J.L.R. 144 Empangeni

This Freehold Service is situated in Empangeni and presently pumps +- 205.000 lpm. Property included. It has a large vacant display area on the property that can be leased out for +- R 120 000.00 pm. The Present Nett profit from the Service station only is +- R 255 000.00 pm. The Combined Nett Profit could be +- R 375 000.00 pm with the Rental from the vacant display area. The Selling Price is R 23.0 million plus stock etc. The Total Funding requirement needed to acquire this entire property and Service Station is+- R 27 250.000.00 of which you must have at least +- R 13 800 000.00 CASH readily available and be able to Raise Finance for the balance of +- R 13 450 000.00. Please note the following: – NO details, Information documentation or site location will be provided unless to meet the above requirements as will be required by the Oil company and most financial institutions.   

Requirements

Please note that all information is strictly confidential and will only be shared with individuals who meet the buyer criteria set by Cyrus Brokers. Interested buyers must submit the following documentation upon inquiry to receive the listing location and address:

1.            Sign a Non-Disclosure Agreement (NDA)

2.            Proof of identification

3.            Submit a “proof of funds letter” from your financial institution confirming the availability of unencumbered funds to purchase the business.

Confidentiality Information and Viewing

The Seller/Owner desires to maintain the confidentiality of information financial or otherwise of their business and does not want their competitors, employees, suppliers, customers, and others to know they are selling their business. It is thus extremely important that the business is protected from this at all times and can only be viewed by appointment through Cyrus Business & Property Brokers.

Disclaimer

All information has been provided by the seller and needs to be re-verified by the seller. Cyrus Business & Property Broker makes no representation of its accuracy does not certify or make any warranties of any of the information provided and has not verified any information. It is strongly advised that you and/or your accountant review all information and do your due diligence before the closing. Information is subject to change without notice.

A property practitioner is not entitled to a commission unless he/she is registered and possesses a valid FFC

Understanding Commission in the Context of the Property Practitioners Act

Commissions are an important aspect of remuneration for property practitioners across industries. Nonetheless, their claims are strictly regulated by the Property Practitioners Act which came into force on February 1, 2022. The law places high demands on practitioners and ensures transparency, accountability, and legal compliance.

The Definition of Property Practitioners

According to Section 1 of the Property Practitioners Act, property practitioners include all categories of individuals and companies involved in property-related transactions. This includes Agents, Advisers, Agency, Accountants, Attorneys, Auctioneers, Bridging Financer, Bond Brokers, Business Brokers, Consultants, Developers, Homeowners Associations, Managing Agents, and Time Shares, and other persons who are involved in real estate transactions, whether in an individual or legal capacity.

Requirements for Commission Entitlement

The core of the Property Practitioners Act is Sections 47, 48, and 56, which set out strict conditions under which property practitioners are entitled to receive commissions:

Fidelity Fund Certificate (FFC):

Mandatory requirements: Sections 47 and 48 of the Act require all property practitioners, including their directors, members, trustees, and practitioners, to hold a valid Fidelity Fund Certificate (FFC).

Prohibition without FFC: Section 48 expressly prohibits Property Practitioners from providing services unless they possess a valid FFC issued by the Property Practitioners Regulatory Authority (PPRA).

Request for Commission:

Compliance with FFC: Section 56 clearly states that a Property Practitioner is not entitled to receive commission unless he/she is registered with PPRA and holds a valid FFC. Obligation to Repay: Section 48(4) strictly requires that any commission received by a property practitioner without a valid FFC must be repaid immediately upon demand.

Verification and Compliance:

Certification Requirement: The Notary Public shall not pay the commission or related funds unless the Property Practitioner provides a certified copy of the FFC. Legal Consequences: Under Section 48(5), carrying on business without a valid FFC constitutes an offense under the Act and exposes the practitioner to potential legal penalties.

Importance of Compliance and Verification

Given the legal implications and stringent enforcement mechanisms set out in the Property Practitioners Act, it is imperative that all parties involved, whether property practitioners, notarial representatives, or clients, ensure compliance with these regulations. Verification of a practitioner’s registration status and FFC validity should be carried out through official PPRA channels or with a legal advisor to minimize non-compliance risks.

How to Check Registration Status

To check if a property practitioner has a valid FFC, parties can visit the official PPRA website (https://theppra.org.za) or contact a legal expert specializing in real estate law.

This verification process is essential to avoid potential litigation and ensure that all parties involved in real estate transactions comply with the regulatory framework established by the law.

Conclusion

Commissions remain a fundamental component of property practitioner remuneration as they reward performance and drive business within the industry. However, under the Real Estate Practitioners Act, the right to receive commissions strictly depends on the practitioner’s registered status and possession of a valid PPRA FFC. Failure to comply with these regulatory requirements will not only jeopardize the practitioner’s right to receive commissions but also expose him to legal consequences as provided by the law. By understanding and adhering to the provisions outlined in sections 47, 48, and 56 of the Property Practitioners Act, stakeholders can ensure transparency, ethical conduct, and legal compliance in all property-related transactions. For further guidance or verification of registration status, stakeholders are encouraged to utilize the resources provided by the PPRA or seek legal advice to navigate the complexities of commission entitlement under this regulatory framework.