It can be assumed that no property will ever be perfect, sellers and purchasers are equally aware of this. However, when selling your property, it is in your best interest to not conceal and/or be untruthful about any defects that you are aware of.
Read the rest of entry »
Capital gains tax is a form of income tax and can be defined as the tax levied on the disposition of an asset. Capital Gains Tax has been introduced in South Africa from 1st October 2001.
Therefore, if the disposal of an asset had taken place on this date or anytime thereafter for proceeds that exceed its base cost; it would be subject to tax levied in the form of Capital Gains Tax.
A deed of sale is a written agreement signed by both the Seller and Purchaser, in the presence of witnesses, for the sale and purchase of a property.
Once signed, it is a legally binding document that stipulates all the terms and conditions agreed upon between the Seller and Purchaser.
When a Seller employs the help of an Estate Agent to sell a property, the Seller is liable to pay commission to the Estate Agent who was the effective cause of the sale of their property.
According to Bruce Forrest, managing partner at KwaZulu-Natal legal firm, Meumann White, there are many instances where Sellers are eager to sell their property and thus bring in more than one Estate Agent to sell their property as quickly as possible.
Great, you’ve received your bond approval from your bank / financial institution, you’ve signed your letter of acceptance- but what happens next?
In this article, our attorneys in Cape Town provide you with a chronological step by step explanation of the bond process.
Shared condominium has been introduced into legal systems for similar reasons: a solution for housing shortages and to accommodate the social and economic needs of a changing society. This article aims to evaluate the advantages and disadvantages between purchasing a unit in a sectional title in comparison to a freehold property.
Investing in property is always an exciting, yet overwhelming experience. Favourable exchange rates create a certain appeal for foreigners buying property in South Africa.
A personal servitude can be described as the right to the enjoyment of another person’s immovable property.
The holder of the personal servitude is entitled to enjoy the immovable property as if it were their own, but should preserve the substance of the immovable property and not destroy it
A pre-emptive right, also referred to as a right of first refusal, is a contractual right often sought by a Lessee entitling such Lessee to obtain a first right to purchase the property that he/she is renting.
A deed of sale will remain valid and enforceable, should the seller or the purchaser die before transfer has been registered. The executor of the deceased’s estate would have to act on behalf of the estate.
When a person dies, the Master of the High Court appoints an executor to administer the deceased’s estate.
Get the latest updates in your email box automatically.