Seton Smith & Associates

20/05/2020

Fantastic result for our client! Great teamwork from Seton Smith & Associates!

Three police officers have been interdicted from interfering with the operations of a Pick n Pay in Soweto, following allegations that the law enforcement officers went beyond Level 4 regulations in targeting the store on multiple occasions.

01/04/2020

Please share!

Laudium Disaster Management is aware of pictures that have gone viral on social media of falsely accusing Ldm members of being involved in criminal activities at a filling station in Pretoria , a process is underway by LDM management to persue legal charges against those spreading these rumours. Attached is a letter issued by the owners lawyer absolving Ldm.

14/11/2019

LIVING WELL WITH A LIVING WILL
As summer steadily increases its grip on Cape Town and thoughts turn to festivities and family, this seems like an odd time to consider our own mortality. Whilst many people understand the importance of having a Last Will and Testament to ensure their loved ones are taken care of, few people stop to consider what should happen in the unfortunate event that they end up on life support, with no hope of recovery and unable to speak for themselves.
To fill this gap, the concept of a “Living Will,” has gained traction in recent years. A Living Will is a document that will guide your family and doctor when you are on life support and cannot make your wishes known. Unlike a Will, which comes into force after your death, a Living Will contains directives for your end of life whilst you are still alive.
Typically, Living Wills state that you do not wish to be kept alive artificially with no reasonable chance of recovery in sight. Many people do not like the idea of being kept alive in such a situation. Crucially, by letting your wishes known in advance, family members are not faced with an agonizing decision, nor will they face the crippling costs of prolonged artificial life support. Living Wills also have an advantage by stating in advance what kind of medical procedures you consent to at a time when you cannot. Living Wills may also contain directives for a funeral and organ donation.
Living Wills are not catered for by any legislation and there is no obligation on your family or doctor to follow the terms of your Living Will. However, major medical professional organisations in South Africa have issued guidance notes to their members, broadly supporting Living Wills, subject, as always, to the overriding concern of the best interests of the patient.
It is advisable that a Living Will be drafted simultaneously with your Last Will and Testament. A Living Will is a wholly separate document from a Will, as a Living Will will guide your last days, whilst the provisions of a Will will come into effect only after death. There are a number of attorneys in Cape Town who are able to provide such a service and will draft the Living Will in a professional manner to ensure that your wishes are reflected in clear and unambiguous language. Although a Living Will is not a particularly complex document, a lawyer will be comply with any necessary or highly recommended formalities to ensure that your wishes are known at a time when you cannot speak for yourself.

16/08/2019

Very important information for agents and home owners alike.

Discover Cape Town! View the Cape Town city profile and find average house prices, long term growth charts and demographics on who lives in Cape Town.

07/08/2019

On a R1m home loan, this week’s interest rate cut translates into a saving of R166 a month, and potentially almost R40k over 20 years. How much will you save?

12/04/2019

Most informative reading material published by FNB.

FNB ESTATE AGENTS SURVEY:

STATS:
15.3 Weeks on market
10 Serious viewers
9.4% Drop in Asking price

Reasons for selling:

Estate agents perceive “Downscaling because of life stage” as still the most prominent reason for selling a property in SA, with such sales accounting for 23% of all sales, flat from the previous quarter. Furthermore, emigration driven sales are gradually increasing, accounting for 14.2% of all sales, up from 10% in 4Q18.
In fact such sales, according to estate agents, have doubled in the past two years and are, as expected, more prominent in the coastal areas and in upmarket segments. On a slightly positive note, although downscaling due to financial pressure has become increasingly prominent in the past year, the estimated proportion of such sales eased to 15.9% in 1Q19, from 19% in 4Q18.
Of those who sell due to financial pressure, an estimated half opt for the rental market, and the other half opts for a cheaper property.
The proportion of those who opt for rentals has, over the past year, been rising, only retreating in 1Q19 at approximately 49.01% from 68.01% in 4Q18.
However, these trends do not appear to have benefited the rental market, as vacancies are reported to be increasing and rental inflation continues to languish below inflation.
One explanation could be that households are consolidating in the rental market,opting for shared space.
Related to this, the survey shows that, although not a dominant trend yet,there is a rising trend of communal living property purchases (we define this as people buying property jointly with friends or other extended family members with a view to living together to share expenses/repayments).
The 1Q19 results show that 15.9% of respondent agents are seeing this trend increasing in their respective markets, up from 12.7% in 4Q18.
This consumer behaviour is not surprising when viewed in the context of housing expenses outpacing wage growth, and consistent with other manifestations of consumer pressures in adjacent markets, such as the passenger car market wherein total volumes are declining but the proportion of SUVs (family-oriented cars) is rising.

