Lume jest dyrektorem zarządzającym bankowością inwestycyjną w AXIA Capital Markets LLC z siedzibą w Nowym Jorku. Mając ponad 15 lat doświadczenia zawodowego, Francisco spędził większość swojej kariery doradzając firmom i sponsorom finansowym w USA, Ameryce Łacińskiej i Europie, w szerokim zakresie tematów związanych z kwestiami strategicznymi, MampA i pozyskiwania kapitału. Francisco powstał i zrealizował ponad 40 transakcji z zakresu doradztwa, finansowania lewarowania i rynków kapitałowych, osiągając ponad 20 miliardów przychodów z różnych sektorów, w tym z przemysłu, transportu, zasobów naturalnych, infrastruktury i technologii. Przed rozpoczęciem pracy w AXIA Francisco pracował w Jefferies w Nowym Jorku, gdzie był starszym wiceprezesem w ramach Latin Poland Investment Banking Group. Wcześniej przez trzy lata zajmował się rozwiązaniami ECMStructured Private Equity dla klientów na całym świecie. Francisco rozpoczął karierę w bankowości inwestycyjnej w Lazard, gdzie został wiceprezesem w Lazards Investment Banking Division w Nowym Jorku. Francisco posiada tytuł MBA uzyskany w Yale School of Management oraz Licenciatura in Industrial Engineering od FEUP (Porto University). Roberto Marantidis Roberto Marantidis dołączył do AXIA we wrześniu 2017 r., Pełniąc funkcję dyrektora w pionie bankowości inwestycyjnej. Przed pracą w AXIA Roberto spędził osiem lat w UBS w Londynie, gdzie był dyrektorem w grupie Financial Institutions Companies. Przez pierwsze trzy lata pracował w UBS CEE i greckim zespole bankowości inwestycyjnej, gdzie rozwijał doświadczenie we wszystkich sektorach, ze szczególnym uwzględnieniem instytucji finansowych, telekomunikacji i opieki zdrowotnej. W 2017 roku dołączył do zespołu UBS FIG i od tego czasu skupił się na tworzeniu i realizacji transakcji MampA, Equity Capital Markets i Debt Capital Markets dla instytucji finansowych w Grecji, Irlandii, Portugalii i Wielkiej Brytanii. Z sukcesem zrealizował ponad 20 transakcji MAMPA i rynków kapitałowych, pracując przy wielu innych. Roberto uzyskał tytuł magistra nauk ekonomicznych i społecznych na Uniwersytecie Bocconi oraz tytuł licencjata w dziedzinie zarządzania i ekonomii na London School of Economics. Dimitrios Vyzantios Dimitrios Vyzantios dołączył do AXIA w lutym 2009 r. Jako analityk i obecnie zajmuje stanowisko wiceprezesa w pionie bankowości inwestycyjnej. Przed dołączeniem do AXIA pracował jako konsultant dla Q-Systems, programisty w Atenach. Wcześniej Dimitrios pracował jako analityk finansowy w Thessalian Consulting amp Investment Group. W latach 1999-2000 był analitykiem finansowym ErgoInvest SA (fundusz zamknięty na giełdzie w Atenach). Dimitrios uzyskał tytuł magistra w dziedzinie finansów i zarządzania finansami z Edinburgh Edinburgh Management School oraz dyplom licencjacki z ekonomii na Uniwersytecie w Atenach. Nikolas Zorbas Nikolas Zorbas dołączył do AXIA w sierpniu 2017 r. Jako analityk, a obecnie zajmuje stanowisko Associate w Pionie Bankowości Inwestycyjnej. Wcześniej Nikolas ukończył letni program analityków AXIA, a także staż kontrolny w Your Confidence SA. Nikolas posiada licencjat z rachunkowości i finansów na Uniwersytecie Ekonomicznym w Atenach, ze specjalizacją w finansach i tytuł magistra finansów na Uniwersytecie Bocconi w Mediolanie we Włoszech. George Gavrilakis George Gavrilakis dołączył do AXIA w grudniu 2017 r. I obecnie zajmuje stanowisko Associate w Pionie Bankowości Inwestycyjnej. Zanim został członkiem zespołu bankowości inwestycyjnej AXIAs, George pomyślnie ukończył trzymiesięczny program praktyk AXIA. Przed rozpoczęciem pracy w AXIA George pracował jako młodszy konsultant w dziale Credit Risk Services w Grupie ICAP. George ma tytuł licencjata z rachunkowości i finansów na Uniwersytecie Ekonomicznym w Atenach, po ukończeniu studiów na kierunku Finanse. Joo Salgado Regra Joo Salgado Regra dołączył do AXIA w listopadzie 2018 r. I zajmuje stanowisko Associate w Pionie Bankowości Inwestycyjnej. Przed dołączeniem do AXIA Joo spędził dwa i pół roku jako analityk MampA w Pionie Corporate Finance Millennium bcp w Lizbonie. Wcześniej Joo znajdował się w Sao Paulo w Brazylii, gdzie studiował na Uniwersytecie INSPER i uzyskał tytuł Professional Master in Business Administration. Równocześnie Joo zdobyło cenne doświadczenie pracując jako analityk w dziale bankowości i ubezpieczeń w firmie Everis Group, firmie doradczej ds. Zarządzania. Oprócz studiów magisterskich w Brazylii, Joo posiada tytuł magistra i licencjata w zakresie zarządzania, po ukończeniu studiów strategicznych, zarówno w Szkole Biznesu i Ekonomii NOVA w Lizbonie. John Moulopoulos (pracownik ACM) John Moulopoulos pracuje jako analityk w dziale bankowości inwestycyjnej AXIA Capital Markets LLC. W ciągu trzech lat przed dołączeniem do AXIA John był Securities Trader dla Seven Point Capital LLC w Nowym Jorku, jednocześnie studiował na kierunku Master of Maritime Law z University of London. Wcześniej John zajmował stanowiska staży w dziale technicznym i działaniach wielu renomowanych firm żeglugowych, takich jak Northstar Maritime, Kristen Navigation, Maran Gas Maritime i Cyprus Maritime. John uzyskał tytuł magistra inżyniera finansowego i tytuł licencjata w dziedzinie architektury okrętowej amp Marine Engineering, oba z University of Michigan w Ann Arbor. Vasilis Ganotis Vasilis dołączył do AXIA w lipcu 2018 r. Jako analityk w dziale bankowości inwestycyjnej. Wcześniej ukończył z powodzeniem czteromiesięczny program praktyk AXIAs. Przed AXIA Vasilis pracował jako letni analityk w dziale zarządzania aktywami Alpha Trust Investment Service SA oraz jako stażysta w dziale o stałym dochodzie Hellenic Postbank SA. Vasilis posiada licencjat z ekonomii na Uniwersytecie w Sussex. Pion Rynków Kapitałowych Stavros Agrotis Stavros Agrotis dołączył do AXIA w 2008 roku i pełni funkcję Dyrektora - Equities Trading. Przed dołączeniem do AXIA, Stavros spędził 19 lat w Cyprus Investment and Securities Corporation Ltd (CISCO), członek grupy Bank of Cyprus, jako Manager usług maklerskich. Wcześniej przez pięć lat pełnił funkcję starszego audytora w firmie Touche Ross amp w Chartered Accountants Accountants Leicester w Wielkiej Brytanii. W swojej karierze służył i nadal pełni funkcję dyrektora różnych firm. Stavros jest członkiem-założycielem i przez kilka lat pełnił funkcję wiceprezesa Stowarzyszenia Członków Giełdy Cypryjskiej. Posiada licencjat z ekonomii od Leicester i jest licencjonowanym maklerem giełdowym na giełdzie w Atenach i na Cyprze. Posiada również egzamin wstępny Cypryjskiej Komisji Papierów Wartościowych i Giełd. Constantinos Koufopoulos Constantinos Koufopoulos dołączył do AXIA w maju 2008 r. I jest obecnie dyrektorem zarządzającym w dziale rynków kapitałowych. Przed dołączeniem do AXIA, a od sierpnia 2006 r., Constantinos był handlowcem sprzedaży w Piraeus Securities obejmującym akcje greckie i cypryjskie. Wcześniej zajmował podobne stanowisko w Egnatia Securities w okresie od marca 2004 r. Do sierpnia 2006 r. Od grudnia 1999 r. Do marca 2004 r. Constantinos był Starszym Instrumentem Handlowym Sprzedaży Pochodnej i Animatorem Rynku w Marfin Hellenic Securities. Wcześniej pracował jako dealer obligacji w Bank of America-Athens oraz jako pośrednik FX Interbank w Haramis Cox SA w Atenach. Constantinos posiada tytuł MBA z ALBA w Grecji i tytuł licencjata w dziedzinie ekonomii uzyskany w American College of Greece. Harry Smyrnopoulos Harry Smyrnopoulos dołączył do AXIA w styczniu 2017 r. I jest dyrektorem zarządzającym w dziale rynków kapitałowych. Przed dołączeniem do AXIA Harry był dyrektorem ds. Sprzedaży kapitałowej greckich i zagranicznych instytucji w greckim banku inwestycyjnym, obejmującym papiery wartościowe greckie, cypryjskie i tureckie od stycznia 2007 r. Wcześniej zajmował podobne stanowisko w EFG Securities w latach 2000-2006. W latach 1998-2000 Harry był starszym specjalistą ds. Handlu zagranicznego w Societe Generale, a wcześniej w latach 1994-1998 był rzecznikiem handlu zagranicznego w binary options Bank. Harry ma tytuł magistra polityki międzynarodowej na Uniwersytecie w Kent i tytuł licencjata w dziedzinie administracji biznesowej w American College of Greece. Thanos Adamantopoulos Thanos Adamantopoulos dołączył do AXIA we wrześniu 2017 r. Jako doradca w dziale rynków kapitałowych. Od czerwca 2018 roku Thanos objął stanowisko Dyrektora Zarządzającego w AXIAs Equity Capital Markets Division. Thanos dołączył do AXIA po spędzeniu czterech lat jako dyrektor w Citis Emerging Markets Equity Desk w Londynie, gdzie był odpowiedzialny za klientów i handel propem w Grecji, na Cyprze i w Rumunii. Przed rozpoczęciem pracy w Citi Thanos pracował przez sześć lat w Piraeus Brokerage jako handlowiec sprzedaży, obejmując wyłącznie zagranicznych inwestorów instytucjonalnych, a wcześniej przez cztery lata pracował w Alpha Finance jako handlowiec sprzedaży obejmujący zagranicznych i krajowych inwestorów instytucjonalnych. Thanos uzyskał tytuł magistra na Uniwersytecie York w zakresie analizy projektu, finansów i inwestycji oraz licencjat z marketingu w American College of Greece. Maria Mitsouli Maria Mitsouli dołączyła do AXIA w czerwcu 2009 r. I obecnie jest dyrektorem wykonawczym w dziale rynków kapitałowych. Przed dołączeniem do AXIA Maria przez półtora roku pracowała w NBGI International Ltd w Londynie, w dziale Equity Sales. W okresie od lipca 2005 r. Do lutego 2008 r. Maria pracowała jako sprzedawca w Departamencie Handlu Zagranicznego Instytucjami Kapitałowymi w Piraeus Bank w Grecji. Wcześniej przez prawie pięć lat była kierownikiem działu instrumentów pochodnych i członkiem zespołu zarządzającego w General Securities (ex-ABN AMPRO) General Bank (Societe General Group). Od sierpnia 1998 r. Do lipca 1999 r. Maria pracowała jako analityk finansowy w Bloomberg L. P. Financial Markets w Londynie. Jest certyfikowanym menedżerem aktywów od Komisji Helleńskich Rynków Kapitałowych i certyfikatem Derivatives SalesTrader Market Maker od Securities amp Futures Authority w Wielkiej Brytanii oraz certyfikowanego wystawcy rynków pochodnych SalesTrader Market Maker z Athens Derivatives Exchange. Maria posiada tytuł licencjata w dziedzinie administracji biznesowej na Uniwersytecie w Pireusie oraz tytuł magistra zarządzania inwestycjami w City University Business School w Londynie. Elias Calfoglou Elias Calfoglou dołączył do AXIA w lutym 2017 r. I jest dyrektorem w dziale rynków kapitałowych. Przed dołączeniem do AXIA, Elias był Equity Sales Trader dla greckich i zagranicznych klientów instytucjonalnych w Banku Inwestycyjnym Grecji, obejmując akcje greckie, cypryjskie i tureckie od 2004 r. Wcześniej zajmował podobne stanowisko w Marfin Hellenic w latach 1999-2004. Od 1997 r. Do 1998 r. Elias był praktykantem w Coutts amp Co London przy biurach Asset Management i Private Banking. Dział badań Constantinos Zouzoulas Constantinos Zouzoulas dołączył do AXIA w lipcu 2008 r. I obecnie jest dyrektorem zarządzającym działu badań. Przed dołączeniem do AXIA od 2004 r. Do sierpnia 2008 r. Constantinos był starszym analitykiem rynku kapitałowego w greckim banku inwestycyjnym, skupiając się na greckich instrumentach kapitałowych i obejmując wiele sektorów biznesowych, w tym przemysł, materiały podstawowe i budowlane oraz gry. Przed bankiem inwestycyjnym Grecji Constantinos pracował jako analityk ds. Kapitału akcyjnego w Emporiki Bank w latach 2003-2004, a Egnatia Securities między 2000 a 2003 r. Obejmując greckie akcje. Od 1998 do 2000 roku Constantinos pracował dla PricewaterhouseCoopers w dziale audytu wewnętrznego. Constantinos jest absolwentem ekonomii na Uniwersytecie Stanowym w Wichita i tytułem MBA w dziedzinie finansów na University of Miami. Jonas Floriani Jonas Floriani dołączył do zespołu AXIA w lutym 2017 r., Przyjmując rolę dyrektora w dziale badawczym. Przed dołączeniem do AXIA, Jonas spędził trzy i pół roku w KBW w Londynie jako wiceprezes ds. Kapitału własnego. W KBW Jonas obejmował przede wszystkim szwajcarskie banki prywatne i banki greckie, a także prowadził wtórne ubezpieczenie włoskich banków. Przed KBW Jonas pracował jako Associate Research Associate w Jefferies w Londynie, od lutego 2017 r. Do września 2017 r., A wcześniej pracował w Banco de Brasil i IG Markets. Jonas uzyskał tytuł licencjata w dziedzinie finansów na Federalnym Uniwersytecie Rio Grande do Sul w Brazylii, aw 2007 r. Ukończył program zarządzania inwestycjami w London Business School. Clinton Webb (pracownik ACM) Clinton Webb pełni funkcję wiceprezesa w dziale badawczym AXIA Capital Markets LLC, wiodącej działalności badawczej w sektorze transportu morskiego. Wcześniej Clinton pracował jako Associate w GMP Securities, Research Division, zajmując się akcjami spedycyjnymi oraz w dziale badawczym Stephens Inc., zajmując się poszukiwaniem i produkcją, w dodatku do przestrzeni midstream. Clinton uzyskał tytuł licencjata nauk politycznych w Union College w Nowym Jorku, a także tytuł MBA w dziedzinie finansów na Indiana University w Bloomington. Argyrios Gkonis Argyrios Gkonis dołączył do AXIA we wrześniu 2017 r. I zajmuje stanowisko Associate w dziale badań. Zanim Argyrios został członkiem zespołu badawczego AXIAs, ukończył sześciomiesięczny staż w AXIA. Przed AXIA Argyrios przez rok pracował w grupie NBG jako Młodszy Analityk w Dziale Audytu Detalicznego. Argyrios uzyskał tytuł magistra matematyki finansowej w Cass Business School oraz licencjat z matematyki stosowanej w dziedzinie matematyki stosowanej i fizyki na Narodowym Uniwersytecie Technicznym w Atenach (NTUA) ze specjalnością Optoelektronika i Lasery. Maria Almaca Maria Almaa dołączyła do AXIA w 2018 r. Jako analityk rynku kapitałowego. Przed rozpoczęciem pracy w AXIA Maria pracowała jako członek zespołu sprzedaży instytucjonalnej Banco BiG przez trzy lata, w latach 2017-2018, po objęciu stanowiska Equity Analyst w dziale badań banku od 2017 do 2017 roku. Pomiędzy tymi dwoma stanowiskami Banco BiG, pracowała krótko w Deutsche Bank Espaa nad projektem ALM. Maria ukończyła Szkołę Biznesu i Ekonomii NOVA z tytułem magistra finansów oraz ze Wspólnoty Europejskich Szkół Zarządzania (CEMS) z tytułem magistra zarządzania międzynarodowego. Maria uzyskała również tytuł licencjata w dziedzinie ekonomii od NOVA School of Business and Economics. W 2017 r. Maria została akredytowanym właścicielem CFA. Damiani Papatheodotou Damiani Papatheodotou dołączył do AXIA w styczniu 2018 r. Jako analityk w dziale badań, po pomyślnym ukończeniu trzymiesięcznego stażu w okresie od lipca do września 2018 r. Damiani posiada licencjat z międzynarodowych, europejskich i ekonomicznych studiów na Uniwersytecie Cypryjskim i ma uzupełnić swój tytuł magistra finansów również na Uniwersytecie Cypryjskim. Damianowska praca licencjacka dotyczyła sposobu, w jaki istnienie prywatnej i publicznej edukacji wpływa na rozkład dochodu na mieszkańca. Malene Krogh-Fladmark Malene Krogh-Fladmark dołączył do AXIA w styczniu 2017 r. Jako analityk w dziale badawczym. Wcześniej z powodzeniem ukończyła trzymiesięczny program praktyk AXIA, a także staż w Ambasadzie Stanów Zjednoczonych w Oslo. Malene posiada tytuł licencjata w dziedzinie biznesu i ekonomii uzyskany w BI Norwegian Business School w Oslo oraz tytuł magistra zarządzania inwestycjami od Cass Business School w Londynie. Dział operacji grupowych Omiros Pissarides Omiros Pissarides dołączył do AXIA we wrześniu 2017 r. I jest dyrektorem operacyjnym oraz dyrektorem generalnym grupy. Przed AXIA Omiros z powodzeniem opracował i zarządzał portfelem inwestycyjnym, koncentrując się na aktywach giełdowych, nieruchomości i branży hotelarskiej. Wcześniej był regionalnym menedżerem kanału na Bliskim Wschodzie, w Afryce i Pakistanie z Nasdaq - cytował Intermec Technologies, wykonując znaczną liczbę transakcji i rozwijając lokalnych partnerów i firmy w różnych krajach. W latach 2002-2005 Omiros był dyrektorem generalnym Logicom Dubai, prowadzącym ekspansję firmy i osiągającym znaczny wzrost obrotów w Radzie Współpracy Państw Zatoki Perskiej i regionie Pakistanu. Omiros pracował także dla Arthura Andersena w latach 1998-2000. Omiros posiada tytuł licencjata w dziedzinie ekonomii i rachunkowości na Uniwersytecie w Hull oraz tytuł MBA w Imperial College. Otrzymał wiele nagród akademickich, w szczególności nagrodę pamiątkową Imperial College Joana Woodwarda. Demos Vasou Demos Vasou jest kontrolerem finansowym grupy AXIA. Przed AXIA Demos zajmował stanowisko Kontrolera Finansowego w L. Livadhiotis Developers Ltd. Ma sześć lat doświadczenia w audycie z Deloitte amp Touche Ltd i Horwarth Philippides amp Partners. Uzyskał tytuł licencjata w zakresie administracji biznesowej (księgowość) w Queens College w Nowym Jorku i jest certyfikowanym księgowym publicznym (CPA, NY). Demos został członkiem Amerykańskiego Instytutu Biegłych Rewidentów (AICPA) w sierpniu 2005 r., A także członkiem Instytutu Biegłych Rewidentów Cypryjskich (ICPAC) w grudniu 2005 r. Constantina Aggelopoulou Constantina Aggelopoulou dołączyła do AXIA w listopadzie 2008 r., A od 2017 r. piastował stanowisko Compliance Officer. Przed dołączeniem do AXIA, w latach 2006-2008, Constantina była administratorem usług administracyjnych w Energon Capital Finance, jednej z wiodących firm inwestycyjnych w Grecji. Constantina ma rozległe doświadczenie na rynku greckim, pracując przez prawie pięć lat w NEXUS Securities S. A. prawie dwa lata z DYNAMIC Securities S. A. prawie dwa lata z KYKLOS Securities S. A. i dwa lata z International Union, jedną z największych firm ubezpieczeniowych. Constantina jest doświadczoną księgową, która uczestniczyła w licznych szkoleniach i jest członkiem Greckiego Instytutu Audytorów Wewnętrznych oraz Certyfikowanym Specjalistą ds. Odbioru i transmisji zleceń z Komitetu Giełdy w Atenach. James Taormina (pracownik ACM) James Taormina pełni funkcję Chief Financial Officer i Chief Compliance Officer w AXIA Capital Markets LLC. Utrzymuje nadzór nad wszystkimi działaniami firmy, a jego obowiązki obejmują księgowość, finanse, nadzór, zgodność i sprawozdawczość regulacyjną. Ma bogate doświadczenie w zakresie usług finansowych, w tym NYSE, Price Waterhouse amp Co., a także od ponad 30 lat w kierownictwie wyższego szczebla regionalnych dealerów brokerskich. W tym czasie James rozwinął rozległą wiedzę na temat sprawozdawczości finansowej, działalności maklerskiej, bankowości inwestycyjnej i rynków publicznych. James uzyskał tytuł licencjata w dziedzinie rachunkowości na Uniwersytecie Fordham i posiada zapisy w serii 4, 7, 24, 27, 53, 55, 63, 79 i 99. Luis Magalhes Vasconcelos Luis Magalhes Vasconcelos dołączył do AXIA w 2018 roku i jest dyrektorem generalnym oddziału Group Portugal. Przed dołączeniem do AXIA, Luis był dyrektorem zarządzającym w dziale Wealth Management portugalskich rynków ekspatriantów w Banco Espirito Santo (BES) Novo Banco. Luis ma szerokie doświadczenie w pracy w bankowości od 1983 roku, spędził 16 lat w BES i 9 lat w Banco Comercial Portugues (BCP), zajmując różne stanowiska, np. Manager of Corporate Banking, Assistant Director w dziale biznesowym, Assistant Director of Nova - Rede Retail Network i dyrektor Departamentu Ryzyka Kredytowego w BCP Investment Bank. Wcześniej Luis pracował dla Credit Lyonnais, Banco Pinto e Sotto Mayor, Rar Group i Francisco Dias De Oliveira amp Filhos. Luis posiada tytuł licencjata w dziedzinie ekonomii, polityki i studiów międzynarodowych na Uniwersytecie Warwick. Apostolos Kritikopoulos Dr Apostolos Kritikopoulos dołączył do AXIA w sierpniu 2017 roku i pełni funkcję Chief Technology Officer. Przed AXIA Apostolos przez siedem lat pełnił funkcję Chief Information Officer w Banku Inwestycyjnym Grecji. Wcześniej Apostolos był zatrudniony w Marfin Popular Bank na stanowisku Senior IT Managera w latach 2017-2017. W latach 2001 i 2007 był zatrudniony przez National Securities (członek Narodowego Banku Grecji) jako kierownik ds. Badań i rozwoju IT. Apostolos był również zatrudniony w przeszłości przez LogicDIS, Computer Logic w Grecji i Decision Technologies w Manchesterze w Wielkiej Brytanii. Uzyskał tytuł doktora informatyki na Uniwersytecie Ekonomicznym w Atenach, tytuł magistra administracji biznesu na Narodowym Uniwersytecie Technicznym w Atenach, tytuł magistra z Instytutu Nauki i Technologii Uniwersytetu w Manchesterze oraz tytuł licencjata w dziedzinie informatyki na Uniwersytecie Pireusu. Uwaga . ACM odnosi się do AXIA Capital Markets, LLC, która jest spółką zależną AXIA Ventures Group Ltd (AVG) i zarejestrowanego w USA brokera-dealera i członka FINRA. ACM jest bliskim partnerem AVG w kontekście projektów bankowości inwestycyjnej i, w zależności od zakresu i wymagań konkretnego projektu, a także na warunkach uzgodnionych między stronami uczestniczącymi w nim, ujawnieni pracownicy ACM mogą uczestniczyć w odpowiednich działaniach. zespoły. Ujawnienie pracowników ACM w niniejszym dokumencie nie jest dokonywane w żaden sposób przez ACM w celu