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This is what you need to know about occupational rent
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Occupational rent: a concept that most buyers and sellers have some idea about – but they are not always certain of the nitty gritty.
Who pays the rent to whom? How is this rent calculated? And when does it become payable?
These questions can be answered by the sales agreement between the buyer and seller – but the details are often overlooked in the excitement of finalising the transaction. This can lead to friction down the line.
Craig Mott, Cape Town regional sales manager for the Rawson Property Group, says occupational rent is an amount payable by the occupant of a property before transfer of the property has taken place.
Covid-19 related delays at deeds office hurt property industry
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Cape Town - Estate agents and conveyancers have said the frequent closure of the Cape Town deeds office in Plein Street due to Covid-19 scares is having a negative impact on the real estate industry.
The office was closed on Wednesday after a staff member tested positive with Covid-19 and while clients had expected to have access by 8am yesterday, by 9am they were still waiting in long queues outside.
Rawson property group Cape Town regional sales manager Craig Mott said: “We have many buyers and sellers who were in the process of transferring property but have now been left stranded and these closures have the ability to financially ruin many people.