Bottom line:

The FNB Estate Agents Survey reveals that supply-demand imbalances are still prevalent in the South African housing market, although they were not perceived to have worsened in the first three months of 2019. More positively,
there are more optimistic agents than there are pessimistic about near-term market prospects. Meaningful near-term recovery will pivot on improvement in economic conditions and a turnaround in the current consumer pessimism.

Disclaimer
The information in this publication is derived from sources which are regarded as accurate and reliable, is of a general nature only, does not constitute advice and may not be applicable to all circumstances.
Detailed advice should be obtained in individual cases. No responsibility for any error, omission or loss sustained by any person acting or refraining from acting as a result of this publication is accepted by Firstrand Group Limited and/or the authors of the material.
A division of FirstRand Bank Limited. An Authorised Financial Services provider. Reg No 1929/001225/06.

09/04/2019

We hosted a wonderful talk at Keller Williams Coastal today presented by Salma le Roux of Isikolo Training on the subject of Longevity in the Real Estate industry. Topics covered :
 The EAAB education requirements demystified
 Creating ways to remain relevant in the real estate industry
 To create new strategies to make people remember you
 To embrace the changes in the industry and capitalise on the advantage to you
It was thoroughly enjoyed by all. Followed by lovely eats and Olive oil and Biltong supplied by our Conveyancer - Sarah Chapman from their farm in Porterville - homegrown😀.
Thank you to Peter Andrianatos whom facilitated our presentation.

28/03/2019

WHAT IS PRESCRIPTION?
Many consumers and suppliers are vaguely aware of prescription but are unsure of how it may apply to their debts and transactions.
Broadly speaking, prescription is a legal doctrine which provides that debts are extinguished and unenforceable after a specified period of time. Different periods apply to different transactions. For most consumer transactions, a debt will prescribe three years after it became due. Longer periods are provided for court judgments, mortgage bonds (“home loans”) and state/ municipal debt, such as rates arrears and television licences.
A debt will be considered prescribed and thus unenforceable if:
a) No summons has been issued since the debt arose;
b) The debtor has not made any payment towards the debt in the past three years; or
c) The debtor has not acknowledged the debt in the past three years.
The purpose behind prescribing debt is to provide legal certainty and to prevent creditors and suppliers delaying enforcement of a debt in order to accumulate costs and interest. The prescription period may be delayed or interrupted under certain conditions. For example, prescription may be delayed if the debtor is a minor or if the debtor is outside the country.
The prescription period will be interrupted if:
a) a summons is served on the debtor by the creditor within three years of debt becoming due;
b) if the debtor acknowledges the debt. A debtor can acknowledge a debt in a number of ways, such as making a payment towards the debt or by signing a document known as an acknowledgement of debt. Consumers sometimes unknowingly “reactivate” the debt by making a small payment.
A creditor, or his attorney, can still demand payment of a prescribed debt. It is up to the debtor to raise prescription as a defence.
However, for credit agreement related debt falling under the National Credit Act, – such as store accounts and car loans – creditors may no longer attempt to collect on prescribed debts, even where the debtor does not raise the defence of prescription. This provision was likely introduced in order to provide greater protection for poorly educated and financially illiterate consumers.
Prescribed debt should not be listed on a debtor’s credit record. If prescribed debt is listed on a debtors’ credit record, the debtor must contact the credit bureau for the information to be removed.
For suppliers and creditors, it is critical to institute action against the debtor within three years of a debt becoming due and payable.
For consumers it is important to be aware of prescription as a defence against unscrupulous collectors, seeking payment of debt that may be years –or even decades –old.

19/03/2019

At Seton Smith & Associates we firmly believe that the agent is one of the most important people in any property transaction. Because we understand and appreciate the process that culminates in a successfully signed OTP we will always do our best for a speedy and successfully completed transaction and keep you and the seller updated all the time. With us you are never one of many but an enormously important part of our business.

25/02/2019

Seton Smith & Associates is a bespoke law firm that specialises in a few areas of the law, of which Conveyancing is one. We understand the time and effort an agent expends to secure a mandate, find a buyer and secure finance, and how difficult the circumstances surrounding a successful sale may be. We will always endeavour to go the extra mile to have the property successfully transferred in the shortest possible time. "Time is Money" and we understand that more than most – our clients, no matter who they are, will always be no 1.

15/02/2019

Our conveyancer, Sarah Jane Chapman, doing a presentation to Keller Williams Coastal February 2018 on the impact of water restrictions on the Cape metropole.