świadczenia usług na terenie UE. 23 22 11 2017 MAŁŻEŃSTWO ZAGRANICZNE: 2 PODPISY LUB 1 Firstrand Bank Limited przeciwko Jackson (130222017) 2017 ZAKZDHC 30 (7 sierpnia 2017) W małżeństwo we wspólnocie własności w rozumieniu prawa południowoafrykańskiego, jest na ogół konieczne, aby małżonek musiał wyrazić pisemną zgodę na zawarcie umowy poręczenia przez drugą stronę. Podobne postanowienia mogą mieć zastosowanie do stron, które pozostają w związku małżeńskim zgodnie z prawem innego kraju, tak jak w niniejszej sprawie, w której pobrali się zgodnie z prawem Kalifornii. Ponieważ przepisy te wymagają również zgody i bank pomyłkowo nie dopilnował, aby oboje małżonkowie wyrazili taką zgodę, poręczenie było otwarte na atak, negując kredytodawców polegających na tym dodatkowym zabezpieczeniu pożyczki. PRZERWANIE PRAW OSÓB PRZEZ WŁAŚCICIELI POSTĘPOWANIA Pickard v Stein (201730405) 2017 ZAGPJHC (20 czerwca 2017 r.) Wyrok ten ma ciekawe tło faktyczne wypływające z wniosku właściciela nieruchomości korzystającej z praw do lekkiej niewoli, którą jej sąsiadka powiększa wysokość ściany granicznej w obszarze służebności. Wzrost spowodował zablokowanie naturalnego światła w jej niżej położonej nieruchomości. Sąd orzekł, że takie postępowanie oznaczało porzucenie jej praw do służby i jako takie nie może uniemożliwić jej unieważnienia. WYDANIE 22 8211 2017 RENTAL MIESZKALNICTOWA MIESZKANIE BILL Wynajem mieszkania Poprawka Bill B56D-2017 Ustawa o wynajmie mieszkań, która ma zastosowanie do wszystkich umów najmu w Południowej Afryce, wkrótce ulegnie zmianie i wpłynie na relacje między właścicielami a lokatorami. Niektóre z najważniejszych pytań zostały omówione tutaj, a także nieuchwytna kwestia, kiedy będą one realizowane. ZMIANY W DOSTĘPIE DO KREDYTÓW DOSTĘPOWYCH, W TYM BONDS National Credit Act, 34 z 2005: projekt Krajowego Regulaminu Kredytowego i Regulaminu dla spraw związanych z funkcjami Krajowego Trybunału Konsumentów oraz zasad prowadzenia spraw przed Krajowym Trybunałem Konsumenckim W ramach Departamentu Trade and Industrys dążą do poprawy rynku kredytów kredytowych i ograniczają nierozważne pożyczki, projekty przepisów dotyczących obowiązkowej oceny przystępności, które kredytodawcy będą musieli podjąć przed przyznaniem kredytu, zostały opublikowane przez Departament Handlu i Przemysłu w celu opublikowania w zeszłym tygodniu publicznych komentarzy. Niektóre kontrowersje dotyczą wprowadzenia takich określonych kryteriów oceny przystępności cenowej, ponieważ wielu przedstawicieli branży bankowej argumentowało, że branża powinna uregulować tę kwestię samodzielnie, korzystając z uprawnień dyskrecjonalnych w oparciu o swoją ocenę ryzyka. AKTUALIZACJA PRAWA. WYDANIE 6 WYCOFANIE NIESPOTYKANIA PŁACI Znaczna większość umów najmu lokali mieszkalnych zawiera klauzulę zapewniającą właścicielowi prawo do niezwłocznego anulowania umowy najmu, bez powiadomienia najemcy, jeżeli najemca nie wypłaci czynszu, gdy jest należny. Jest to jednak niedopuszczalne, gdy mają zastosowanie przepisy CPA i PIE, aw poniższych punktach krótko wyjaśnimy, jaka jest właściwa procedura. POROZUMIENIE ZAUFANIA I TRUSTEES W praktyce otrzymuje się wiele pytań od powierników dotyczących praktycznych aspektów zarządzania trustami. Co należy zrobić, gdy powiernik umrze lub zrezygnuje z tego, co jest wymagane do rejestrowania procesu decyzyjnego, jeśli cokolwiek innego, zaufanie do administracji wymaga staranności i troski o legalność. Below we address a few of the most frequent questions we encounter and the answers thereto. ISSUE 21 8211 2017 PETS, HOA RULES AND ACQUIESCENCE Buffelsdrift Game Reserve Owners Association v Holkom and Others (582582017) 2017 ZAGPPHC 789 (7 July 2017) The keeping of pets is a frequent bone of contention in estates managed by home owners associations (HOAs). So too are complaints by owners regarding non-enforcement of the applicable rules by managing bodies. This judgment is a double-edged sword, in finding that an HOA had, by continued acquiescence, waived its right to interdict owners who were not complying with its rule that prohibited the keeping of pets. It demonstrates that those who may have flaunted applicable rules could in certain circumstances get away with it, whilst HOAs must bear the consequences of what they allowed. DEVELOPERS LEVY LIABILITY IN NEW TOWNSHIP QUESTIONED Prospect SA Investments 42 (Pty) Ltd v Lanarco Home Owner Association (1334612) 2017 ZAKZPHC 39 (30 June 2017) There are fairly regular incidences of matters where developers question their liability for HOA levies in respect of erven in townships opened on large parcels of land they own. This judgment adds a further chapter and confirms that upon opening the township register on land so owned, the developer becomes owner of the newly established erven in the township. If an HOA comes into existence with a constitution requiring payment of levies by owners of erven for a clearance certificate to pass transfer, then the developer is an owner for that purpose. ISSUE 20 8211 2017 LEASED PREMISES TO BE REASONABLY FIT FOR PURPOSE, DESPITE CLAUSE PLACING RISK ON TENANT Gateway Properties (Pty) Ltd v Bright Idea Projects 249 CC and Another (AR35313) 2017 ZAKZPHC 41 (1 July 2017) Is a tenant liable for rental if the leased premises are inherently not fit for the business purposes for which it was let, thereby making it impossible to comply with statutory requirements to commence the business Would it make a difference that the tenant accepted all risks in this regard when signing the lease The court held here that, in both instances, the answer is no because, due to the inherent defects in the leased premises, the tenant did not have the use and enjoyment of the premises which was, at common law, the quid pro quo from the landlord for receiving rental. As a result, the lease agreement was void from inception. WIGGLING OUT OF SALE AGREEMENT NOT JUST A SAY-SO AFFAIR Moolas City Properties CC v Naidoo and Others (22722017) 2017 ZAKZDHC 24 (19 June 2017) This judgment tells the story of a seller attempting to wiggle out of a sale agreement by alleging that the purchase price reflected therein was not the true consideration agreed upon. The matter turned on the courts assessment of the parties evidence and their credibility, and not on legalities. Of value though is the fact that it illustrates that a signed document is binding upon parties and the courts will give effect thereto. Bar a valid and material absence of consensus, the courts will hold signatories to the promises they made in the signed document. ISSUE 19 8211 2017 SURETYSHIP LIABILITY DISPUTED: SIGNATORY UNAWARE OF WHAT HE SIGNED Absa Bank Ltd v McCreath (2614) 2017 ZAECGHC 51 (13 June 2017) The general rule of our law is that in signing a document, a person is taken to be bound by the ordinary meaning and effect of the words which appear over his signature. There are exceptions, however, to protect someone signing under a justifiable misapprehension, caused by the other party requiring such signature, as to the effect of the document. The facts of this matter is a case in point. The signatory was made to believe he was signing mere standard terms and conditions and was not advised the documents constituted a suretyship. The Court held that the suretyship was void in these circumstances. Eskom Holdings Soc Ltd v Norton and Another (46413) 2017 ZASCA 94 (26 June 2017) Many servitudes are registered against immovable property to last in perpetuity, and have a forever feeling about them. This should not translate into inaction with regard to the servitude holders obligations. The Supreme Court of Appeal in this matter agreed that a property owner successfully cancelled an Eskom servitude that was registered over her property, as Eskom failed to make payment of the yearly agreed amount and after demand, failed to rectify this timeously. The servitude agreement allowed for cancellation in such circumstances and Eskom was accordingly ordered to remove its installations. ISSUE 18 8211 2017 DOMICILIUM CLAUSE: SUCH A VITAL PART OF AGREEMENT Shepard v Emmerich (A50662017) 2017 ZAGPJHC 120 (13 June 2017) Noting a domicilium citandi et executandi in a contract means that the contracting parties thereby indicate where legal notices and summonses to each must be delivered. Provided it is delivered as indicated, the party issuing the summons need not prove actual receipt. The present matter adds an interesting twist, in that the sellers chosen domicilium was noted to be the 2nd floor of a specific firm and to a specific person. As the firm had relocated at the time the summons was issued, the sheriff attached the summons to the front door of the building and not at the 2nd floor. The court held that the summons, which was intended to stop prescription of a claim by the purchaser, was served irregularly and therefore prescription was not interrupted. It was not relevant that the indicated firm had relocated service was irregular because it did not comply with the contractually agreed domicilium . ADJUDICATOR DISMISSES PENSION FUND HOME LOAN COMPLAINTS Fortuin v Cape Municipal Pension Fund amp Another In an interesting adjudication issued by the Pension Funds Adjudicator, it was confirmed that an employee who receives a home loan through his employment pension fund ultimately remains responsible for the loan. The fact that the employer omitted to subtract the installment from the employees salary and pay it to the Fund on the employees behalf, did not relieve the employee from the obligations under the loan or from the additional interest that accrued as a result. It was the employees duty to check that the repayments were deducted from his salary. LAW UPDATE. ISSUE 5 HOME BUILDING, YOUR BUILDER AND THE NHBRC NHBRC is the acronym for the National Home Builders Registration Council created in terms of the Housing Consumers Protection Measures Act (The Act). The Act obliges home builders to register with the Council as part of a regulatory system aimed at protecting consumers from poor building work. Homes to be erected must also be enrolled with the Council. How can you ensure you are protected and that your builder complies ONLY THE LEASE (HUUR) GAAT VOOR KOOP, NOTHING MORE The maxim huur gaat voor koop is generally familiar to all property law practitioners, and probably equally well-known amongst landlords and tenants alike. The exact content of the protection afforded by this rule of our law can, however, still leave a tenant (or other party relying on the maxim) on his back foot because the exact content of this rule is not always correctly understood. Translated loosely, it means that a lease trumps a later sale. ISSUE 17 8211 2017 GENERIC SALE AGREEMENT TEMPLATES: BEST TO HAVE PROFESSIONALS ASSIST Mazibuko and Another v Rampersadh and Others (114402017) 2017 ZAKZDHC 22 (3 June 2017) Standard form printed pro forma documents intended to form the basis of binding legal contracts between individuals when completed and signed by them are dangerous instruments in the hands of lay-persons unschooled in the technicalities prescribed by law for contracts required to be in writing before they are regarded as effective for the intended purpose. These were the words of the court in this matter, the facts bearing out the truth thereof. Prevance Capital (Pty) Ltd v Muller ta Muller amp Partners (29982017) 2017 ZAFSHC 66 (15 May 2017) From time to time it is necessary for a seller to obtain financing prior to receipt of the sale proceeds from the transfer of his property. Arranging the details of such bridging finance requires care. In this matter, reference was initially only made to amounts owing under one mortgage bond registered over the property, from which the financier calculated the expected proceeds of the sale. Later on, however, it transpired that a second bond was involved, which diminished the proceeds that would become available. The court held that the attorney who signed an undertaking to pay the sale proceeds (without sight of or being party to the calculations used in the agreement between the financier and the seller) was liable only to pay over the proceeds after both bonds had been cancelled and was not liable for the shortfall that arose. ISSUE 16 8211 2017 NO CLAIM FOR PAYMENT IF NOT REGISTERED WITH HOME BUILDERS COUNCIL Cool Ideas 1186 CC v Hubbard and Another (CCT 9913) 2017 ZACC 16 (5 June 2017) The Housing Consumers Protection Measures Act obliges home builders to register with the Council as part of a regulatory system aimed at protecting consumers from shoddy building work. Here, the Constitutional Court found that it could not confirm an arbitrators award that was granted in the developers favour if the latter was not registered with the Council at the time of contracting. This is because, even though the developer had subcontracted a builder who was registered, it also had to be registered in order to receive a consideration in terms of an agreement with a housing consumer in respect of the sale or construction of a home. Colledge N. O and Others v Olifants North Game Reserve Share Block Limited (368782017) 2017 ZAGPPHC 628 (4 June 2017) The claimants in this matter owned shares in a share block company and by virtue of an accompanying use agreement, built a lodge in the reserve. They took issue with the use of a road next to their lodge as it disturbed their peace and quiet. Various arrangements with the company failed to resolve the issue and they approached the court for an order compelling the company to close the road. The court confirmed that the Share Blocks Control Act requires that any agreement, change or cession of the use agreement or share acquisition had to be in writing and signed by the parties. As such no actionable right vested in the claimants as the undertakings entered into did not comply with the aforementioned requirement. ISSUE 15 8211 2017 SIGNING ON BEHALF OF A CLOSE CORPORATION: WHO HAS AUTHORITY Yonda Investments CC v Rohr and Another (A7162017) 2017 ZAGPPHC 590 (23 May 2017) While a member of a close corporation does not require written authority to bind the corporation to a contract for the sale of land, an outside agent (such as an employee) must have such authority. Failing this the agreement is void, as is evidenced in this matter, where an employee of the close corporation signed the sale agreement without such prior consent. PRIOR SURETYSHIP IN RESPECT OF LOAN SUBSEQUENTLY AGREED TO Odendal and Another v Structured Mezzanine Investments (Pty) Ltd (48213) 2017 ZASCA 89 (30 May 2017) Due to the fact that a suretyship involves the somewhat uncomfortable commercial undertaking to stand in for someone elses debt, it is not hard to imagine why sureties often seek a way out when confronted with a substantial claim from a lender. The present matter is illustrative of this and confirms that it is possible to sign a suretyship in respect of debts that have not yet been incurred. LAW UPDATE. ISSUE 4 INSOLVENCY AFTER SELLING PROPERTY The persistently challenging economic climate has led to a number of insolvencies, both that of high profile and man-in-the-street property owners, developers and occupiers. In property sale transactions, this is especially challenging where the seller is declared insolvent after the agreement was entered into but before transfer, the more so where the purchaser has paid part of the purchase price. This is because at common law, where a seller is declared insolvent after the sale of a property, but before transfer thereof, the property vests in the liquidator of the insolvent estate and the purchaser becomes a concurrent creditor of the insolvent estate. The recent judgment in Relebipi Properties CC v De Wet N. O. and Others (362092017) 2017 ZAGPPHC 87 (17 January 2017) explains how the rules of insolvency law works in such a scenario. read more Summary NATIONAL CREDIT ACT 8211 RECENT AMENDMENTS ARE ABOUT MUCH MORE THAN JUST A CREDIT INFORMATION AMNESTY Apart from the much commented regulations setting out the details of the credit information amnesty passed at the end of March this year, other amendments to the National Credit Act 34 of 2005 (the current Act) were assented to on the 16th of May 2017. These are equally important to the credit arena and we highlight the additional changes here. ISSUE 14 8211 2017 EXTENT OF BOND DEFAULT JUDGMENT ILLUSTRATED Thwala and Another v First National Bank Limited and Others (2878712) 2017 ZAGPPHC 514 (11 December 2017) It happens occassionally that after a creditor obtains judgment against a debtor, they reach agreement that the debtor will continue repaying the debt and the creditor will hold over steps to sell the debtors property in execution, provided the debtor honours the repayments. This is what happened here, with a full 7 years passing between the initial judgment and the eventual execution sale. As a result of intermittent payments over the 7 year period, the debtor had in fact satisfied the default judgment debt by the time execution was levied, including interest and costs. This, the court held, rendered the execution sale a nullity. Sait v Nqonji N. O and Others (193022017) 2017 ZAWCHC 73 (14 May 2017) This judgment is a good read as it has the interesting twist of a co-seller, acting as executrix of a deceased estate of the other owner, forgetting to sign the agreement in such capacity. Her later attempts to avoid liability under the agreement because of this fact failed, as the court found that she held herself out to be the person with the authority to sign and reasonably induced the purchaser to believe she was signing in this capacity. ISSUE 13 8211 2017 ONE CANNOT ESCAPE THE TERMS OF AN AGREEMENT WITHOUT MORE Lombaard v Droprop CC (67732017) 2017 ZAKZDHC 16 (29 April 2017) This judgment deals with a battle between a property owner and a tenant seeking to purchase the land in terms of an option granted in the lease. The owner argued that, despite the agreement recording the whole property as the leased premises and property to be included in the option, their intention was that a smaller portion only would be the subject matter of their dealings. Many decisions and appeals later, the court held that the facts showed that the agreement was in respect of the whole property. It highlights that it is important to make sure you wish to be bound by the terms of an agreement, before putting pen to paper. SUCCESSFUL CHALLENGE TO MUNICIPAL APPROVAL OF NEIGHBOURS BUILDING PLANS Brashville Properties 51 (Pty) Ltd v Colmant and Others (15413) 2017 ZASCA 61 (6 May 2017) For those with concerns regarding a local authoritys approval of a neighbours building plans, this judgment is a valuable read as it confirms again that our courts will overturn municipal building plan approvals, whether or not building works have commenced, where proper procedure was not followed. In this instance it related, amongst other things, to the fact that the municipality did not exercise its discretion, but allowed the provincial planning department to superimpose its assessment of the manner to deal with a specific deviation from the title deed, building plan and zoning requirements. ISSUE 12 8211 2017 PURCHASER DELAYING TRANSFER ON MINOR TECHNICALITY LIABLE FOR INTEREST Mmakola v Nel (North Gauteng High Court, A3312017, 5 December 2017) A valuable judgment in which the court confirmed that the law is not a game where one party is entitled to capitalise on a slight technicality. The warning followed on a denial by the purchasers that they were liable for the delay caused in the transfer following on the late submission of guarantees. They argued that they were unable to provide guarantees timeously due to the conveyancers details being omitted from the contract. The facts however showed that they were aware of the omission before the due date, could easily have obtained the details from the seller and that they in any event received confirmation of the conveyancers details shortly after the guarantee due date, thereby not warranting the 3 month delay to provide the documents. INSTALMENT SALE FORFEITURE CLAUSE UNFAIR Botha and Another v Rich N. O. and Others (CCT 8913) 2017 ZACC 11 (17 April 2017) This is an important judgment in which the Constitutional Court held that where a purchaser has paid more than 50 of the purchase price under an instalment sale, she may claim transfer of the land as provided for in the Alienation of Land Act by registering a bond in favour of the seller for the balance, despite being in arrears with instalments. The purchaser must however make up the arrears on transfer. In addition, a forfeiture clause that entitles the seller to retain all amounts paid thus far was, in the circumstances, unfair and therefore unenforceable. ISSUE 11 8211 2017 WHEN THE UNIT YOU BOUGHT IS DEPICTED ELSEWHERE ON THE SURVEYOR