Kosmos 3 in 1 Success, Property Market Updates, and Sole Mandate Insights
Category Branch Article
The past few weeks have been eventful for our town, with the highlight being the successful hosting of the annual Kosmos 3 in 1 marathon. The streets were buzzing with excitement as athletes and supporters came together for this thrilling event.
Notably, load shedding was suspended for the weekend, ensuring an uninterrupted celebration of athleticism and community spirit. With the water system operational and our town impeccably clean and tidy, it was a weekend to remember.
One of the standout features of the marathon was the abundance of water points along the route, each vying to be the best. We're proud to announce that Seeff Secunda received the trophy for the Overall Best Waterpoint for the Kosmos 3 in 1 2024! This achievement is a testament to our team's hard work and dedication.
Shifting gears to the property market, we have some encouraging updates to share. Despite no change in interest rates, the market remains active, offering buyers a variety of options. Seeff Secunda had another remarkable month, achieving record sales worth over R30 million in February! In the rental market, activity continues, although stock remains low.
In our effort to keep you informed, we'd like to highlight an important aspect of lease agreements and lease mandates. According to the Property Practitioners Regulatory Authority, a lease agreement or mandate to lease a property may not contain a clause conferring a sole mandate upon an agent. Sellers are often warned or threatened with a possible double commission if they sign a mandate with another agency, yet this is just a tactic to get the mandate secured. Do not fall for this, it is unlawful and not enforceable in court. For more detailed information, you can refer to an article by MacRoberts and STTB Attorneys (click to follow the links).
Requirements for a sole mandate are very specific and include the following:
1. Must be in Writing: All terms of the mandate must be documented in writing to ensure clarity, understanding and enforceability, and signed by the seller to signify their agreement and understanding.
2. Specific Duration: The period of the mandate must be clearly stated with a start and end date expressed as calendar dates.
3. Written Explanation of Terms and Conditions: The terms and conditions of the mandate, including legal implications and specific obligations related to the marketing of the property, must be explained to the seller in writing.
These requirements are essential to protect the interests of both the seller and the agent involved in the property transaction.
As always, Seeff Secunda remains committed to helping you navigate the property market with confidence. We're here to support you every step of the way, and we trust that your next move will be a successful one!
Author: 1621
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