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.
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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.
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.
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.
Although in an ideal world, most of us would elect to purchase property in our name by means of a cash transaction, the reality remains that the majority of property transactions in South Africa are financed in one way or another.
Thus, for many who have taken the great leap of purchasing property for the first time, the home loan application process can result in one of the most daunting experiences, especially where one possesses little to no knowledge of the processes involved.
Buying property; whether for personal, investment or business purposes, remains a stressful exercise.
As a result of the increase in price of properties and difficulty to raise the costs involved with maintaining and attaining a property; such as transfer costs, deposit and maintenance, many people are seeking to share some of the responsibility and financial exposure with another person/s.
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