GENERAL MAP Bonthuys and Another v Potgieter and Others (167602017) 2017 ZAGPPHC 170 (3 April 2017) This matter illustrates an unfortunate conundrum that arose after the Surveyor Generals office, on its plans, erroneously changed numbering as it appeared on the plans of the developer of a sectional title scheme. This resulted in the rights of the purchaser of unit X (as depicted on the surveyors diagram) clashing with those of the purchaser of apparently the same unit (according to the numbering on the developers plans). The court approached the dispute practically to afford relief. The issue highlights the underlying relationship between developers plans and those of the Surveyor Generals office and the need to always verify the property recordal in the latters office. City of Cape Town v Arun Property Developments (Pty) Ltd (94312) 2017 ZASCA 56 (16 April 2017) When land is subdivided for purposes of a township development, the local authoritys road infrastructure forward planning must be accommodated in the plans. LUPO provides that land so used for roads will thereafter vest in the local authority. The court here confirmed that this vesting does not constitute expropriation. The related question 8211 whether excessive provision for roads would entitle the developer to compensation resulting from lost land 8211 was raised but not answered here as the facts did not show that the provision for roads was excessive. ISSUE 10 8211 2017 DONT ASSUME THAT A LATER CONTRACT OVERRIDES A PRIOR ONE Laynes v Coco Haven 1100 CC and Another (252202017) 2017 ZAGPJHC 30 (10 March 2017) The seller and purchaser in this judgment concluded two sale agreements for a property on virtually the same terms, shortly after one another. The second agreement was cancelled by agreement and, assuming the first agreement remained extant, the purchaser sought transfer. The seller however assumed the first agreement was cancelled by the second and as a result, sold the property to a third party. The Courts investigation of the matter showed that there was no valid cancellation of the first agreement and that it remained in force. It is a warning call to obtain legal assistance when variations or cancellations of agreements are required, so as to ensure that the intention of parties are at all times reflected in the written record of negotiations. SUSPENSIVE CONDITION NON-COMPLIANCE SINKS ANOTHER AGREEMENT Royal Anthem Investments 129 (Pty) Ltd v Lau (9412017) 2017 ZASCA 19 (26 March 2017) The judgment rings the tune of the song of the rock band, Queen, titled Another one bites the dust in ones ears Rightly so, as there is a continuous stream of judgments confirming the lapsing of sale agreements where the provisions of the suspensive condition were not met timeously and as stipulated. The facts in the present matter are no different: despite obtaining the bond approval after the stipulated due date, the seller and purchaser both continued with the agreement, impervious to the consequences. When one wanted out though, which so easily happens in property transactions, the non-compliance opened the door to do so. ISSUE 09 8211 2017 SELLERS INNOCENT MISREPRESENTATION CAN RENDER CONTRACT VOID Spenmac (Pty) Ltd v Tatrim CC (2162017) 2017 ZASCA 48 (1 April 2017) Everyone makes mistakes, innocently, at times. A mistaken belief can be part of the reason why one party is prompted to put pen to paper and sign an agreement of sale. The judgment in the present matter is important as it acknowledges that a material mistake as to certain attributes of the property sold, resulting from a misrepresentation by the seller, and which moved the purchaser to enter into the agreement, can vitiate the parties consensus to the contract. This renders the contract void ab initio . notwithstanding a clause in the agreement in which the purchaser acknowledged that he had not been induced to enter into the agreement by any express or implied representations made by any other person. DIRECT PROVINCIAL INTERVENTION IN CERTAIN MUNICIPAL LAND-USE DECISIONS UNCONSTITUTIONAL Minister of Local Government, Environmental Affairs and Development Planning, Western Cape v The Habitat Council and Others Minister of Local Government, Environmental Affairs and Development Planning, Western Cape v City of Cape Town and Others (11713) 2017 ZACC 9 (4 April 2017) The Constitutional Court judgment in this matter unequivocally states that municipalities have the final say on how land inside their boundaries is developed. The allowance in the Western Cape Land Use Planning Ordinance for the Province to overturn municipal land zoning decisions, was unconstitutional. This closes the loophole that existed whereby developers could appeal to the provincial government, if municipal decisions went against their planning proposals. Although provincial government has oversight functions, these cannot be used to trump municipal zoning provisions. ISSUE 08 8211 2017 ADVERSE CONSEQUENCES OF CO-OWNERSHIP Claassen v Quenstedt and Others (11992017) 2017 ZAECPEHC 18 (25 March 2017) A partnership and joint ownership are different legal concepts. Prescription regarding debts owing between partners starts running at a certain time after the partnership is dissolved, whilst between joint owners the prescription countdown begins when the debt was incurred. This judgment shows how disastrous this can be where a cohabiting couple held property jointly, never arranged their affairs in writing, and then separated. X sought to share in the net proceeds after the property was sold, Y alleged that X was liable for a share in the bond repayments, improvements and property rates and taxes throughout the period of joint ownership. Since no partnership was established between them, many claims that Y had against X for arrear bond repayments and other expenses, prescribed. Africast (Pty) Ltd v Pangbourne Properties Limited (3592017) 2017 ZASCA 33 (28 March 2017) Parties to agreements often do not appreciate the almost guillotine-like effect of suspensive conditions, as faulty compliance is never raised as an issue where they remain keen to proceed with the agreement. What is so often presented to Courts are those instances where things go awry and one party looks for a way out, such party often finding the escape door in the area of compliance with the suspensive condition. This is another case in point, demonstrating the principle that where the condition is not met, the agreement lapses, notwithstanding the fact that parties had for a long time performed in terms of the agreement unaware that there was a fatal flaw in their agreement. LAW UPDATE. ISSUE 3 CONSUMERS CREDIT AMNESTY: NOT AN AMNESTY ON THE DEBT YOU OWE The latest amendments to the National Credit Act have caused great confusion, with some consumers believing that the introduction of what has been termed a credit amnesty means they do not have to repay existing debts. Credit providers, on the other hand, are becoming increasingly concerned that they will have less information to assess their risks in providing credit. read more Summary RESPONSIBILITY OF HOME SECURITY SERVICES TO VET STRANGERS This month the Constitutional Court overturned a Supreme Court of Appeal judgment that related to whether a (high end) security company can be held liable for damages suffered by the home owner after robbers, dressed as policemen, gained access to his house and stole many valuables. In South Africa where many businesses and private individuals employ forms of security in an endeavor to safeguard against robbery and assault, the outcome is valuable, very relevant and shows an appreciation on the side of the highest Court of the reasonable expectations that clients of such companies may hold. ISSUE 07 8211 2017 HOA RULES MAY TRUMP ZONING ALLOWANCES Vanilla Street Home Owners Association v Ismail and Another (A3452017) 2017 ZAWCHC 25 (5 March 2017) What gives if you run a hairdressing business from a home forming part of an HOA, its rules prohibiting owners from conducting businesses, whilst relevant zoning provisions do make provision therefor In this judgment the Court confirmed that LUPO allows an HOA to limit use rights, despite wider use rights recognised in the applicable zoning provisions and that owners in the HOA are obliged to comply. DEVELOPERS RIGHT TO EXTEND amp ADJUST INITIAL PLANS: BASIS TO OBJECT Skillfull 54 (EDMS) Beperk v Human N. O. (51072017) 2017 ZAFSHC 14 (20 February 2017) This judgment is a useful illustration of the mechanism in the Sectional Titles Act to object, should a developer that has reserved a right to extend a scheme at a later stage deviate from envisaged plans. Existing owners of units in the scheme may bring an action to prohibit such building works, as this judgment shows, but will only succeed in obliging a developer to stick to the initial plans where it can be shown that the deviation negatively affects their rights. ISSUE 6 8211 2017 LAND INSTALMENT SALE: WITHOUT RECORDAL SELLER CANNOT DEMAND PAYMENT Katshwa and others v Cape Town Community Housing Co (Pty) Ltd and four similar cases 2017(2) SA 128 (WCC) It is compulsory, when concluding an instalment sale agreement in respect of land, that the contract is recorded by the Registrar of Deeds against the propertys title deed. Failure to so do (temporarily) obliterates the sellers right to receive any payments and defaulting purchasers are practically not considered to be in arrears. Although the State is exempt from the recordal obligation, the Court in this matter held that the Cape Town Community Housing Companys claims against the defaulting purchasers had to fail as it could not rely on the exemption. It acted as agent, performing some of the States functions on its behalf, but was not an organ of the State as meant in the exemption. PRIOR EXECUTION SALE UPHELD DESPITE LATER INSOLVENCY VESTING ESTATE IN TRUSTEES Deoraj and Another v Maharaj N. O. and Others (10412017) 2017 ZAKZDHC 2 (28 February 2017) Sequestration brings about the vesting of the insolvents estate in the trustees of the estate. This includes immovable property sold in execution to a third party but not yet transferred at the date of sequestration. This judgment illustrates an instance where a discretion exists in the hands of the Court to order that the prior execution sale to a third party proceeds, despite subsequent sequestration of the debtor and is a valuable instruction on the considerations involved. LAW UPDATE. ISSUE 2 27 February 2017 SURETYSHIPS: AN UNAVOIDABLE NECESSITY People often do not read documents to which they append their signatures If, for example, you apply to the bank for a credit card, or for financing of a vehicle your business is acquiring, you assume a basic understanding of the gist of the documents being handed to you for signature, and sign it on the assumption that it would contain standard provisions. Whether or not certain provisions in some types of agreements are standard and expected, it is undoubtedly risky to sign any legal document without ascertaining the implications thereof. More so when you bind yourself as surety for someone elses debts. Find out why. FINALLY 8211 CLARIFICATION FOR LENDERS ON REQUIRED STEPS TO ACT AGAINST DEFAULTERS Recent case law has all but clarified what steps lenders must follow in order to validly commence legal proceedings against defaulting borrowers. It is so that the National Credit Act 34 of 2005 (the NCA) requires a lender to send a section 129 Notice to a consumer before enforcement steps may be initiated, but must this letter actually reach the debtor In other words, does the Act require the lender to ensure that the debtor received the notice personally Or is it adequate compliance with the NCAs consumer protection aims, if the notice was sent to the debtor at the address indicated in the loan agreement per registered post What if the debtor never collects the notice from the Post Office ISSUE 5 8211 2017 20 February 2017 MARRIED IN MAURITIUS, BUT MOVED HERE: WHICH LAWS APPLY Lenferna v Lenferna (12017) 2017 ZASCA 204 (2 December 2017) Knowing ones marital regime is of crucial importance, especially when entering into agreements relating to property. This judgment illustrates how the Court determined which countrys laws applied where the couple got married outside South Africa in the country where they resided at the time (Mauritius) and thereafter immediately left for South Africa, where they lived until their divorce. TOWNSHIP ESTABLISHMENT: DEVELOPERS LEVY LIABILITY TO HOA IRO UNSOLD ERVEN Heritage Hill Home Owners Association v Heritage Hill Devco (Pty) Ltd (310222017) 2017 ZAGPPHC 52 2017 (3) SA 447 (GNP) (14 February 2017) This judgment clarifies the basis of a developers liability for levies charged by an HOA by virtue of ownership of individual erven, after opening a township register on farm land. The developer becomes the registered owner of the individual erven and is liable for levies charged in respect of unsold erven, and cannot deny liability by arguing that it owns the remainder of the farm property and not the individual erven. (The Court distinguished this position from the relationship that comes into existence between a local authority and township developer on the opening of a township register, where regard is had to the valuation of the land constituting the unsold erven.) ISSUE 4 8211 2017 13 February 2017 MONTH TO MONTH LEASE EXTENSIONS Marais N. O. and Others v Kondos (51922017) 2017 ZAFSHC 2 (9 January 2017) Our law recognises that where, on the termination of a lease agreement, parties continue with the lease as before, one can infer in most instances that a month-to-month lease has come into existence with terms and conditions generally in line with the terminated lease, apart from the fixed lease period. Often nothing is put in writing to confirm the details, which can be unfortunate, as uncertainties about each partys understanding of their rights and obligations can and do arise frequently. The summary below is an illustration, and shows the difficulties that arise where a tenant is forced to relocate his business because he misunderstood the tacit arrangement. AQUISITIVE PRESCRIPTION REQUIRES ELEMENT OF USE WITHOUT PERMISSION Pezula Private Estate (Pty) Ltd v Metelerkamp (1492017) 2017 ZASCA 188 (29 November 2017) To claim acquisition of the right to a servitude by prescription, it is necessary, amongst other things, to show that the exercising of the right occurred without the owners acquiescence. In this matter the principle was applied to disallow a claim for acquisitive prescription of a servitude road, as the claimants use of the road was specifically allowed and condoned by the lessee of the road, who was entitled as lessee to allow or disallow the use of the leased road by the claimant. ISSUE 3 8211 2017 06 February 2017 SUSPENSIVE CONDITION NON-COMPLIANCE NOT UNDONE BY SELLERS LATER CONDUCT Kadwa N. O and Others v Standard Bank of South Africa Limited and Others (80542017) 2017 ZAKZPHC 64 (30 October 2017) A lapsed suspensive condition renders an agreement void. Subsequent conduct by a seller, accepting a late and erroneous proof of available funds rather than a guarantee, can therefore not revive a sale agreement, as the finding in this judgment illustrates. Middleton v Middleton and Others (64402017) 2017 ZAKZDHC 63 (1 November 2017) This judgment presented an interesting arrangement amongst family members who were also business partners. In essence, the father and mother registered properties in the name of their daughter to avoid the clutches of debtors to whom they owed substantial debts. When the daughter sought to exercise rights in respect of the properties, the Court agreed with the father that she was a nominee of the parents only and, as such, a bare dominium holder. As a result, only the father and mother had the right to deal with the property. LAW UPDATE. ISSUE 1 30 January 2017 ON BREACH OF DEBT RESTRUCTURING ORDER, LENDERS RIGHTS TRUMP With the coming into operation of the National Credit Act, many lenders felt that (too) much leniency is afforded to borrowers when they default on their repayments. The good and necessary aims of the Act aside, there are instances where borrowers appear to abuse the relief options afforded by the Act. There is, however, always a point of no return, where the money must be repaid or the asset is lost. read more Summary DEFAULTING DEBTOR CAN TAKE THE STING OUT OF AN EXISTING DEFAULT JUDGMENT BY REINSTATING A CREDIT AGREEMENT The NCA has a mechanism whereby a defaulting debtor can, in certain circumstances and by operation of law, reinstate a credit agreement by paying the full outstanding amount and whatever related enforcement costs which may exist at the time. The effect hereof is to render an existing default judgment useless in the hands of the judgment creditor, obliging him to obtain a new judgment should the creditor again default. ISSUE 2 8211 2017 23 January 2017 TERMS OF SALE NOT AMENDED BY DEVELOPERS LATER COMMUNICATION Kingswood Golf Estate (Pty) Ltd v Witts-Hewinson amp another (22313) 2017 ZASCA 187 (29 November 2017) A vague description of a golf estate clubhouse, anticipated to be erected in future and included in the sale agreement of a property in the estate, gave rise to the dispute in this matter. The purchaser attempted to rely on a description given by the developer-seller in a post-agreement newsletter. The Court held that the subsequent newsletter could not bind the developer contractually as, amongst other reasons, it was not signed by both parties in order to incorporate it as a term of the agreement. This case is a cautionary note to make sure, at the time of contracting to purchase in such estates, that there is adequate description of the how and when of building works still to be completed. CREDITORS RIGHTS INTACT DESPITE DEBTORS BUSINESS RESCUE ATTEMPT First Rand Bank Ltd v E Marais Incorporated (6754213) 2017 ZAGPPHC 315 (1 November 2017) A debtor may give his movable property as security for his indebtedness to a creditor and the creditor may register a notarial bond over such movables in the deeds office. A creditor seeking to enforce his rights under such a bond, alike the position with creditors holding mortgage bonds over immovable property, can be temporarily thwarted if the debtor company was placed under business rescue. However, as the Court here noted, an invalid attempt to place a company under business rescue because of non-compliance with the Company Acts prescripts, cannot put a hold on the efforts of the creditor to exercise its rights. ISSUE 1 8211 2017 16 January 2017 CANCELLATION OF A CONTRACT REQUIRES MORE THAN JUST A DISPUTE BETWEEN PARTIES Holtzhausen v Chetty and Another (AR 2562017) 2017 ZAKZPHC 66 (6 December 2017) A breakdown in communication between a seller and purchaser is not, without more, an indication that either party had (legally) cancelled the agreement. To cancel an agreement the prescripts of the law must be followed, aligned to the provisions of the agreements breach clause. This is crucial, as this matter shows, because an estate agents claim for commission based on the parties cancellation of the agreement failed following the Courts finding that there never was cancellation, despite their agreement not being proceeded with. Badenhorst and Another v Retief and Another (1314513) 2017 ZAWCHC 181 (5 December 2017) The Building Act sets out the basis on which owners can dispute neighbours building plans. In certain circumstances, derogation of the value of a property is a consideration that may oblige a municipality to reject the plans. This was the basis for the arguments in this matter. The argument was unsuccessful as it was not shown that the value will be diminished, the Court emphasizing that the value of property, in the context of the Building Act, refers to more than just the price the property would fetch on resale. LAW UPDATE. ISSUE 9 05 December 2017 PREVENTION OF CRUELTY TO ANIMALS: LATEST DEVELOPMENTS The fact that the National Council of Societies for the Prevention of Cruelty to Animals (the NSPCA) is a juristic person has become an obstacle in its proper functioning. This is because, in terms of the Criminal Procedure Act, only private persons (as opposed to entitiesjuristic persons) may pursue private prosecutions in any case where the police or other enforcement agency (via the office of the Director of Public Prosecutions) declines to prosecute an alleged offence. In other words, only private people can become private prosecutors and the NSPCA cannot do so itself. BE AWARE OF THE IMPORT OF ADJUDICATION IN BUILDING AGREEMENTS Adjudication is a very specific method of dispute resolution and, judging from the issues raised in the recent judgment in Steffanutti Stocks (Pty) Ltd v S8 Property (Pty) Ltd (October 2017), is a mechanism that parties to JBCC contracts need to understand 8211 whether to save unnecessary litigation costs or to enable informed partaking in the adjudication process. ISSUE 34 8211 2017 28 November 2017 ON DEMAND GUARANTEE PAYS ONCE ONLY Nedbank Ltd and Another v Procprops 60 (Pty) Ltd (10813) 2017 ZASCA 153 (20 November 2017) This matter dealt with payment under a guarantee that was issued by a bank in favour of a Landlord, at the behest of the Tenant. When the Tenant defaulted, the Landlord submitted the guarantee and received payment of the arrear rental owing at the time. When the Landlord subsequently requested further payments for subsequent months arrears from the balance remaining on the guarantee, the bank refused, noting that the guarantee expired after a first demand. This was upheld by the Court. Dyecomber (Pty) Ltd and Another v East Coast Papers CC (AR 46912) 2017 ZAKZPHC 61 (7 November 2017) There has recently been a spate of reported judgments confirming the ultimate penalty following on illegal building works. This judgment is of specific interest in that the Court held that it must order the demolition of an illegal building (because it contravened building regulations and there was no plan approval) due to the constitutional principle of legality, whether or not it is a neighbour or municipality bringing the claim. Usually, under neighbour law, there exists the option to claim a payment of compensation or transfer of encroaching parts to the transgressor but where the building itself contravenes building regulations, such options are not available. ISSUE 33 8211 2017 21 November 2017 NO BUILDING PLANS: VOETSTOOTS PROTECTS SELLER Haviside v Heydricks and Another (AR2713) 2017 ZAKZPHC 53 (17 October 2017) This judgment confirms the position in our law that the absence of approved building plans constitutes a latent defect, in respect of which a voetstoots clause protects an innocent seller. The Court in this matter upheld the sellers reliance on the voetstoots clause, in the face of a claim by the purchaser to make good his additional expenses to his planned renovation necessitated by the absence of approved plans relating to an existing garage. REVOKED CONVEYANCERS UNDERTAKING FOUND TO BE IRREVOCABLE Rodel Financial Services (Pty) Ltd v Stupel amp Berman Inc and Another (201743229) 2017 ZAGPJHC 266 (28 October 2017) Bridging finance arrangements are often part and parcel of property transfers. Here the Court found that the conveyancer had to pay the amount due to the lender, despite the conveyancers written withdrawal from the undertaking on the sellers instruction to do so. The Court affirmed that the conveyancer was an agent in this relationship and that in common law (and in terms of the provisions of the undertaking) such agency was not revocable, whether or not it is stated to be so, because the borrower, lender and conveyancer are bound to each other in the overall transaction due to their respective interests therein. ISSUE 32 8211 2017 14 November 2017 COUNTER-OFFER MUST BE ACCEPTED IN WRITING TO CONSTITUTE VALID SALE Cowley and Another v Lai Thom and Another (11172017) 2017 ZAECPEHC 70 (25 September 2017) The Court was asked in this matter to determine whether a valid sale agreement was constituted where a seller accepted a buyers counter-offer verbally, and then instructing his conveyancer to notify the buyer accordingly. This was answered in the negative, as the Alienation of Land Acts requirements for validity of a sale agreement were not met thereby. YOU ARE BOUND TO WHAT YOU SIGN Botha v Coertzen (39422017) ZAGPPHC (13 June 2017) In this matter the buyer alleged that the seller verbally represented that the land being sold was not subject to any servitude. The written sale agreement however stated that the property sold was subject to any servitudes referred to in the title deed, and it transpired that the property was indeed subject to a servitude. The buyer was precluded from giving evidence to show that the agreed terms were different than those included in the written agreement because of the application of the parol evidence rule which holds that, where parties intend a written document to constitute the whole memorial of the agreement between them, as in this case, later evidence to vary or change the terms of the agreement is not allowed. ISSUE 31 8211 2017 07 November 2017 BUILDING HEIGHT RESTRICTIONS: NEIGHBOURS LEFT STANDING ON HIGHER GROUND Capendale and Another v Municipality of Saldanha Bay and Others, Capendale v 12 Main St, Langebaan (Pty) Ltd and Others (65802017, 8402017) 2017 ZAWCHC 166 (30 October 2017) This judgment relates to two neighbours attempts to prohibit a property owner from pushing through building plan applications that were premised on an unconventional assessment of the propertys natural height, based in turn on an apparently untruthful affidavit from the previous owner that there used to be a sand dune on the property, thereby allowing the current owner to build to a higher height. Finding that the affidavit was probably untruthful and the surveyors related height assessment optimistic, the Court set aside the municipalitys approval of the plans as it was aware of the controversy. It also prohibited the owner from using the disputed height assessment as a basis for further building applications. SALE INDUCED BY FRAUD RESCINDED Quartermark Investments (Pty) Ltd v Mkhwanazi and Another (7682017) 2017 ZASCA 150 (1 November 2017) In this matter the Court declared the sale and transfer of a property after a fraudulent misrepresentation to the owner as to the nature of the transaction, void and allowed the agreement to be rescinded. It emphasized that where a claim for re-transfer is based on the rei vindicatio (an owners claim for the return of what is his), the owner need not tender the return of any gain he may have received, in this instance the settlement of the bond that was registered over the property. The fraudulent party must instead institute a separate claim for enrichment, if so advised. ISSUE 30 8211 2017 31 October 2017 SALE AGREEMENT GUARANTEE TO BE PROVIDED ON A DATE TO BE AGREED UPON Foley v Primezone (Pty) Ltd (216652017) ZAWCHC (18 October 2017) A purchase price guarantee is a unique mechanism to facilitate a property transaction. It provides the bridge between the sellers reluctance to pass ownership until he is paid and the purchasers reluctance to pay before he has ownership. To achieve reciprocity of both parties expectations, a guarantee is used which promises payment on date of transfer. Not determining the exact date on which the guarantee must be provided, can upset this delicate balance, as this judgment shows. The Court confirms that an undertaking to provide the guarantee upon lodgement, was reasonable in the circumstances of this matter and constituted compliance by the purchaser with the guarantee obligation. Mphigalale v Body Corporate of Protea Estate and Another (1676313) 2017 ZAGPPHC 298 (17 October 2017) This matter deals with an attempt by an owner of a section in a sectional title scheme to avoid arbitration regarding a disputed levy arrears account. The owner argued that he never agreed to arbitration. The Court confirmed previous case law that held that a buyer in a sectional title scheme is deemed to consent to the rules of the scheme, these incorporating the obligation to arbitrate disputes. ISSUE 29 8211 2017 24 October 2017 OWNER CLAIMING DAMAGES FROM A TENANT BUT RIGHTS CEDED TO THE BONDHOLDER Pangbourne Properties Ltd and Another v Your Life (Pty) Ltd and Another (201717427) 2017 ZAGPJHC 230 (3 September 2017) Many mortgage agreements provide that, as additional security for the loan, the borrower shall cede to it all its rights arising from a lease relating to the mortgaged property. Where an owner seeks to institute action against a defaulting tenant, he needs to obtain a recession of these rights. This judgment deals with the scenario that arises where an owner instituted action without obtaining a re-cession and subsequently sold the property to a new owner who joined the proceedings. The new owner, however, also ceded these rights to its bondholder when registering a bond over the property purchased. The Court ultimately had to exercise its discretion to allow the claim by the new owner, because of exceptional circumstances and little prejudice to the tenant. COSTLY TO SWEAT THE SMALL STUFF The Body Corporate of Fascadale Heights v Bayne and Others (290713) 2017 ZAKZDHC 43 (28 August 2017) This judgment tells the story of an acrimonious dispute on a fairly simple issue between a body corporate and owners which nonetheless landed up in Court with 250 pages worth of affidavits and annexures. The body corporate was eventually successful in the main application and the present matter dealt with the costs issue. Since both parties carried blame for running up unnecessary costs, the Court exercised its discretion and held that the cost order would not follow the outcome of the matter, as is the usual position, but that each party pay its own costs. ISSUE 28 8211 2017 10 October 2017 PURCHASERS SUCCESSFUL CLAIM AGAINST EAAB FOR STOLEN FUNDS Philip v Estate Agency Affairs Board (3992212) 2017 ZAGPPHC 276 (2 October 2017) This judgment is illustrative of the process involved when a member of the public institutes a claim against the EAAB, in this instance because the purchase price he deposited was stolen by an estate agent. The Court noted that the EAAB is required to investigate claims received and decide whether it accepts liability but cannot, at that initial stage, require the claimant to exhaust all other options available to it. It is only where the claimant seeks to institute action against the EAAB, that the latter requirement becomes relevant. CREDITORS ALARM 8211 TRADER SELLING ITS BUSINESS AND LAND Axal Properties 2 CC v Kotze (7122017) 2017 ZASCA 110 (16 September 2017) Our law requires that where a trader sells any part of his business other than in the normal course of business or to secure a debt, it is obligatory that he publishes notice of his intention to do so, for the protection of business creditors. Certain consequences can flow from the failure to do so, such as the voidability of the sale. However, as this judgment shows, it is not any judgment creditor whose rights will trump the unpublished sale of the business assets and in certain instances it is necessary also to prove that the debt is related to the business of the trader. ISSUE 27 8211 2017 03 October 2017 EXERCISING AN OPTION FOR ANOTHER REQUIRES PRIOR WRITTEN AUTHORITY Le Roux and Another v Nel and Another (2462017) 2017 ZASCA 109 (16 September 2017) The Court confirmed here that where A has an option to purchase Bs property, and appoints X to indicate to B that he (A) seeks to exercise the option, X must have As prior written authority to do so. In the absence of such written authority, the agreement will be invalid for failure to comply with the Alienation of Land Act. BODY CORPORATES PARKING PAYMENT SYSTEM UNLAWFUL City of Cape Town v The Body Corporate of the Harbours Edge Sectional Title Development (1323412) 2017 ZAWCHC 137 (18 September 2017) The judgment is a reminder that body corporate trustees should take proper account of existing rights before implementing new systems. Here the Court ordered the body corporate to do away with a parking payment and disc system in the scheme as it contravened the provisions of a servitude granted by the City of Cape Town. LAW UPDATE. ISSUE 8 26 September 2017 PAPERLESS OFFICE 8211 WHAT CAN I SIGN ELECTRONICALLY For the purposes of concluding contracts electronically and the growth of e-commerce, the Electronic Communications and Transactions Act 25 of 2002 (ECTA) that came into force on 30 August 2002, is of major significance. ECTA makes provision for the recognition and regulation of electronic commerce and its provisions deal specifically with how, when and where an agreement concluded electronically, comes into existence. In so doing, ECTA made electronic signatures legal in 2002. Road traffic accidents are generally thought of as incidents that happen to people other than ourselves. However, statistics show that this is not the case in South Africa. Even if you are a safe driver, statistics have reflected that reckless and negligent driving are common place in South Africa and you could be the innocent victim of such driving. ISSUE 26 8211 2017 19 September 2017 LIQUIDATION ORDER TRUMPS MANDATE TO TRANSFER PROPERTY Biz Afrika 104s (Pty) Ltd ( In Liquidation) v Fuchs Roux Inc (10062017) 2017 ZAGPPHC 260 (30 August 2017) This matter deals with an application by a liquidator to claim moneys paid out to third parties after the registration of transfer of a property. The Court confirmed that the conveyancers mandate, granted by the seller, falls away once an order for the liquidation of the seller has been made. From then on, the liquidators have the say with regard to the proceeds, despite the sale agreement having been entered into before the liquidation proceedings were instituted. The Land and Agricultural Development Bank of South Africa v Ryton Estates (Pty) Ltd and Others (46012) 2017 ZASCA 105 (13 September 2017) Yes, confirmed the Supreme Court of Appeal in this matter. It noted that mora interest (which accrues in respect of overdue contractual payments) constitutes compensation for the losses a lender suffers when a borrower does not make payment of capital and interest on the due date. It applies automatically, unless the parties have agreed to exclude it. ISSUE 25 8211 2017 12 September 2017 FRAUD VITIATES TRANSFER OF OWNERSHIP Nedbank Ltd v Mendelow NO and Another (68612) 2017 ZASCA 98 (5 September 2017) The judgment tells an unfortunate story of a son forging his brothers and dying mothers signatures on documents, so as to effect certain transactions. Applying the abstract theory of the transfer of ownership and noting that there was no real agreement by the owners to pass transfer, the Court ordered a re-transfer and cancellation of a bond which the son had registered after the transfer. FAILING TO PUT THE HORSE BEFORE THE CART Motsiri and Another v Sheriff of the High Court and Another (036742017) 2017 ZAGPJHC 158 (10 May 2017) This judgment deals with an application for eviction by an owner that bought a property from a third party who, in turn, bought it at an execution sale. The execution debtors, well aware of the execution proceedings and never opposing the former, sought to oppose the eviction on the basis that they were the true owners of the property and that the sale and registration thereof to another was improperly obtained. The Court noted that there was a valid order in place allowing the sale in execution and until such time as it is rescinded by a court of law, it exists in fact and has legal consequences that cannot simply be overlooked. The eviction was therefore granted. ISSUE 24 8211 2017 05 September 2017 IT IS EASIER TO SEEK APOLOGY THAN PERMISSION Hope NO and Another v Buchanan (CA 832017) 2017 ZAECGHC 78 (2 August 2017) This is yet another decided matter enforcing building restrictions, this time dealing with the restrictions imposed by a servitude. The Court granted the judgment sought by the owner of a property in favour of which a servitude, that limited the building height on the adjoining property, was registered. As our readers well know from our reports, compliance with building restrictions is an oft recurring issue between neighbours and this judgment again highlights the many risks involved when such limitations are not heeded. Major v Fick NO (562017) 2017 ZAWCHC 113 (20 August 2017) In this judgment the Court allowed a tacit term to be read into an addendum agreement which had the effect that a sale transaction did not lapse when the Surveyor General approval of a subdivision was delayed. This was possible because the surrounding circumstances clearly indicated a tacit term to that effect. The judgment reinforces the importance of wording clauses clearly and, in anticipation of delays, to timeously agree to extensions to avoid the agreement lapsing. LAW UPDATE. ISSUE 7 CHANGES TO OUR COURTS: THE CONSTITUTION 17TH AMENDMENT ACT Parliament recently passed the 17th Constitutional Amendment Act by more than the required two-thirds majority. The new law entrenches the Constitutional Court as the highest Court in the land, while ensuring that the Supreme Court of Appeals role is not reduced to a shadow of what it used to be. Lets have a look at the changes. read more Summary CONVERTING SHAREBLOCK TO SECTIONAL TITLE: IS IT A GOOD IDEA Recent amendments to the Transfer Duty Act grant a transfer duty exemption when shareblock holding is converted to sectional title ownership. This financial benefit re-opens many shareblock holders deliberations as to whether conversion is the route to go. A brief comparison between the rights conferred in each instance will help one to come to a decision. ISSUE 23 8211 2017 EFFECTIVE CAUSE OF SALE, BUT NO COMMISSION Tekenpraktyk CC v Erf 2720 Tzaneen (Pty) Ltd (206482017) 2017 ZAGPPHC 228 (2 August 2017) An estate agent should caution not to assume that commission is payable simply because he was the effective cause of a sale. The parties in this matter did not enter into a written mandate, and although the agent successfully concluded the sale, the Court disallowed the claim for commission as the agent could not prove that he was entitled thereto, whether by tacit or implied agreement. There is no assumption that, in the absence of agreement, the usual rate will apply. City of Johannesburg v Changing Tides 74 (Pty) Ltd and Others (SCA) 2017 ZASCA 116 2017 (6) SA 294 (SCA) 2017 (11) BCLR 1206 (SCA) 2017 1 All SA 8 (SCA) (14 September 2017) When private owners seek to evict unlawful occupiers, the Court must determine whether it is just and equitable to grant such order. One of the relevant facts to be taken into account is the impact that such an order will have on the occupiers by rendering them homeless. Private personsentities have no constitutional obligation to ensure that others rights to adequate housing are fulfilled, this being a responsibility of government via the local authority, but a Court must notwithstanding take these rights into account before granting such order. ISSUE 22 8211 2017 DIFFICULTY TO PROVE TERMS OF VERBAL MANDATES Total Auctioneering Services and Sales CC ta Consolidated Auctioneers v Transpaco Sheet Extrusion (Pty) Ltd ta Terbo Plastics and Another (112262017) 2017 ZAGPJHC 182 (1 August 2017) This judgment illustrates the risks that present when parties recollection of the terms of an oral mandate differ and highlights the advisability of ensuring, where possible, that the terms agreed to are recorded in writing. United Reformed Church, De Doorns v President of the Republic of South Africa and Others (9052017) 2017 ZAWCHC 237 2017 (5) BCLR 573 (WCC) (14 December 2017) This judgment has an unusual set of facts. It deals with a notarial lease agreement between the church, as tenant, and the State, as landlord. It provided that on termination of the lease, the property would be transferred to the State, free of charge. When the State sought to enforce the agreement, the church refused to do so, arguing that the provision in the lease was contrary to public policy, as the parties bargained on unequal footing when the agreement was concluded. For this reason and the fact that it allowed for deprivation of property without compensation, the provision was unfair, unconstitutional and therefore unenforceable in our law. ISSUE 21 8211 2017 TO VALIDLY CANCEL AN AGREEMENT, FOLLOW THE AGREEMENTS PRESCRIPTS Sharman and Another v Nzimande and Another (65482017) 2017 ZAGPJHC 175 (18 July 2017) The seller and purchaser in this matter entered into an instalment sale agreement that included a lease component. When the seller purported to cancel the agreement because of the purchasers default, his notice was found to be invalid because, amongst other things, the notice granted the purchaser 7 days in which to rectify the breach and not 30 days, as required in the written agreement. It serves as a reminder that a cancellation notice is an important notice requiring attention and care. Sheriff Bloemfontein-East v Gainsford and Others (10092009) 2017 ZAFSHC 122 (4 July 2017) This judgment clarifies how a judgment creditor can deal with a usufruct registered in the name of the debtor. It confirms that whilst the usufruct itself is not alienable or executable, the rights of use and enjoyment of the property that the usufruct grants the holder, can be sold in execution. ISSUE 20 8211 2017 SELLER RECEIVING PURCHASE PRICE BEFORE TRANSFER Hlabane and Another v