Conveyancing and Transfer of Property
We often meet with the words or more accurately the phrase “soon robots will take over”. Steadily and surely this phrase becomes more and more apparent through the development of time, technology and mankind.
The Electronic Deeds Registration System Bill was assented to on 2 October 2019 and shall come into operation in due course as the Electronic Deeds Registration Act 19 of 2019 “the Act”.
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The Financial Intelligence Centre Act (FICA) was passed into law in 2001. The main objectives are to combat money laundering and to assist in the identification of the proceeds of unlawful activities.
The Property Practitioners Bill was signed into law by the President on the 2 October 2019, however an official commencement date has not yet been decided. The Act is set to repeal the Estate Agency Affairs Act that has regulated the profession since 1976 (Act 112 of 1976).
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.
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.
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