The Banking Association South Africa (BASA) has also added their voice to the rising crescendo asking government to reclassify the real estate sector as a low risk sector and allowed to operate, subject to the necessary health and safety measures, during level 4 of the lockdown.
There are so many questions from landlords, tenants, and rental agents alike. A particularly pressing issue is the legal implications of cancellation of lease agreements where the reason for the cancellation of the lease agreement was specifically that the tenant could no longer afford to pay the rent for the particular premises because of the financial pressures brought about by COVID-19.
The Estate Agency Affairs Board (EAAB) CEO Mohlala Mamodupi has been very quiet during the corona virus crisis so far despite desperate cries from estate agents that the regulator assists in some way to bring financial relief to the embattled real estate sector.
In this letter, Liane Ellis, principal of a small estate agency, Ellis Real Estate, implore the President and government to pay urgent attention to the plight of the real estate sector.
That is the question… One of the most common questions bouncing around the real estate sector today is if, and when, the landlord can evict a non-paying tenant — an all too familiar scenario in these times.
There are several actions that sectional title trustees can take now to ease the financial pressure on owners who may be struggling to pay their levies as well as their home loan instalments and other debt commitments.