Sebotsa and Others (8582017) 2017 ZAFSHC 113 (6 June 2017) This judgment has an unusual set of facts in that the seller, purchasers and estate agent agreed that the full purchase price would become payable to the seller before registration of transfer. The purchasers paid the full purchase price to the estate agent, only to be told by the seller that they were in breach as the estate agent withheld payment of the purchase price to the seller until date of transfer. The Court found that the purchasers were not in breach as the facts showed that the agent received and held the purchase price on behalf of the seller. INCREASED RATES WHERE PROPERTY USE FALLS OUTSIDE ZONING REGULATIONS Jacobs amp Smilowski CC v City of Tshwane Metropolitan Municipality (477302017) 2017 ZAGPPHC 193 (10 July 2017) This is one in a series of judgments where the Court upholds the (legal) steps taken by a local authority to address instances where a property is used outside the parameters of the applicable zoning scheme. Here the municipality established a non-permitted use rating category in its rates policy which attracted elevated rates. The Court, finding that the category was validly established in law, allowed the municipality to cut water and electricity supply to the property whilst the owner was in default of paying the increased rates. LAW UPDATE. ISSUE 6 SECURITY GUARDS DUTIES TO PROTECT YOU amp YOUR HOME 8211 TO WHAT EXTENT In a recent judgment by the Supreme Court of Appeal, the Court investigated the question whether a private security guard company can be held liable for a clients damages that arose after its employee allowed robbers entry to that clients family home, believing them to be police officers. Our law acknowledges that in such a relationship, the guard has a duty of care with regard to the client, his home and property but what is the extent of this duty DIVORCE: MAINTAINING MAINTENANCE Years in practice has shown that in many instances, a divorced clients difficulties do not cease after the divorce order has been granted. For a while, the waters may be calm, but clients who are still connected to their former spouse, whether when paying maintenance or during contact visits with minors, often experience the need to again obtain legal advice. This arises most often as a result of a former spouse not paying maintenance or failing to adhere to the agreed periodical maintenance increases. ISSUE 19 8211 2017 SUB-LESSEE IS BOUND TO MAIN LEASE AGREEMENT De Sousa v Vermaak and Another (113212017) 2017 ZAGPPHC 120 (15 May 2017) This judgment illustrates the problems that may arise where a sub-lessee, who is in breach, cedes his rights under the sub-lease to a third party. The Court agreed that the main agreement could be validly cancelled as a result of the breach, and that the sub-lessee and innocent third party be evicted. SEQUESTRATION OR LIQUIDATION: HOA CANNOT WITHHOLD CONSENT TO TRANSFER Koka NO and Others v Willow Waters Home Owners Association (Pty) Ltd and Others (2036112) 2017 ZAGPPHC 167 (13 June 2017) In this judgment, the Court confirmed that where an owner of a property that falls within a Home Owners Association is sequestrated or liquidated, the association cannot refuse consent to transfer because of outstanding levies, despite the rules of the association requiring prior consent. ISSUE 18 8211 2017 AGREEMENT VOID WHERE PURCHASER NOT ADEQUATELY IDENTIFIED Osborne and Another v West Dunes Properties 167 (Pty) Ltd and Others (2198512) 2017 ZAWCHC 84 (6 June 2017) In commercial transactions, a property purchaser will often choose to buy land in a company rather than in his personal capacity. This judgment demonstrates that the decision to buy in an entity must be clearly indicated in the agreement, failing which the agreement is rendered void for vagueness. Planet Waves 581 (Pty) Ltd v Newman (100202017) 2017 ZAGPJHC 19 (27 February 2017) This judgment illustrates how the Court assisted a Landlord to evict a Tenant who was running a business from leased residential premises in contravention of zoning provisions. The Tenant alleged he was in the right as the previous owner of the property consented to the business being operated there and that the new owner was bound to that arrangement. The Court ordered the eviction, noting that the alleged consent could not rectify the contravention of the zoning provisions. LAW UPDATE. ISSUE 5 THE DISCIPLINARY PROCESS 8211 A PERILOUS JOURNEY Much has been made of the perceived power that employees wield in the workplace. We find this most evident in the disciplinary process where the danger of a punitive reaction from the CCMA, the relevant Bargaining Council or even the Labour Courts, remains a constant threat. A flawed process to dismiss or even discipline an employee could result in a protracted legal battle in the established courts and governing bodies. When someone anticipates a divorce, there are time and again a multitude of questions that arise. We have therefore summarised some of the most often encountered questions (and answers) that clients initially ask, so that you are conscious of the background to the process should you consider this step. ISSUE 17 8211 2017 WRITTEN TRUSTEE RESOLUTION MUST BE IN PLACE BEFORE SIGNING SALE AGREEMENT, OTHERWISE AGREEMENT IS VOID Jansen NO and Others v Ringwood Investments 87 CC (597712009) 2017 ZAGPPHC 129 (20 May 2017) This is one of many judgments confirming the requirement that where one of the parties to a sale agreement of land is a trust, the agreement must be signed by all the trustees or by one trustee acting on written authority of the other trustees. The written resolution must be in place at the time of signing the agreement, and ratification is not possible (unlike, for example, the position with a company). Where the resolution is absent, the agreement is void. Groenewald Dreyer v Registrar of Deeds, Pretoria and Others (505372017) 2017 ZAGPPHC 116 (16 May 2017) It causes havoc when a property is sold in execution at the behest of a judgment creditor of the owner, whilst another creditor, ignorant of the execution sale, is in the process of applying for the sequestration of the property owner due to other outstanding debts. This judgment illustrates the difficulties that arise and confirms that our law allows the transfer of a property subsequent to a valid execution sale, despite the publication of the sequestration advertisement after the sale, if the execution creditor acted in good faith and was unaware of the insolvency proceedings. ISSUE 16 8211 2017 RESTRICTIVE TITLE CONDITIONS MUST BE TAKEN SERIOUSLY Municipality of Mossel Bay v The Evangelical Lutheran Church and Another (44312) 2017 ZASCA 64 (24 May 2017) This judgment illustrates the potency of restrictive title deed conditions. The relevant condition provided that, should the owner cease to use the property for education or church purposes, the land will revert back to the Municipality. Since the property owner in the present matter stopped using the property for those purposes, the land had to be re-transferred to the Municipality. The wording of the condition was clear, and the owners intention to still use the property for the prescribed purposes, was irrelevant. MUNICIPALITY MAY CREATE OWN CATEGORIES FOR RATES LIABILITY City of Tshwane v Marius Blom amp GC Germishuizen Inc and Another (4332017) 2017 ZASCA 88 (31 May 2017) This judgment confirms that when a municipality adopts a rates policy, it may (within certain parameters) create its own categories for the purposes of levying rates. In the present matter, the Municipality created a non-permitted use category where rates were higher than for neighbouring properties in the permitted use category. The Court confirmed that it was entitled to do so in terms of the Municipal Rates Act. ISSUE 15 8211 2017 BUILDER CANNOT CLAIM PAYMENT IF NOT REGISTERED WITH HOME BUILDERS COUNCIL Hubbard v Cool Ideas 1186 CC (58012) 2017 ZASCA 71 (28 May 2017) The Housing Consumers Protection Measures Act requires that home builders must be registered with the Council as a measure to ensure that consumers are protected from shoddy building work. Here, the Court confirmed that since the builder was not registered with the Council, it could not succeed in its application to make an arbitrators award that was granted in its favour, an order of Court. To do so, the Court held, would condone something the legislature aimed to prevent. City of Tshwane Metropolitan Municipality v Mathabathe and Another (50212) 2017 ZASCA 60 (22 May 2017) When a property is sold, part of the process to transfer ownership to the purchaser involves obtaining a municipal clearance certificate confirming that all outstanding amounts accrued over the past two years, have been paid. The Court here confirmed that the municipality must issue such certificate if the preceding two years rates are paid it cannot refuse the clearance because there are historic debts older than two years. The latter debts are secured in that they remain a charge against the land. LAW UPDATE. ISSUE 4 EMPLOYEES OR INDEPENDENT CONTRACTORS In a highly regulated labour environment, the legal nature of any form of service relationship is paramount in clarifying the rights and obligations afforded to the parties in terms of statutory requirements. While an employee, under defined circumstances, is entitled to the protection of our labour law and the benefits it provides (such as vacation leave, sick leave, family responsibility leave, overtime and the right not to be unfairly dismissed), an independent contractor is not afforded such rights. It is therefore crucial to determine whether you are an employee or an independent contractor. FREQUENTLY ASKED QUESTIONS REGARDING WILLS AND DECEASED ESTATES Uncertainties can arise when structuring a will. You may wonder, for example: What happens to assets bequeathed to children who live overseas What if I die without having drafted a will How are my maintenance obligations to a divorced spouse dealt with In the next few paragraphs we answer some frequently encountered questions to assist you in your planning. ISSUE 14 8211 2017 APPLY CAUTION IN SALE AGREEMENTS THAT INCLUDE MOVABLES Steenkamp NO and Others v C. A du Toit Central (Pty) Ltd (CAampR 10911) 2017 ZANCHC 4 (11 February 2017) This judgment tells an interesting story of where a seller, regretting the inclusion of all movables in a property sale agreement, tried various avenues to change what was agreed to. The Court ultimately found in favour of the purchaser and considered that awarding damages was appropriate, once proved, as the sellers removal of certain movables was likely to cause losses and impact negatively on the purchasers ability to rent out the property. SALE OF MEMBERS INTEREST WHERE A BUSINESS LIQUOR LICENCE IS INVOLVED Coad v Malan (1642308) 2017 ZAWCHC 32 (28 February 2017) Business sale agreements deal with the transfer of liquor licences from time to time. This judgment is a helpful one to have knowledge of as it demonstrates, in the case where a members interest is transferred, how the provisions of the Liquor Act requiring consent for the transfer of a controlling interest in a business holding a licence, are applied. ISSUE 13 8211 2017 SALE PROCEEDS HELD IN TRUST PENDING OUTCOME OF COMMISSION DISPUTE Roux and Another in their capacities as partners of Kevin Roux Properties v Magnolia Ridge Properties 197 (Pty) Ltd (EL5562017, ECD12562017) 2017 ZAECGHC 44 (10 May 2017) This judgment is an interesting illustration of the Court granting a so-called Mareva-type interdict to an estate agent. The latter claimed that commission was due to him (despite the fact that there was no provision therefor in the written sale agreement) and that part of the sale proceeds should be held over pending finalisation of the commission claim. The Court granted the interim relief, temporarily prohibiting the property owner from accessing the takings from the sale transaction. POSITION WHEN PROPERTY OWNING CC IS DEREGISTERED ABSA Bank Ltd v Companies and Intellectual Property Commission of South African and Others (A2913) 2017 ZAWCHC 57 (19 April 2017) Many problems arise when a property-owning close corporation or company is deregistered as a result of not filing annual returns. The law provides that the property becomes bona vacantia and falls into the hands of the State. This judgment illustrates the problems that can arise in such instances and the steps that creditors of the entity can take to reinstate the corporation so as to satisfy their claims against it. ISSUE 12 8211 2017 PRETTY WOMAN STORY WITH NOT SO HAPPY AN OUTCOME Krog v Botes (374692017) 2017 ZAGPJHC 36 (6 March 2017) In this judgment the Court allowed an interdict prohibiting the seller of an unbonded property to deal freely with the sale proceeds of the property. This was because it was found that the applicant, who had lent the purchase price of the property to an escort (who was his girlfriend but with whom he broke up afterwards), had rights in respect of the proceeds of the sale. The outcome is practically relevant to anyone borrowing money for a purchase of a home to make sure all outstanding debts are dealt with adequately. D amp E Trading (Pty) Ltd v Hilton Village Centre CC and Others (134213) 2017 ZAKZPHC 12 (19 March 2017) This judgment deals with a clause in a lease cancellation agreement in which the landlord undertook not to re-let the relevant premises to opposition supermarket groups. The landlord re-let the premises to a company that had concluded a franchise with a competing supermarket group, and the question arose whether this was contrary to the cancellation agreement. The Court found that it was not. The judgment is an interesting read showing how such restraint clauses effect rights contained in a lease andor cancellation. ISSUE 11 8211 2017 MUNICIPALITY MAY CUT ELECTRICITY IF RATES IN ARREARS Rademan v Moqhaka Local Municipality and Others (CCT 4112) 2017 ZACC 1 (26 April 2017) The Constitutional Court upheld this municipalitys argument that it acted within its rights when it cut a ratepayers electricity supply as a result of arrear rates. The ratepayer had refused to pay her rates account due to dissatisfaction with the municipalitys service delivery but kept all her other accounts, such as electricity and water, up to date. The municipalitys by-law allowed for a consolidation of accounts and cutting of supply where any account is in arrears. Faber v Nazerian (201742735) 2017 ZAGPJHC 65 (15 April 2017) This short judgment provides an illustration of the meaning of the requirement to maintain a property, as noted in a Notarial Deed of Usufruct. Where the duty to maintain is not expanded on in the agreement itself, the dictionary and ordinary meaning of the word will prevail. The duty to maintain is then limited to keeping the property in the condition it was in at the time of signing the agreement, and would exclude a liability for other luxurious renovations. LAW UPDATE. ISSUE 3 YOUR WILL: COMPLYING WITH THE LAW IS NOT CHILDS PLAY The recent case of VM Smith v SP Sampson and another. where the testators supposed last will and testament was not signed at all, again highlights the importance of ones will being prepared by a professional person having expertise in the field of succession law. In this article, we shed light on the more commonly encountered errors and irregularities presented to our courts and the possible serious and often expensive repercussions. CAN X BE LIABLE FOR THE TAX DEBT OF Y Can a director, shareholder, member or representative taxpayer of a company be held personally liable for the tax debts of an entity Or for that matter, can any person be held personally liable for the tax debts of another person or entity that is owing to the fiscus Previous inconsistencies between provisions in the various tax Acts dealing with the recovery of taxes have now been resolved in the Tax Administration Act. Lets take a look. ISSUE 10 8211 2017 PERILOUS TO BUILD WITHOUT PLAN APPROVAL Berg River Municipality v Zelpy 2065 (Pty) Ltd (771512) 2017 ZAWCHC 53 (8 April 2017) Flouting building laws allows a municipality, at worst, to apply for an order demolishing the unlawfully erected structures, or to refuse the issue of an occupancy certificate. This judgment is a case in point, where the High Court upheld the municipalitys application for an interdict prohibiting the property owner from occupying the buildings that were erected without the required approved building plans. UNANTICIPATED CONSEQUENCES OF A FAILED RELATIONSHIP Wastie v McConnahie and Another (41754 2017) 2017 ZAGPJHC 50 (11 March 2017) This judgment is one in a row of many where one party to a relationship that subsequently broke down, seeks the Courts acknowledgement that a universal partnership existed between both parties whilst the relationship lasted, allowing the one party certain claims against the other. In this matter, it related to properties which the parties renovated and sold whilst they were still together. After the relationship ended, one party tried to sell one of these properties and the other had to approach the Court for an interdict prohibiting the conveyancing attorney from releasing all the proceeds of the sale to him, pending the outcome of the main matter in which the existence of a universal partnership was alleged. ISSUE 09 8211 2017 LIABILITY FOR INJURIES IN SECTIONAL TITLE SCHEME Du Plooy v Cascades Body Corporate (27510) 2017 ZAWCHC In terms of the Sectional Titles Act, a schemes body corporate is responsible for the maintenance and upkeep of the common property in the scheme. This judgment deals with the question whether an owner can hold the body corporate or managing agent liable after a slip and fall accident. The Court noted that where the body corporate appointed a competent person to attend to the maintenance, it had discharged its statutory duty and would not be liable, except in limited instances. The managing agent is also not accountable, unless it had been charged with a responsibility to ensure the safety of the common property in the scheme. HOW TO DETERMINE IF A CLAUSE IS CONDITIONAL De Klerk and Another v Steven-Lee Properties (Pty) Ltd and Another (29712) 2017 ZASCA 54 (4 April 2017) A conditional clause in an agreement is different from an ordinary clause in that non-fulfillment causes the agreement to lapse, wholly or partly. This judgment investigates a purchasers claim that a clause in an agreement was a suspensive condition rather than a term of the agreement. The Court, amongst other things, investigated when it can be said that a clause is suspensive or not and the judgment is illustrative of the considerations that apply in such an instance. ISSUE 08 8211 2017 HOME OWNERS ASSOCIATIONS: TITLE DEED RESTRICTION ON TRANSFER PROTECTED Cowin NO v Kyalami Homeowners Assoc (1211377) South Gauteng High Court (11 March 2017) This matter dealt with an application by a trustee for an order allowing him to transfer property of a company in liquidation without complying with the registered title deed condition requiring the prior written consent of the HOA for transfer. The Court held that, by virtue of the registered condition, the HOA had acquired similar status to that of a municipality and was entitled to veto registration of transfer until proof was furnished that all moneys due to the HOA in respect of the property had been paid. Banda and Another v Van der Spuy and Another (7812017) 2017 ZASCA 23 (22 March 2017) Voetstoots and a leak in the roof of a house sold by Van Der Spuy to Banda, gave rise to this dispute. The Court held Van Der Spuy liable for the cost of repairing the defect, even though he was unaware of the full extent of the cause of the leak. This liability arose because Van Der Spuy induced Banda to sign the agreement by making a fraudulent misrepresentation regarding the existence of a warranty in respect of past repairs to the roof. LAW UPDATE. ISSUE 2 TRANSACTIONS WITH CLOSE CORPORATIONS 8211 BEWARE THE CONSEQUENCES OF DEREGISTRATION Part 2 of our new series Of late, the alarming numbers of Close Corporations being deregistered by the Company and Intellectual Property Commission, have received increased attention in the media. Apart from having adverse effects on the close corporations assets and activities, it places creditors of the corporation at a disadvantage, unless precautions were put in place. Let us explain. LAUNCHING COMPETITIONS TO ATTRACT CUSTOMERS 8211 WHAT THE CPA SAYS If you are in any way involved with the running, promoting or sponsoring of a promotional competition, you are a promoter for purposes of the Consumer Protection Act. This means that you must comply with the Acts requirements relating to information to be furnished to participants, the