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FF Plus’s proposal could help property sellers to recover their deposits faster

The FF Plus's proposal to the Emfuleni Local Municipality's Financial Committee to create a separate bank account into which owners who sell their properties can pay their mandatory service fees deposits could help to fast-track property transactions.

Owners selling properties are compelled by legislation to pay a certain amount of money into the Municipality's bank account to make provision for the collection of any outstanding service fees.

Repayments by the Municipality could, however, be delayed by more than a year because every time when the Municipality's bank account is frozen by a court order, all the money is withdrawn by the applicant.

Once the account becomes active again, it takes months before there is enough money to pay back deposits.

The FF Plus proposes that a separate bank account must be created into which only municipal deposits will be paid in an effort to fast-track repayments to residents.

The FF Plus is actively busy doing everything in its power to help the Emfuleni Local Municipality, under ANC rule, make alternative plans to be upgraded from junk status.

It is particularly important to ensure that taxpayers' interests come first.

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