AWCI Property

According to Ms Buthelezi, “FLISP is an acronym for Finance Linked Individual Subsidy Programme, a financial intervention within the National Housing Code. The National Implementing agent has been allocated a role to administer FLISP for both mortgage and non-mortgage options. However, this has been changed to accommodate GEHS (Government Employee Housing Scheme, please see page xx for more info on this scheme) and non-mortgage options such as pension backed loans, housing loan facility, deed of sale option, incremental loans and stokvel options. She goes on to add, “FLISP is meant to improve the functioning of the property market by accelerating the delivery of housing in the so-called gap-market, in other words, the market where government does not build.

born Refiloe Phoolo, is a South African recording artist and record label owner, known for his legendary hits, his love for the finer things in life, and industry game-changing moves. He says: “Artists get only eight percent of their record sales, it’s the industry standard, and 50 percent of their show money. When asked about his massive move into real estate, Cassper says he just wanted to make his mama proud and provide for his family the best way he knows how. With a property portfolio now totalling more than R 10.5 million, Cassper says “While fancy cars, watches and clothes say a lot about the way we portray ourselves and our wealth, property is the only surest way to build generational wealth.

The recent flood of reaction pursuing the judgement in favour of Lerato Sengadi, when she sought to be recognised as the rightful wife of Jabulani ‘HHP’ Tsambo in terms of customary law, is proof of the uncertainty which still exists in understanding the effects of customary marriages nearly 20 years after the coming into operation of the Customary Marriages Act 120 of 1998 (“the Act”). “customary marriage” means a marriage concluded in accordance with customary law; “lobola” means the property in cash or in kind, whether known as lobola, bogadi, bohadi, xuma, lumalo, thaka, ikhazi, magadi, emabheka or by any other name, which a prospective husband or the head of his family undertakes to give to the head of the prospective wife’s family in consideration of a customary marriage. In terms of section 7(2) a customary marriage entered into after the commencement of this Act in which a spouse is not a partner in any other existing customary marriage, is a marriage in community of property and of profit and loss between the spouses, unless such consequences are specifically excluded by the spouses in an antenuptial contract which regulates the matrimonial property system of their marriage. Spouses married in community of property can only register immovable property and a mortgage bond in the joint estate, while spouses married out of community of property can register immovable property in their own names or in both their names, as they wish.

She says of her journey into buying property: “I grew up in a one roomed house in Alexandra and for many years I wanted a place my family could call home. But as I grew up I realised that buying a house is not only living up to my long life dream of providing a home for my family, but it also means I am creating a long term investment for myself. She says: “The initial plan when I bought my house was to pay what I can when I can over and above the required home loan amount, to pay off the bond faster, but with interest rate increasing it has made that impossible thus far, so I plan to take 50% of my bonus to put into the house to make up for all the months I could not pay the extra. She admits that monthly payments on a property may seem like a big commitment to a lot of people, and that she needs to sacrifice other luxuries at times, but says that the independence she knows owning such a large asset will bring her in the future, makes the sacrifices worth it.