3 MAHWALALA FLATS FOR E750 000

MBABANE – Property developers have been given an opportunity to expand their business portfolio through the acquisition of three one bedroom flats.

The semi detached flats located at Mahwalala Zone four at plot number 757 will go under the hammer for a reserve price of E750 000. The flats which derive a monthly income of E7 200 sit on a plot measuring 674 square metres.
The flats will be sold by public auction by Deputy Sheriff Bongani Magagula at the Mbabane Magistrates Court starting from 11am. Each of the flats comprise of a bedroom, lounge, kitchen and bathroom.

On the conditions of sale, it had been mentioned that the purchaser would be expected to pay a deposit of 10 per cent in cash upon the fall of the hammer by the auctioneer. The balance against transfer to be secured by a bank or Building Society guarantee, to be approved by the plaintiff’s attorneys should be furnished within 21 days.
“In the event of the purchaser being unable to pay the 10 per cent deposit immediately, the deputy sheriff shall be entitled to forthwith cancel sale and put the property on auction.

Payment

‘‘If transfer of the property is not registered within three months after the sale, the purchaser shall be liable for payment of interest to the plaintiff at the rate of nine per cent per annum on the amount of the award,” reads the condition of sale in part.
It should be mentioned that Mbabane is soon becoming the preferred area of investment for property developers.
The capital city of Mbabane, on average, accounted for about 25 per cent of all deeds of transfer which were 286 in total during the period between January and April, 2019. A deed of transfer is an instrument by which ownership of registered property like land is conveyed from its seller to its buyer.

This effectively meant out of the 286 properties which changed hands in the last three months, about 71 of the transactions recorded by the deeds office pertained to properties located in Mbabane.

Transfers

It should however be mentioned that when compared to the similar period last year, there was a decline in deeds of transfers by 16 per cent since 341 were reported last year.
The Registry of Deeds, whose Registrar is Thabiso Masina, disclosed that 35 per cent of mortgage bonds which were 261 occurred in Mbabane.

Independent

It should be explained that according to independent calculations by the Business Desk, this translated to mean about 91 of the mortgage bonds happened in one of Eswatini’s most developed towns.
This could also mean more people bought homes in the last three months.

When a person finances the purchase with a mortgage, the lender rarely retains ownership of the mortgage. In a default situation; bondholders have a claim to the underlying property and could sell it off to compensate for the default.

Deeds

Further, the deeds office also mentioned that 70 per cent of Notarial Deeds of Lease also happened in the capital city. This meant around 35 notarial deeds of lease were in the same town.

Post your comment

Your name:

Your e-mail address:

Add your comments:

Please enter the code you see in the image:

Image:

Code: