L’acquisition d’un bien immobilier n’est pas une opération simple à cause du coût élevé de celui-ci. C’est la raison pour laquelle nombres de ménages ont recours au crédit immobilier pour assurer le financement de leur projet. Les personnes faisant usage de ce type de crédit sont ainsi appelées « consommateurs de crédit immobilier ». Nos travaux ont pour objet d’étudier cette catégorie de consommateurs dans son rapport avec les autres protagonistes du contrat de crédit immobilier de manière générale, mais plus particulièrement, le prêteur, en tant que prêteur des deniers servant à l’acquisition du bien immobilier. Concrètement, il s’agit d’envisager les mesures de protection du consommateur de crédit immobilier, établies par les législations interne et européenne.En outre, le crédit étant un tout, les éléments qui lui sont accessoires (sûretés garantissant le remboursement du crédit, techniques de vente employées par le professionnel, instruments de paiement utilisés pour concrétiser le paiement du vendeur du bien immobilier, publicité du crédit, démarchage bancaire, etc.) sont également abordés.Enfin, les sanctions prévues pour réprimer le manquement de l’une des parties au contrat de crédit immobilier à ses obligations sont aussi considérées. / The acquisition of real estate is not a simple operation because of the high cost of it. This is the reason why many households use the mortgage to finance their project. People making use of this type of credit are referred to as "consumers of real estate". Our work aims to study this category of consumers in relation to the other protagonists of the mortgage loan contract in general, but more specifically the banker, as lender of the money used to acquire the property. Concretely, it is a matter of considering measures to protect the consumer of real estate credit, established by domestic and European legislation.Moreover, since the credit is a whole, the elements that are ancillary to it (guarantees guaranteeing the repayment of the credit, sales techniques used by the professional, payment instruments used to realize the payment of the seller of the real estate, Banking, etc.) are also discussed.Finally, the sanctions provided for to punish the breach by one of the parties to the mortgage agreement of its obligations are also considered.

South African property investment vehicles consist of collective investment schemes in property (CISPs), also known as property unit trusts (PUTs) and property loan stock (PLS) companies. The application of sections 25B(1), 11(s), 10(1)(k)(i)(aa) and 64B(5)(b) of the Income Tax Act 58 of 1962 (“the Act”) and paragraph 67A(1) of the Eighth Schedule to the Act result in these property investment vehicles being taxed based on their legal form, that of a trust versus a company, rather than on their common purpose. The South African Revenue Service recognised these inconsistencies in the 2007/8 budget tax proposals and proposed that it be reviewed. In December 2007, National Treasury released a discussion paper on the reform of the listed property investment sector in South Africa. The discussion paper is aimed at adopting a real estate investment trust (REIT) regime in South Africa to make South African property investment vehicles more attractive to foreign investors as well as to address the current tax inconsistencies and fragmented regulation of the South African listed real estate sector. In this study, the current inconsistent tax treatment of these property investment vehicles is reviewed, both as to how they apply to the property investment vehicle and to their respective investors. This study further reviews how REITs in selected other countries are regulated and taxed and National Treasury’s proposals as to how REITs applicable in South Africa should be regulated and taxed. Copyright / Dissertation (MCom)--University of Pretoria, 2010. / Taxation / unrestricted

Commercial mortgage-backed securitisation (CMBS) is an important development in the South African property finance field. This study explains the characteristics; structure and structuring; advantages, disadvantages and risks; and legal and regulatory aspects of CMBS. Four CMBS programmes have been launched in South Africa to date (August 2006) all of which have been originated by listed Property Loan Stock (PLS) companies. The unique features of the four programmes were examined and the impact on their originators and the listed property sector was analysed. The main participants in the South African CMBS industry were interviewed. CMBS has acted as a catalyst for greater competition between banks resulting in lower interest rates on bank debt and the creation of new property financing products. The introduction of CMBS has benefited not only the four originating PLS companies, but also had a positive impact on the entire listed property sector. / Business Management / M. Com. (Business Management)

Commercial mortgage-backed securitisation (CMBS) is an important development in the South African property finance field. This study explains the characteristics; structure and structuring; advantages, disadvantages and risks; and legal and regulatory aspects of CMBS. Four CMBS programmes have been launched in South Africa to date (August 2006) all of which have been originated by listed Property Loan Stock (PLS) companies. The unique features of the four programmes were examined and the impact on their originators and the listed property sector was analysed. The main participants in the South African CMBS industry were interviewed. CMBS has acted as a catalyst for greater competition between banks resulting in lower interest rates on bank debt and the creation of new property financing products. The introduction of CMBS has benefited not only the four originating PLS companies, but also had a positive impact on the entire listed property sector. / Business Management / M. Com. (Business Management)