detail to be included in the competition rules and the storing of information and documentation after the competition has been finalised. Find out what is required in order to be compliant and avoid incurring the penalties for non-compliance. ISSUE 07 8211 2017 SECTIONAL TITLE SCHEMES SELLING MORE THAN YOU OWN McKersie v SDD Developments (Western Cape) (Pty) Ltd and Others (2128312) 2017 ZAWCHC 46 (6 March 2017) This judgment highlights a very real danger in transactions involving the sale of a section together with exclusive use areas (such as parking bays). It happens in practice that a seller sells his unit and rights to a parking bay to a purchaser, the parties only later realising that transfer of the parking bay is not possible as it was never registered in the name of the seller. It is crucial for property practitioners to make sure whether a seller has title to such exclusive use areas before including it in the sale agreement. Muller NO and Others v Theron and Another (118772008) 2017 ZAWCHC 44 (1 March 2017) Sometimes, things do go right This judgment illustrates that where erstwhile owners of neighbouring properties went to the effort of recording an agreement with regard to an encroachment, and the parties involved in ensuing sales of the properties made the effort to bring this to the attention of subsequent purchasers, there is no ground for a party to allege that he became owner of the encroachment by virtue of acquisitive prescription. ISSUE 06 8211 2017 STUDENT ACCOMMODATION amp ZONING LAWS Stellenbosch Municipality v Van Wyk and Others (15492017) 2017 ZAWCHC 18 (8 February 2017) This is an important judgment to anyone offering accommodation to students. The Court here granted the Stellenbosch Municipalitys application for an interdict to prohibit a property owner from offering student accommodation if the property zoning only allows for a dwelling house to be occupied by one family. The owner must obtain the required permission from the municipality or face the penalties. Roseveare v Katmer, Katmer v Roseveare and Another (201744337, 201741862) 2017 ZAGPJHC 18 (28 February 2017) This judgment is an illustration of the exercise of a Courts discretion when faced with a dispute between two owners relating to the boundary between them. The wall between the erven was, unbeknownst to all, not on the boundary. The Court noted here that demolition is not necessarily the only remedy in the case of encroachment and exercised its discretion to address the interests of each of the owners. LAW UPDATE. ISSUE 1 28 February 2017 NOT JUST AN ATM: A FATHERS RIGHTS IN RESPECT OF HIS CHILD Many clients approach our offices for information on the rights of unwed biological fathers towards their children. Since the repeal of the Natural Fathers of Children born out of Wedlock Act, which dealt with the rights and responsibilities of unmarried fathers, many fathers feel that they have been left in a parenting purgatory. The belief often exists that the mother is the automatic custodian of the children born from their relationship and the sole holder of rights. Is this so read more Summary IMPACT OF THE NEW COMPANIES ACT ON THE CLOSE CORPORATIONS ACT Part 1 of our new series Contrary to what many people believe, the new Companies Act has not repealed the Close Corporations Act. The new Companies Act has, however, repealed certain provisions of the Close Corporations Act and amended certain others. Subject to these amendments, the Close Corporations Act continues to exist and will now be administered by the Commissioner of the CIPC. What are the important changes members of close corporations must know of ISSUE 05 8211 2017 21 February 2017 PERILS OF SELLERS INSOLVENCY BEFORE PROPERTY TRANSFER Sarrahwitz v Maritz NO (8192017) 2017 ZAECGHC 10 (7 February 2017) This judgment showcases the common law stipulation that where a seller is declared insolvent after the sale of a property, but before transfer thereof, the property vests in the liquidator of the insolvent estate. Much hardship follows if the purchaser already paid the purchase price, as he becomes only a concurrent creditor in the estate. Cook and Another v Bolton and Others (68513) 2017 ZAKZDHC 3 (14 February 2017) Owning property jointly has its advantages, but also disadvantages. This matter deals with the real problem that arises when a partnership is making a loss on its immovable property investment and when put up for sale, receives a poor offer. The partners disagree on whether the sale should proceed and the Court is requested to intervene to cut the partnerships Gordian knot in such a way as to cause the least prejudice to either party. ISSUE 04 8211 2017 14 February 2017 STBB PROPERTY LAW UPDATE: HAPPY 5TH BIRTHDAY What started as a passion to communicate hot off the judges desk news to STBBs clients and business partners, has developed into a unique publication keeping property practitioners at the forefront of the latest legal happenings. We are therefore pleased to celebrate the publications 5th birthday this week Thank you for the many comments, input, discussions and constructive criticism received over the past five years. Do keep your suggestions and input flowing as it is a great help to know what our readers expect from the STBB Property Law Update. CONSEQUENCES OF SELLERS INNOCENT MISREPRESENTATION TO PURCHASER Tatrim CC v Spenmac (Pty) Ltd (16222017) 2017 ZAECPEHC 5 (31 January 2017) This judgment has an interesting set of facts bearing on a sale agreement that went awry as a result of innocent misrepresentations by a seller. The Court allowed the purchaser to resile from the agreement, despite an exemption clause in the agreement in which the parties declared that no misrepresentations were made, because the innocent, but material misrepresentations by the seller, negated the consensus that was necessary to conclude a binding agreement. SURETYSHIPS: YOU CANNOT AVOID LIABILITY ON ALLEGED TERMS THAT WERE NOT INCORPORATED IN THE AGREEMENT ABSA Bank Ltd v Swart and Others (37532017) 2017 ZAECPEHC 4 (31 January 2017) Suretyships often unfairly appear to make hard law. But the truth is that, as with any agreement that the law requires to be in writing, it is the written terms that determine the agreement between the parties, and there is very little scope to avoid liability by relying on alleged unwritten assurances between the parties. So, as so many such cases warn, take caution to ensure that all the terms agreed upon, are put in writing. ISSUE 03 8211 2017 08 February 2017 NO-ONE CAN AFFORD DELAYS IN TRANSFERS Margalit v Standard Bank of South Africa Ltd and Another (8832017) 2017 ZASCA 208 (3 December 2017) The Supreme Court of Appeal in this matter held a conveyancer liable for the loss of interest suffered by a seller due to a delay in the transfer process. In this instance the conveyancer attending to the bond cancellation (that was linked to the transfer transaction) was negligent in failing to secure the correctness of the documents lodged. It is a wake-up call not only to the conveyancing profession, but to all involved in property transactions to recognise the value of involving first-class conveyancers with proven track records to attend to property transactions. RAISING PRESCRIPTION IN A CLAIM FOR RETURN OF A DEPOSIT Dusty Moon Investments 243 (Edms) Bpk v Saamstaan Eiendomme BK (98902007) 2017 ZAGPPHC 336 (12 December 2017) This matter deals with a sale agreement that failed because the purchaser did not obtain a bond within the given time period. The agreement provided that the seller may retain the deposit paid in such event. The purchasers attempts to reclaim the deposit met with a prescription exception, as the purchaser initially claimed on the basis of the agreement and, at a much later stage, changed the basis of the claim to one of enrichment when it was alleged that the agreement was void because it was never signed by the seller. ISSUE 02 8211 2017 31 January 2017 COMMISSION CLAIM NOT THWARTED BY OVERSIGHT ON FFC Brodsky Trading 224 CC v Nell 2017 JDR 1665 (GNP) September 12, 2017 This matter deals with a claim by an estate agent for payment of commission due to him. The purchaser who agreed to payment thereof, denied liability on the basis that the agents fidelity fund certificate was faulty, as it referred to the agency as a company whilst it had converted to a close corporation and should have reflected these details. The Court found in favour of the agent, noting that the liability of the agency towards third parties was unaffected by such a conversion and that the publics interests therefore remained protected under the Fidelity Fund Certificate in issue. CLAIM FOR INTEREST DUE TO A DELAYED TRANSFER Crookes Brothers Ltd v Regional Land Claims Commission for the Province of Mpumalanga and Others (5902017) 2017 ZASCA 128 (21 September 2017) Interest is the life-blood of finance, our Courts have noted as far back as 1952. This judgment is a case in point, where the Court confirmed that a seller was entitled to claim interest on the purchase price as a result of a 10 month delay in transfer occasioned by the purchaser, whether or not the seller proved any actual damages that resulted from the delay. ISSUE 1 8211 2017 21 January 2017 DEMOLITION ORDERS ARE VERY REAL Van Rensburg NO and Another v Naidoo NO and Others (273211) 2017 ZAECPEHC 94 (20 December 2017) Due to the grim reality of a demolition order, people may often like to believe that it does not happen in real life. This judgment illustrates that such orders are very real and that non-compliance has the added penalty of imprisonment. The demolition order in this matter followed on building works that were effected without required municipal permissions and the judgment (again) highlights that it is imperative to obtain the required authorisation before going ahead with renovations. SELLING YOUR SHARE WITHOUT THE CONSENT OF CO-OWNERS Vorster and 3 Others v Vorster and 2 Others (Eastern Cape High Court, Case No CA3662017, Judgment 10 January 2017) Owning property jointly with others has its advantages, but clearly also has drawbacks. According to the Romans, community of property or co-ownership was the mother of all disputes. This is a case in point and illustrative of the principles that apply where a joint owner sells his share in the property to an outsider, whilst there are proceedings pending to dissolve the joint ownership relationship between the owners. ISSUE 32 8211 2017 07 December 2017 SECTIONAL SCHEME LEVIES INVALIDLY RAISED The Body Corporate of The Peaks Sectional Title Scheme v Prinsloo N. O. and others (77292017) Western Cape High Court (Judgment delivered 20 September 2017) This judgment deals with the unfortunate results of non-compliance with the prescripts of sectional title legislation. Here the budget was approved by the body corporate but the relevant levies to be raised in consequence thereof were not approved by the trustees of the body corporate after the meeting, as required. This rendered the raising of the levies invalid and owners therefore did not incur a liability in respect thereof. It serves as a wake-up call to trustees and managing agents alike to follow the prescripts of the law when allocating levies. SIGNING A SURETYSHIP WITHOUT YOUR SPOUSES CONSENT Strydom v Engen Petroleum Ltd (1842017) 2017 ZASCA 187 (30 November 2017) The consequences of marriages in community of property acknowledge that both spouses have the same powers with regard to the disposal of the assets, the contracting of debts and the management of the joint estate. However, these powers are not unfettered and for actions that can affect the wellbeing of the joint estate, both spouses consent is required. One example hereof is when a spouse signs a surety 8211 although, if it is signed in the course of business of that spouse, the consent of the other is not required. This judgment illustrates how this works in practice, where a husband signed an unlimited surety in respect of a business in which he was involved, and attempted to avoid liability by arguing that his wife did not consent at the time. LAW UPDATE. ISSUE 10 29 November 2017 FREEDOM OF TESTATION HAS LIMITATIONS South African common law upholds the principle of freedom of testation. Thus, a person making a will can theoretically leave his or her assets to whoever he or she pleases. However the right is not absolute and the balance between the freedom itself and its limitations was formulated by Innes ACJ in the case of Robertson v Robersons Executors (1914) as follows:- the golden rule for the interpretation of testaments is to ascertain the wishes of the testator from the language used. And when these wishes are ascertained, the court is bound to give effect to them, unless it is prevented by some rule of law from doing so UNPAID SUBCONTRACTORS MAY REFUSE TO VACATE THE SITE What can a builder do to enforce a claim for payment of work done One option is that he demands payment from the person who contracted with him to perform the building works and, if the latter remains in default, to issue summons and ultimately force the matter before a Court. More effortless, however, is the builders (and subcontractors) option to exercise the so-called builders lien by simply refusing to vacate the premises until such time as he has received the payment that is due to him. ISSUE 31 8211 2017 22 November 2017 AGREEING TO BECOME A MEMBER OF THE OWNERS ASSOCIATION HAS CONSEQUENCES Kingsmead Office Park Owners Association v Shasri Investments CC 2017 JOL 29586 (KZD) This judgment is an interesting read as it confirms that where a purchaser agrees in a sale agreement to be bound to the provisions of an owners association, he cannot later on refuse to pay levies merely because his property receives less benefit from the communal benefits (such as fencing and garden areas) than other owners. This was because he is contractually bound to comply with the associations rules and regulations. ANNUAL RETURNS NOT FILED, CC DEREGISTERED AND PROPERTY GOES TO THE STATE ABSA Bank Ltd v Companies and Intellectual Property Commission of South Africa and Others, ABSA Bank Ltd v Voigro Investment 19 CC (825012, 66012017) 2017 ZAWCHC 182 (14 November 2017) Both the old and the new Companies Acts, read with the Close Corporation Act, provide for the deregistration of corporations that failed to file annual returns. One consequence is that a CCs assets, including its immovable property, become bona vacantia and vested in the state. However, unlike before, there is no express provision for the reinstatement of a deregistered company by way of an application to Court. The holder of the bond over such property will need to apply to the Commission and provide the necessary CCs outstanding information before reinstatement can be achieved. ISSUE 30 8211 2017 15 November 2017 CLAIMING AGAINST THE NHBRC FOR STRUCTURAL DEFECT Stergianos v National Home Builder Registration Council (385310) 2017 ZAECPEHC 76 (16 October 2017) There is protection for home owners, in certain circumstances, from the effects of poor workmanship by home builders who are registered with the NHBRC. Provided certain prerequisites were complied with, such as that the builder was registered and the home enrolled with the NHBRC, the Council is liable to pay for rectification of major structural defects that manifests itself within 5 years of date of occupation. This judgment is an illustrative case in point. CIPROS POOR STANDARD NOTICE ANNULS CC DEREGISTRATION MB Barter and Trading (Pty) Ltd v Asbury (705807) 2017 ZAWCHC 177 (25 October 2017) Before the new Companies Act came into operation, the Close Corporations Act determined that CIPRO may deregister a CC if it no longer conducts business or fails to submit annual returns. Upon deregistration, the members of the CC became liable for the CCs debts in existence at the time. This judgment held that CIPROs standard notice to a CC notifying it of possible imminent deregistration, unless it confirmed within 60 days that it was still in operation andor that outstanding annual returns were submitted, did not comply with the requirements of the Act and was invalid. As such, any purported deregistration that followed, was void. In the present case, this had the effect that the claim of a creditor of the deregistered CC against the CCs member failed. ISSUE 29 8211 2017 08 November 2017 THE LAW FROWNS ON DISTURBING PEACEFUL POSSESSION Knox and Another v Second Lifestyle Properties (Pty) Ltd and Another (A282017) 2017 ZAGPPHC 223 (11 October 2017) This judgment illustrates the relief offered by the so-called mandament van spolie in the context of access to use a road. Here a property owner obstructed access to the part of a gravel road that traversed his property. The Court upheld the road users claims that they had peaceful and undisturbed possession of the road before the closure and that they were accordingly entitled to have that re-instated, despite alternative roads being available. WHEN A NON-OWNER CAN EVICT Mahomed N. O. v Macheke 2017 JDR 1557 (GNP) August 30, 2017 The right to apply for eviction of an unlawful tenant lies with the owner of the property, bar a few exceptions. This judgment is therefore noteworthy as it recognised the right of a non-owner to evict a tenant from premises let by the non-owner to the tenant. The Court held that the fact that the non-owner was an identified beneficiary that was to receive transfer of the land from the local authority and was also in possession of the rest of the leased building, established a real right entitling the non-owner to approach the Court for an eviction order. TRUST RESOLUTION MUST BE IN PLACE BEFORE AGREEMENT IS SIGNED Karsten v Hughes NO and Others (30692017) 2017 ZAFSHC 170 (13 September 2017) This judgment is a practical reminder of the penalty inherent when a trust signs an agreement to purchase or sell property without a prior resolution authorising the trusts representative to do so, being in place. Such an agreement is void. As such, it is crucial, when dealing with a trust, to verify each time that proper authority is in place. LAW UPDATE. ISSUE 9 02 November 2017 EVICTION AND THE REQUIREMENT TO PROVIDE ALTERNATIVE HOUSING When private property owners seek to evict unlawful occupiers, a Court must determine whether it is just and equitable to grant such order. One of the relevant facts to be taken into account is the impact that such an order will have on the occupiers by rendering them homeless. Private personsentities have no constitutional obligation to ensure that others rights to adequate housing are fulfilled, this being a responsibility of government via the local authority. This notwithstanding, a Court must take these rights into consideration before granting such order. IS THERE SUCH A THING AS A COMMON LAW MARRIAGE South African law does not recognise the concept of a common law marriage. This means that no amount of time spent living with another person will convert a cohabitation relationship into a marriage. Many people are nonetheless under the mistaken belief that common law marriages are legally recognized and that rights and duties automatically arise therefrom. Although our Courts have, in specific instances, recognized that certain reciprocal duties flow from such relationships, this is not a given. ISSUE 28 8211 2017 18 October 2017 DEVELOPER NOT TO INFRINGE ON PUBLIC SERVITUDE Langebaan Ratepayers and Residents Association v Dormell Properties 391 (Pty) Ltd (118592017) 2017 ZAWCHC 50 (8 May 2017) A public servitude is a servitude in favour of the general public and can be established by immemorial use. Such a servitude was in issue in this matter, where the Court held that the public servitude of way, leading to the beach in Langebaan, was not terminated when it was proclaimed (in 1986) as a national route and thereafter deproclaimed (1991), when an alternative tar route was built. The developer that acquired the property over which the servitude ran, was therefore interdicted from placing a boom on the servitude road. Calicom Trading 54 (Pty) Ltd and Another v Gowrie Mews Investments CC (804412) 2017 ZAKZDHC 52 (18 September 2017) There is a continuous stream of case law involving disputes between contracting parties as to what they understood was and was not included in their agreement. The present matter adds to the total, cautioning parties to agreements to make sure that their written record reflects the agreement reached. Here, the restaurant owner relied on (incorrect) advices of the previous business owner that the lease with the Landlord included the right to use a courtyard as part of the business, and signed the lease without reading it. The restaurants various attempts to prove that it had such right, failed. ISSUE 27 8211 2017 11 October 2017 REGISTRATION ERRORS AND THE LAW Bester NO and Others v Schmidt Bou Ontwikkelings CC (69611) 2017 ZASCA 125 (21 September 2017) What happens if a whole property is transferred where the parties intended only to transfer a subdivided portion thereof Then add the fact that the purchasing entity subsequently registered a bond over the whole property and was then placed under liquidation. The Court confirmed that the seller remained owner of the land that was not included in the sale, despite registration in the deeds office to the contrary. It also allowed cancellation of the bond, since the bank could not prove that the incorrect registration caused it to register the bond. Comwezi Security Services (Pty) Ltd and Another v Cape Empowerment Trust Ltd (7592017) 2017 ZASCA 126 (21 September 2017) This is yet another judgment in which a party attempts to place a contrary interpretation on a clause that otherwise reads clearly. The Court confirmed that the clear meaning will be upheld, as interpreted in the context of the agreement as a whole and by an evaluation of the conduct of the parties. This case is noted here because it deals with a resolutive condition, which works quite differently from suspensive conditions more commonly encountered by property practitioners. ISSUE 26 8211 2017 27 September 2017 PARTIES INTENTION WHEN CREATING SERVITUDE UPHELD Royal Hotel Riversdale (Pty) Ltd v Simon NO and Another (71311) 2017 ZASCA 118 (18 September 2017) The intention of the parties is a recurring phrase in contract law which underpins so many aspects of property transactions. The interpretation of this concept to various sets of facts is therefore always of relevance. In this matter, the Court dealt with the parties intention in the context of a seller and purchaser who, as part of the sale, provided for servitude rights protecting parking areas at the sellers business (on the purchasers portion of the land). The Court noted that whilst the agreement did not provide for unobstructed parking, they did agree to maintain parking facilities as it was at the time of contracting, thereby limiting the purchasers rights to develop a portion of the relevant area. NO FFC ANOTHER EXAMPLE OF THE POSSIBLE CONSEQUENCES Enelon CC v Nortje 2017 JDR 0391 (GNP) In this judgment the Court nullified the restraint of trade agreement entered into between an estate agency and two agents because the agencys sole member was not in possession of a Fidelity Fund Certificate at the time of entering into the agreement. The Court, in addition, admonished the agency for not ensuring that the agents it employed had such certificates. ISSUE 25 8211 2017 20 September 2017 ABSENCE OF DUE DATE FOR FULFILMENT OF CONDITION SALE LAPSES AFTER REASONABLE TIME Hanuscke Beleggings CC v Kungwini Local Municipality (5122017) 2017 ZASCA 112 (12 September 2017) The Court here confirmed the important principle that where an agreement of sale does not provide for due dates for the fulfilment of suspensive conditions, the agreement will lapse if the conditions are not fulfilled within a reasonable time. In this sense, patience is not a virtue, as the result went against the purchaser who was, for his own financial reasons, content to wait it out. PRACTICAL EFFECT OF SCHEME RULES REQUIRING AUTHORISATION FOR LEGAL PROCEEDINGS North Global Properties (Pty) Ltd v Body Corporate of the Sunrise Beach Scheme (124652017) 2017 ZAKZDHC 47 (17 August 2017) This judgment practically illustrates the value of scheme rules that bind trustees when exercising their duties on behalf of a body corporate. The scheme rule in question prohibited the trustees from incurring expenses exceeding R50,000 without the body corporates prior consent. The trustees sought to institute appeal proceedings against a judgment, but the Court held that their resolution authorising attorneys to lodge the proceedings was inadequate as the body corporates consent had to be obtained first, it being reasonably foreseeable that the appeals costs may exceed R50,000. ISSUE 24 8211 2017 14 September 2017 Warren Jack Property Broker CC ta Warren Jack Property Group and Another v Venter (CA 1562017) 2017 ZAECGHC 59 (27 July 2017) This judgment deals with a claim for commission by an estate agent who was not in possession of a valid fidelity fund certificate at any time, although employed by an estate agency. The Court a quo held that the prohibition against claiming commission in such circumstances was not relevant in the relationship between the agent and the agency, only where such agent sought to claim commission from a member of the public. The present Court disagreed. INEFFICIENT ADMINISTRATOR: SCHEME BETTER OFF IN HANDS OF OWNERS Grundler NO v Body Corporate Flamingo of Lot 2371 Flamingo Heights and Others (94082017) 2017 ZAKZPHC 53 (22 August 2017) This is an interesting judgment in which the Court found in favour of owners of a sectional title scheme, inexperienced as they may be in managing a body corporate, rather than extending the appointment of an inefficient Administrator. This, despite the fact that the schemes finances were still in an unsatisfactory state. The Court confirmed that the Legislature prefers self administration in schemes and it should exercise its discretion accordingly, where circumstances allow. ISSUE 23 8211 2017 07 September 2017 WHATS MINE IS MINE, I THOUGHT Dubs v Dubs (202552017) 2017 ZAWCHC 158 (23 August 2017) In this matter, divorced spouses dispute whether the proceeds of properties in which they hold equal shares, has to be shared 5050 (as one would expect). This is because one alleges that a joint venture existed between them, in terms of which the proceeds would be dealt with differently. The judgment is an informative read as to how the existence of a joint venture is proved and reinforces how vital it is to reduce such agreements to writing, especially between spouses. PLAN APPROVAL: IT PAYS TO TOE THE LINE National Building Regulations and Building Standards Act 103 of 1977 Imagine being fined for a small home extension you effected to accommodate your student children or whatever other reason This is not far fetched, as the City of Cape Town Municipality has commenced clamping down on buildings erected without its prior approval, which approval is required for anything constructed that is larger than 5m (with some exclusions). In the past 3 months more than 100 such cases were dealt with. LAW UPDATE. ISSUE 8 AVOID LOOSE ENDS WHEN TYING THE KNOT Marriages only come to an end for one of two reasons: death or divorce. Since the former is inevitable and the latter quite common, it is wise to investigate and plan the legal intricacies carefully before walking down the aisle. PRACTICAL GUIDE FOR LANDLORDS DREADING EVICTION PROCEEDINGS It is sadly a product of tough economic times that many people find themselves simply unable to afford basic expenses, such as monthly rental. By now, most if not all landlords are aware of the provisions of the PIE Act, protecting the interests of tenants from illegal and unlawful evictions and, one might venture to state that most landlords feel that the rights and interests of unlawful occupiers are protected to their detriment. The reality is however that all landlords must follow the procedures prescribed in the PIE Act even if a tenant is in unlawful occupation of leased premises. Lets have a look at what these procedures are. ISSUE 22 8211 2017 CREDITORS VEHICLES RETURNED DESPITE STAY OF LEGAL ACTION DURING DEBTORS BUSINESS RESCUE Madodza (Pty) Ltd v Absa Bank Ltd and Others (389062017) 2017 ZAGPPHC 165 (15 August 2017) This judgment is noteworthy for any creditor seeking to enforce his rights against a defaulting debtor that has placed itself under business rescue. Business rescue offers relief from legal proceedings in that a moratorium is placed on any legal action by creditors against the debtor. In the present matter, the creditor had obtained judgment for the return of vehicles it sold on instalment to the debtor, before the debtor passed the resolution to adopt business rescue measures. The Court held that in such circumstances, the creditor was not prohibited by the moratorium to enforce its rights against the debtor. ACKNOWLEDGMENT OF DEBT 8211 NCA SAFEGUARD NOT AVAILABLE IF CREDITOR NOT A LENDER Friend v Sendal (A9732017, 244252009) 2017 ZAGPPHC 162 (3 August 2017) A judgment with an interesting twist in the tail. A owed B money and signed an acknowledgment of debt in respect thereof. When A failed to make payment as promised, B successfully applied to Court for an order compelling A to pay, despite As argument that since the acknowledgment was a credit agreement as defined in the NCA, B would have had to serve proper notices and be registered as a credit provider. The reason for Bs success was because he was not a credit provider in the business of lending money to the public as meant in the Act and therefore the NCA did not apply. ISSUE 21 8211 2017 REVIEW BOARD DECISION SUBSTITUTES MUNICIPALITYS REFUSAL TO APPROVE BUILDING PLANS Pellencin v City of Tshwane Metropolitan Municipality (4723311) 2017 ZAGPPHC 133 (28 June 2017) This is an important judgment for all who are involved in applications for approval of building plans. The Court held that if a municipalitys refusal to approve substituted plans is successfully appealed to the review tribunal, the appeal itself can constitute approval of the plans and a re-referral to the municipality to consider the plans may not be required. In addition, if a dwelling was erected in accordance with approved municipal plans, the municipality has no residual discretion to refuse to issue an occupation certificate. RIGHT TO CANCEL LEASE NOT LOST THROUGH MERE DELAY IN EXERCISING IT Winkelshoek Wynkelders (Edms) BK v Jamadu Restaurant (Edms) Bpk 2017 JDR 1156 (WCC) ( 31 May 2017) This judgment deals primarily with the legal relationship between a landlord and tenant where the lease expired but the tenancy continued as before, without a new agreement formally being entered into. The Court noted that in terms of the so-called tacit relocation of the lease principles, premises originally let for one year at a monthly rent will then be presumed to be renewed from month to month, and each time only for one month, and can be terminated unilaterally only upon reasonable notice being given. The Court also confirmed that the right to cancel a lease is not lost merely by the fact that a Landlord repeatedly condoned late payment of rental and other amounts due. DEMOLISHING A BUILDING ERECTED WITHOUT APPROVAL Ndlambe Municipality v Lester and Others (922017) 2017 ZAECGHC 33 (3 May 2017) This judgment is important because it re-affirms the requirement to keep building operations strictly within the boundaries of approved plans and to consider pending activities if the plans are disputed. Here the municipality succeeded in obtaining a demolishment order of an almost completed R7 million house, the Court noting that in the present matter public policy as well as the rights of neighbours, override the severe financial hardship, discomfort and inconvenience to the owner of the disputed building. LAW UPDATE. ISSUE 7 RECEIVING COURT NOTICES VIA FACEBOOK In a landmark decision handed down by the Kwazulu-Natal High Court (Durban) on Tuesday 31 July 2017, the Court allowed service of a Court notice on the other party not only by way of publication in the local newspaper (because personal service was not possible), but also via publication on his Facebook page FAVOURABLE VAT AMENDMENT FOR VENDORS PURCHASING PROPERTY FROM NON-VENDORS Thanks to an amendment to the Value Added Tax Act 89 of 1991, which came into effect on 10 January 2017, VAT vendors who purchase fixed property from non-vendors will enjoy a significantly higher input tax deduction on such transactions than previously provided for. ISSUE 20 8211 2017 IN THE COMMERCIAL WORLD, CAN INTEREST EXCEED THE OUTSTANDING LOAN CAPITAL AMOUNT Silvermoon Investments 278 CC v Slip Knot Investments 777 (Pty) Ltd (21422017) 2017 ZAECGHC 58 (23 July 2017) This judgment is an interesting read because the lender of moneys for a property development argued that it may claim interest on the outstanding loan in excess of the capital amount owing, contrary to the in duplum rule. It argued that in the modern context, where one commercial entity borrows money from another, both in pursuit of profit, the original purpose of the rule to protect the weak in society from unscrupulous lenders (now addressed by the National Credit Act), is not applicable. BOND CANCELLATION REQUIREMENTS: MAKE OR BREAK GC Property Developers CC v Watt (350252017) 2017 ZAGPJHC 49 (30 March 2017) The relevant agreement here provided that the bond registered in favour of the seller by the purchaser (also the developer of the property), would be cancelled upon transfer of 12 units to the seller. The developer claimed that the seller unreasonably withheld consent to cancellation of the bond, against its tender to set aside land on which to build the units. The Court held that the tender fell foul of the parties agreement and the developers argument that there was a tacit agreement that a substituted tender would be acceptable, was not warranted. ISSUE 19 8211 2017 SIGNING THE SALE AGREEMENT: THE BASICS ARE CRUCIAL Yonda Investments CC v Rohr and Another (292352009) 2017 ZAGPPHC 130 (25 June 2017) This judgment is yet another in a long line of matters in which sale agreements are declared void for non-compliance with the law. Here the agreement failed because the spouse of the Purchaser, married in community of property, did not co-sign the agreement or consent thereto in writing. Neither did the employee of the Seller, a property development CC, who signed the agreement on the Sellers behalf, have the written authority to act on behalf of the corporation. The outcome therefore serves as an important reminder to toe the line with each and every legal requirement pertaining to the signing of agreements. ADVANCE PAYMENT TO SUPPLIERS BANK FOR GOODS: APPLY CAUTION Standard Bank of South Africa Ltd v Echo Petroleum CC (19211) 2017 ZASCA 18 (22 March 2017) Imagine depositing money, earmarked to buy necessary materials for installation of a swimming pool, into your builders account and then to learn that the funds were appropriated by the bank towards debts that the builder owes the bank. Although the facts differ, this is the issue before the Supreme Court of Appeal in this judgment dealing with the banks appeal against the High Courts order for the funds to be returned to the depositor. ISSUE 18 8211 2017 CAN A SURETY FOR MORTGAGE DEBT ESCAPE LIABILITY IF ASSET SOLD BELOW VALUE Standard Bank of South Africa Ltd v Molyneux-Killik (307002017) 2017 ZAGPJHC 122 (5 June 2017) Yet another judgment dealing with a suretys attempts to avoid liability for payment of the main debtors debt. Of interest here was the suretys defence that he could not be held liable for the balance owing under the companys mortgage loan, for which he stood surety, because the company sold the property below its value. The Court noted that such a defence was an issue to be raised between the company and the surety, and did not stand in the way of the banks claim. GOOD FENCES MAKE GOOD NEIGHBOURS AT WHOSE COST Joubert v Groenewald (A33711) 2017 ZAFSHC 106 (24 May 2017) We provide a short summary below of this judgment, not because any legal intricacies are involved, but because the facts tell a familiar story that in the normal course arises from time to time between neighbours. Here, a fence needed repairs and the dispute was whether there was agreement that both owners would equally share the costs of repairs. The trial and appeal, the cost and hostility, would in all likelihood have been avoided had the parties reduced their agreement to writing. ISSUE 17 8211 2017 COURT HAS NO INHERENT JURISDICTION TO GRANT SEARCH WARRANT AGAINST AUCTION HOUSE Auction Alliance (Pty) Ltd v Estate Agency Affairs Board and Others (48502017) 2017 ZAWCHC 92 (21 June 2017) An interesting question was raised in one of the first judgments in the Auction Alliance saga. Here the Western Cape High Court held that it did not have inherent jurisdiction to issue the Estate Agency Affairs Board (EAAB) with a warrant to search the offices of the auction house. The EAABs arguments that the granting of such warrant was nonetheless provided for in both the Financial Intelligence Centre Act and the Estate Agency Affairs Act, was postponed to be heard in conjunction with Auction Alliances constitutional challenge to the provisions that allowed for search and seizure operations. The current judgment is therefore not yet the last say on the matter. INVALID EXECUTION SALE NULLIFIES SUBSEQUENT PROPERTY TRANSFER Muddiman v Registrar of Deeds, Kwazulu-Natal and Others (30972017) 2017 ZAKZDHC 27 (18 May 2017) In this judgment, the bank foreclosed on a debtors property but failed to provide the required notices to the debtor as directed in the National Credit Act. The Court held that the default judgment and writ of execution that followed were accordingly invalid. The subsequent registration of transfer into the name of the purchaser ensued and had to be expunged from the records of the deeds office. LAW UPDATE. ISSUE 6 CGT: WHEN DO THE NEW RATES REALLY BECOME EFFECTIVE In what has generally been regarded as a well thought out and carefully balanced national budget, finance minister Pravin Gordhan played a co-ordinated game of give and take in testing economic times. The 2017 budget speech brought about many interesting announcements, including a couple of unexpected increases to the rates at which certain taxes are levied. These surprise rate hikes included, amongst others, the rate at which the anxiously anticipated new Dividend Withholding Tax was introduced, as well as the inclusionary rate of Capital Gains Tax (CGT). LIABILITY FOR DEFECTIVE PRODUCTS UNDER THE CONSUMER PROTECTION ACT Prior to the Consumer Protection Act 68 of 2008 (the CPA) coming into operation, consumers seeking redress for harm caused by defective products had to prove that the producer of the products was at fault in some way. In this regard, one of the most significant changes that the CPA introduced to South African consumer law is in the context of product liability: consumers no longer carry the heavy evidentiary burden to prove negligence on the part of the supplier from which the defective product was acquired. ISSUE 16 8211 2017 B-BBEE CHARTER FOR PROPERTY INDUSTRY Gazette 35400 dated 01 June 2017 The Department of Trade and Industry have just gazetted the Property Sector Code, addressing the broad-based black economic empowerment (B-BBEE) charter for the property industry, comprising both commercial and residential sectors. Businesses in this industry must now follow this code as from the date it was published, i. e. 1 June 2017. Lets have a look at what this entails. CULTURAL COMMUNAL LIVING: CAN EXTENDED FAMILY NECESSARILY RESIDE WITH THE WORKER Hattingh and Others v Juta (4402017) 2017 ZASCA 84 (30 May 2017) It happens that extended family members stay together in homes on farms on which one family member works. The law grants tenure protection to an employee and certain family members if such communal living is in accordance with their culture. However, as the Court here confirmed, it is not the culture of a particular family that is protected, but the cultural practice of a community. Failure to prove that you are residing in the house as part of such cultural practice allows the landowner to evict you. A RESTAURANT IS A RESTAURANT IS A BAR Hogshead Bar CC v Erf 2077 Douglasdale Extension (Pty) Ltd (201717045) 2017 ZAGPJHC 121 (5 June 2017) This judgment illustrates the interesting scenario in which a tenant succeeds in obtaining an interim order interdicting his landlord from cancelling a lease. This was necessary in order to protect the tenants right to carry on its restaurant business on the leased premises, amidst cancellation threats by the Landlord who believed that the restaurant was in fact operating as a (unwelcome) bar. ISSUE 15 8211 2017 MUST SECTIONAL TITLE DISPUTES FIRST BE ARBITRATED Body Corporate of the Pinewood Park Scheme No 202 v Dellis (Pty) Ltd (4982017) 2017 ZASCA 105 (1 June 2017) A purchaser buying in a sectional title scheme becomes party to the rules that apply to such scheme. In this judgment the Court confirmed that Management Rule 71, which allows for the arbitration of disputes between a body corporate and an owner, does not mean that arbitration is compulsory. However, the Management Rules formulated in the Sectional Titles Act apply by default and a scheme may substitute and amend its rules and provide for obligatory arbitration. In the absence thereof, a body