Listing ID: LP104
Petrol Station for Sale R32,000,000 - Property Included
Business Summary
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 buyer. 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.
Commission
A property practitioner is NOT entitled to a commission unless he/she is registered and possesses a valid FFC
The following juristic and natural persons are defined by section 1 of the Act as property practitioners, Agents, Business Brokers, Consultants, Advisers, Agency, Accountants, Attorneys, Auctioneers, Bridging Financer, Bond Brokers, Developers, Homeowners Associations, Managing Agents, and Time Shares, (note, without limiting to same).
The Property Practitioners Act came into effect on the 1st of February 2022. Sections 47 and 48 of the Act compel property practitioners, including their Directors, Members or Trustees, and all employees who act as property practitioners, to obtain and hold a valid Fidelity Fund Certificate (FFC), which must be applied for from the PPRA.
Section 48 of the Act effectively bars a property practitioner from rendering services as a property practitioner if he/she does not possess a valid FFC, and Section 56 dictates that a property practitioner is not entitled to the commission unless he/she is registered and possesses a valid FFC.
Furthermore, Section 48(4) stipulates that a property practitioner who receives a commission in the absence of the certificate as mentioned above will be required to pay back the commission immediately upon receipt of a written request. Conveyancers are prohibited from paying commissions or monies unless a property practitioner produces a certified copy of their FFC.
Operating without a fidelity fund certificate can result in a property practitioner being found guilty of an offence under section 48(5) of the Act.
If there is any doubt as to whether or not juristic and natural persons are defined by section 1 of the Act as property practitioners have a valid fidelity fund certificate, do not hesitate to contact the Property Practitioners Regulatory Authority https://theppra.org.za/ or your Attorney to confirm and verify the registration status.