corporate may refer a claim for payment of arrear levies which the owner disputes, to a Court for determination, as were the facts in the present matter. STRIKE ACTION amp DAMAGE TO PROPERTY: ARE YOU PROTECTED South African Transport and Allied Workers Union and Another v Garvas and Others (CCT 11211) 2017 ZACC 13 (13 June 2017) Our Constitution entrenches the right to strike. However, where the exercise of this right is dampened by legislation that holds organisers liable for certain damage that occurs, is this unconstitutional The Constitutional Court on Wednesday reached the same conclusion as that of the Western Cape High Court and Supreme Court of Appeal, answering in the negative. Protection of the physical integrity and lives of others, as well as their property, trumps. ACKNOWLEDGING YOUR INDEBTEDNESS KEEPS PRESCRIPTION AT BAY RampR Construction v Gayadeen and Another (56092000) 2017 ZAKZDHC 25 (15 May 2017) Apart from serving as a cautionary tale reminding the reader of the pitfalls of allowing another person to build on your property, it also illustrates the circumstances which would satisfy a Court that (i) sufficient admission of liability had occurred to interrupt prescription and (ii) an assumption of liability for the debt of another ( expromissio ) had occurred. ISSUE 14 8211 2017 FICTIONAL FULFILMENT OF CONDITION IN SALE AGREEMENT Lekup Prop Co No 4 (Pty) Ltd v Wright (28611) 2017 ZASCA 67 (23 May 2017) This matter dealt with a dispute between a seller and purchaser that arose after approval for subdivision of the property to be sold, which was a condition of the agreement, was severely delayed. The seller alleged that the agreement therefore lapsed but the purchaser refused to accept this, arguing that the seller deliberately and intentionally failed to do the necessary to procure the required subdivision. As a result, based on the doctrine of fictional fulfilment, the relevant term of the contract must therefore be deemed to have been fulfilled. The judgment illustrates the working of this doctrine practically. CITY MAY SEND WARNING TO ILLEGAL HAWKERS WITHOUT FIRST OBTAINING THEIR INPUT City of Cape Town v Hendricks and Another (632017) 2017 ZASCA 90 (31 May 2017) This matter deals with an owner who took the municipality to task for allowing two hawkers to conduct their business illegally on the pavement outside his property, without municipal authority. The Municipality thereupon issued warnings to the hawkers, calling on them to obtain consent or face a penalty. They applied to Court arguing that this constituted administrative action and that the Promotion of Administrative Justice Act required the Municipality to first obtain their input. The Supreme Court of Appeal found that the Municipality was within its rights to issue such notices. MISTAKENLY ASSUMING NCA APPLIES TO SURETYSHIP RMB Private Bank a Division of First Rand Bank Ltd v Kaydeez Therapies CC and Others (201700783) 2017 ZAGPJHC 112 (30 May 2017) This judgment raises the interesting question whether specific legislation can be held applicable to an agreement when the act is factually not applicable but the contracting parties erroneously thought the agreement was subject thereto. In this matter both the bank and the surety thought the NCA applied when they contracted. When the bank acted on the suretyship, the surety sought to invoke the provisions of the NCA, only to find out that this was not possible. LAW UPDATE. ISSUE 5 APPLYING FOR VOLUNTARY SURRENDER IN THE HOPE OF AVOIDING SALE IN EXECUTION Whilst the Law of Insolvency stipulates that the publication of a notice of voluntary surrender stays execution proceedings, our Courts and legal system will not allow a debtor to abuse this process in order to avoid honouring his obligations to creditors. The judgment delivered this month in the Eastern Cape High Court is illustrative of the balance struck by the Court between the opposing interests of the debtor and creditor. DOES HUUR GAAT VOOR KOOP PROTECT ALL RIGHTS UNDER A LEASE The maxim huur gaat voor koop is familiar to most landlords and tenants, although the exact content of the protection afforded by this rule of our law can leave one with misgivings. For example, assuming that landlord A sold to X his property which he rented to B, it is accepted that the maxim will protect the rights of B so that the lease remains in place after the sale of the property to X. But presuming, for example, that the lease contained an option to purchase the property or a clause regulating the payment of commission to the leasing agent used by the landlord, would such provisions also be covered by this maxim ISSUE 13 8211 2017 PRESCRIPTION: DONT LET A SLEEPING DOG LIE Buitendach v South Vereeniging Properties (Pty) Ltd 2017 DR 0633 GNP This judgment illustrates the dangers of prescription. The purchaser signed an agreement on behalf of a trust to be formed and paid certain deposits in terms thereof. Much later he became aware that the agreement was invalid and attempted to reclaim the deposits, arguing that prescription could only run from the time when he became aware of the invalidity. The Court rejected his claim, holding that the purchaser knew that he was not personally liable for payment, but was doing so on behalf of a trust. As such, the debt arose and prescription commenced running when the deposits were paid. PITFALLS OF INADEQUATE RECORD KEEPING Lazar Park Industrial (Pty) Ltd and Others v Seilskip Road Investments CC (A20175046) 2017 ZAGPJHC 55 (12 April 2017) This judgment deals with the disputed cancellation of a sale agreement. When the seller thereafter sold the property to a third party, the first purchaser objected and denied that the first agreement was validly cancelled. The Court found in favour of the seller on the evidence. Of note is the fact that there was a trial and an appeal to the trial Courts finding, dealing predominantly with the various testimonies regarding whether notice was given, since there was no proof thereof. Proper record keeping would have avoided the uncertainty and costs. SALE AGREEMENT WITH SUSPENSIVE CONDITIONS: WHEN DOES PRESCRIPTION START RUNNING BBS Empangeni CC (Formerly ZTC Cash Build CC) v Phoenix Industrial Park (Pty) Ltd and Another (20311) 2017 ZASCA 33 (29 March 2017) The facts of this judgment offer an interesting read and serve to illustrate that as a general rule, the running of prescription only commences from the date when the suspensive conditions of a sale agreement have been fulfilled. This is the moment the debt arises, as meant in the Prescription Act, in respect of both the sellers claim for payment of the purchase price and the purchasers claim for transfer. ISSUE 12 8211 2017 DEFYING AN AGREEMENT TO SPLIT COMMISSION Evans v Tony de Jong Properties (793709) 2017 ZAKZPHC 25 (24 April 2017) This matter deals with a dispute between two agents regarding their agreement to share commission. The agreement came about after the one agents client became interested in selling its property to the Department of Land Affairs, requiring the involvement of the second agent who had extensive experience in such matters. The Court found that although the final deal was concluded through the efforts of the second agent, the fact remains that he was initially introduced to the seller through the referral by the first agent and that there was no proof that the commission sharing agreement was induced as a result of a misrepresentation as to the first agents mandate. TENANT-LANDLORD RIGHTS: IN WHOSE FAVOUR DOES THE SCALE TIP Maphango and Others v Aengus Lifestyle Properties (Pty) Ltd (CCT 5711) 2017 ZACC 2 (13 March 2017) In this ground-breaking judgment, the Constitutional Court affirms the rights of tenants to challenge the contractually valid termination of their leases, if it constitutes an unfair practice as provided for in the Rental Housing Act. The circumstances here were that the landlord upgraded the premises, cancelled the existing leases and then offered the premises back to the tenants at increased rentals. Such conduct may be unfair, the Court held, and obliged the parties to refer the issue to the Rental Housing Tribunal for determination. Whilst the outcome is humane and protective of vulnerable citizens, it raises concerns as to how the decline of urban residential leases can be reversed if the landlord-developer struggles to earn a realistic return on the upgrade of the building. ISSUE 11 8211 2017 NCAS FORFEITURE PENALTY FOR NON-REGISTERED LENDER GOES TOO FAR, SAYS COURT Opperman v Boonzaaier and Others (248872017) 2017 ZAWCHC 27 (17 April 2017) The Western Cape High Court recently declared that a provision of the National Credit Act (NCA) was inconsistent with the right not to be arbitrarily deprived of property. It held that the forfeiture penalty imposed on a credit provider (for example, where a lender was required to register with the Regulator but failed to do so) was, in instances where the loan was not one that the Act normally concerns itself with (i. e. the case of a loan between two friends), disproportionate to the goals that the NCA aims to achieve. SEQUESTRATING AFTER EXECUTION SALE: CAN PURCHASER DEMAND TRANSFER Edkins v Registrar of Deeds, Johannesburg and Others (1611711) 2017 ZAGPJHC 58 (9 March 2017) This judgment confirms that a purchaser of property at a sale in execution is entitled to take transfer even if the registered owner, subsequent to the sale but before transfer, published a notice of intention to surrender his estate in terms of the Insolvency Act. The Court confirmed that the Chief Registrars resolution to the contrary could not be entertained. Top 5 Fundamental Screeners Every Indian Investor Should Know What is stock screening Stock screening is a process of filtering stocks based on certain criteria used by investors and traders to screen better stocks from the pack of stockssectors. Most Screeners provides ratings, metrics and even rule based scanning which eases out the investing decisions. While taking a investing decision some prefer fundamental screener. some prefer technical screener and the rest prefers using both in a combo to filter out better stocks that met their criteria. This article explores the popular fundamental screeners used widely in Indian markets actively by Indian traders and investors. Stock screening doesnt helps a user to predict the movement of the stock in any direction instead it helps in identifying good stocks and the ability to compare a stock with its peers. One was doing screening manually before, but now stock web based screeners helps the users a lot and plays a major role in taking buysell decisions. Generally stock screener has three basic components: database of companies set of variablesrules screening platform to find the companies that satisfies the variablesconditions Let us see about the top five fundamental stock screeners 1.MoneyWorks4me MoneyWorks4me provides Value Indicators, Promoters stake and price pointers as type of screeners, Compeer and MoneyWorks4me Filter. Selection is indicated in color codes. They are as follows: Green. Very good Yellow. Somewhat good Red. Not good Value Indicators screens stocks with highest amp lowest value creation index as Value generators and value destroyers respectively with respect to their capital for the past . The above figure illustrates Colgate Palmolive, Hindustan Unilever, Castrol India from the large cap are the three which tops the value generators list For Tata power, DLF amp JP associates value creation index falls in negative taking past three years into account. Movers amp shakers screens stocks with respect to the promoters stake in the last quarter compared to the previous quarter as promoters expand(increase in stake) and promoters diminish(decrease in stake) From the above figure let us take vaibhav global as an example, we can find there is 13.15 increase in promotors stake. In the above figure Balaji Hindustan Sugar met a decline in promotors stake of 21.9 compared to the previous quarter Price pointers Screens stocks with respect to their PEs and price. When stocks have low PEs and sounds well it is filtered as Healthy amp Affordable and if stocks have high PEs weak it is filtered as Weak amp Pricey For Indian bank PE ratio ends up with a good and healthy value of 6.61 The above figure shows stocks which are fundamentally weak amp having high PE ratios. MoneyWorks4me Filter Helps to analyse stocks fundamentally in each and every aspect. MoneyWorks4me Filter reveals whether a stock chosen by a user is a right stock, right price and right timing with respect to the 10 year X-ray report. The figure tells us about whether one can choose a particular stock on 10 years report, valuation and research reports with the help of latest financials. 2.Capital Cube Capital Cube, one of the largest providers of company analysis is the research platform from AnalytixInsights covering more than 40,000 global equities. Analysis includes the following major factors such as fundamental research, corporate actions, earnings quality, dividend quality and equity screening solutions. Capital Cube helps customers to spent less time in tracking down the data and gathering information and valued time on investment potential and opportunities. The below figure shows how telecommunication stocks are screened with the fundamental analysis score between 10-84 and one month price performance upto 33.06. Let us make a study on ICICIBANK under BSE exchange Figure above shows the overall summary with chart Trends of ICICI Bank w. r.t to price Characteristics and Price history 3.Screener. in Screener. in is a stock analysis and a screening tool to see all the information of a company on a single and customizable page. The Bull Cartel, Growth Stocks, Loss to Profit Companies, Magic Formula, Piotroski Scan and Highest Dividend Yield are the featured screens given by screener. in. Apart from the featured screens users can design their own screens based on their standard and strategy. Email alerts are also enabled for the customer screens. If customer8217s criteria is met they will get an Email. The Bull Cartel : screens stocks of best quarterly results. The figure reveals ICICI bank performed well in the recent quarter. Growth Stocks : Helps to find stocks with high growth potential and strong financials From the figure one can choose BN Rathi securities, as it shows a growth factor of 9 amp PE ratio of 4.92 Loss and Profit Companies : Helps to screen companies which showed a good turnover and quarterly results from loss to profit. Ashok Alco-chemicals produced 927.08 of YOY quarterly profit growth Magic Formula : Helps to screen stocks which beats the market8217s average annual returns. Applying magic formula, Sagar cements earnings yield has been declared as 50.41. Piotroski Scan : Piotroski score between 0-9 will be decided from the nine criteria to determine the company8217s financial position. A stock is said to be a best stock if it holds piotroski score of 9. Piotroski score is determined under the three major categories: Profitability Leverage, Liquidity and source of funds Operating Efficiency Piotroski score for Tata Communication Limites, Zenith Exports amp Siyaram8217s Silk Mills Limited are 9 which in turn reveals that these are best stocks with strong financial positions Highest Dividend Yield : Helps to screen stocks based on dividend paid out on highest yield. Indiabulls Ventures Limited tops the Highest dividend yield shares with 10.22 dividend yield. 4.Stockflare Stockflare helps to find the stocks for investor8217s portfolio. Through hundreds of metrics for more than 40,000 stocks globally and every stock is rated. Stocks are rated on certain factors such as Market Value, investing style, Business Metrics and valuation. Checkout our review on stockflare fundamental screener Market Value : Here stocks are rated as market value high to low, low to high, Price value high to low and viceversa as well star rating. Investment Style : Investment style based on factors 8211 good value, high growth, high quality, market sentiment, momentum, 52 week high-low. Business metrics : Business metrics are decided by the factors such as company8217s capitalization, profit, Growth, dividends paid to shareholders, cash amp investments. Valuatoin : Valuation is estimated with the factors like PE Ratio under 10x, Dividend yield over 4x, trading below book value, less than 1x sales, less than 7x operating profit. The above figure shows the five star rated Indian stocks Stocks which possess positive momentum i. e. trading above 10 day average are shown in the above figure Let us see how Tata Power has been rated 5.Equity Boss Equity Boss is an investment discovery and analysis platform that makes investment decision simple for investors. Equity Boss gives grades after using a accurate indicator to know whether the stock outperforms the market consistently, backtested for years and proved to be good correlation, quantitative comparison among financials. Stock ratings or EB Grades: Excellent 8211 potential outperformer Good 8211 market performers Poor 8211 underperformers Let us see Motherson sumi8217s performance according to the Equity Boss in the following figures: Equity Boss grade for Motherson Sumi Equity Boss gives excellent for Motherson sumi after some actionable insights, backtesting and powerful screening. Momentum of Motherson Sumi The figure shows motherson sumi is in bullish mode according to EMA and also the price zone Shari8217ah of Motherson Sumi From the above figure Motherson sumi made a YOY net profit of 143.35 for the financial year Mar 2017. Hope you get useful insights about the popular fundamental screeners for Indian Markets. Next time do catch you up with interesting insights. Related Readings and Observations About Kalaivani Pandian Learner, Trader and Programmer. Worked as a Telecom Engineer in the past now a Growth Hacker marketcalls. Interested in Quant strategies and Trading Analysis Softwares. Vijay Popat says Very interesting article. would also like some information on technical side of screener or back testing software Hats off to Kalaivani ji. Very useful article. We want more diamonds like this from the treasure of MARKETCALLS, RAJ dear. Wymagane Zrzeczenie się Rządu Stanów Zjednoczonych CTFC Zasada 4.41 Obrót kontraktami futures zawiera znaczne ryzyko i nie jest odpowiedni dla każdego inwestora. Inwestor może potencjalnie stracić całość lub więcej niż początkowa inwestycja. Kapitał podwyższonego ryzyka to pieniądze, które można stracić bez narażania bezpieczeństwa finansowego lub stylu życia. Należy brać pod uwagę tylko kapitał podwyższonego ryzyka, który powinien być wykorzystywany w obrocie, a tylko podmioty posiadające kapitał wysokiego ryzyka powinny rozważyć obrót. Wyniki osiągane w przeszłości niekoniecznie świadczą o przyszłych wynikach. ZASADA TRYBU KTÓRYCH 4.41 HIPOTETYCZNE LUB SYMULOWANE WYNIKI WYNIKÓW MAJĄ PEWNE OGRANICZENIA. MOGĄC UŻYWAĆ RZECZYWISTEGO REJESTRACJI WYDAJNOŚCI, SYMULACJA WYNIKÓW NIE REPREZENTUJE RZECZYWISTEGO TRADINGU. RÓWNIEŻ OD OKRESU, W JAKI SPOSÓB TRADY NIE ZOSTAŁY WYKONANE, REZULTATY MOGĄ ZOSTAĆ ZGODNE Z KOMPENSACJĄ WPŁYWU, JEŚLI JAKIEKOLWIEK, NA NIEKTÓRE CZYNNIKI RYNKOWE, TAKIE JAK CIEPŁO. SYMULACJA PROGRAMÓW HANDLOWYCH W OGÓLNYM ZAKRESIE PODLEGA WPŁYWIE NA FAKT, KTÓRY ZAPROJEKTOWANO Z KORZYŚCIĄ HINDSIGHT. NIE ZAPEWNIA ŻADNEGO OŚWIADCZENIA, ŻE WSZELKIE RACHUNKI BĘDĄ PRAWDOPODOBNIE OSIĄGNĄĆ ZYSK LUB STRAT PODOBNE PODCZAS TYCH OSÓB. Wszystkie transakcje, wzory, wykresy, systemy itp. Omówione na tej stronie lub w reklamie mają jedynie charakter poglądowy i nie są interpretowane jako konkretne zalecenia doradcze. Wszystkie pomysły i materiały przedstawione w niniejszym dokumencie mają wyłącznie charakter informacyjny i edukacyjny. Nie opracowano nigdy żadnej metodologii handlowej ani handlowej, która mogłaby zagwarantować zyski lub zapobiec stratom. Referencje i przykłady użyte w niniejszym dokumencie są wyjątkowymi wynikami, które nie dotyczą przeciętnych ludzi i nie mają na celu reprezentować ani gwarantować, że ktokolwiek osiągnie takie same lub podobne wyniki. Transakcje oparte na systemach Trend Methods są podejmowane na własne ryzyko na własne konto. To nie jest oferta kupna lub sprzedaży kontraktów futures. Copyright 2018 Marketcalls Usługi finansowe Pvt Ltd middot Wszelkie prawa zastrzeżone middot I Nasza mapa witryny middot Wszystkie znaki logo Znak towarowy należy do ich odpowiednich właścicieli. Dane i informacje są podawane wyłącznie w celach informacyjnych i nie są przeznaczone do celów handlowych. Ani strony marketcalls. in, ani jej promotorzy nie ponoszą odpowiedzialności za błędy lub opóźnienia w treści lub za wszelkie działania podjęte w związku z nimi.
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