Very often the question arises as to whether the purchaser must pay transfer duty on a particular transaction or whether there is no transfer duty payable as the transaction is in fact a VAT transaction. This question can arise where the seller is registered for VAT but the purchaser is not or the seller is [...]
The question of amendments to the bond clause as a result of the passing of the National Credit Act has been the subject of much discussion. Most contracts contain a clause which provides that the agreement is subject to the suspensive condition that the purchaser is able to raise a loan upon the security of [...]
INTRODUCTION The National Credit Act (hereinafter referred to as “the NCA”) was passed by Parliament on the 10th of March 2006. The main provisions of the Act come into effect on the 1st of June 2007. The purpose of the Act is to:
promote a fair and non-discriminatory market place for access to the consumer credit;
regulation [...]
There have been certain articles recently which have stated that South Africa intends to only allow foreigners to purchase property on a 99 year lease. These reports are not all together accurate. All that has happened is that the relevant minister has stated in parliament that one should investigate why the prices of properties in [...]
A contract to buy or sell property would invariably include a voetstoots clause. The recent Court decision of Waller and Another vs Pienaar and Another 2004(6) SA 303(C) has elucidated certain aspects of the voetstoots clause.
What is meant by the term “voetstoots”? The clause means that the property is sold “as is” or “as it stands”. [...]
There is an obligation in Law that when property is transferred, there is in existence a valid electrical compliance certificate or the obligation to obtain an electrical compliance certificate. This onerous obligation is most often placed on the Seller and is one that extends beyond a mere contractual obligation, as it is governed by statute [...]
Ø Background The Financial Intelligence Centre Act (hereinafter referred to as “FICA”) was passed by Parliament in December 2001 and is being promulgated in a phased approach. FICA effectively establishes a partnership between the private and the public sector to assist in the identification of proceeds of unlawful activities thereby combating money laundering activities. In [...]
The extended period in which to obtain valuations for the purposes of capital gains tax finally expired on the 30th of September 2004. As a result anybody who is the owner of property which was acquired after the 1st of October 2001 will no longer be entitled to use the valuation method for capital gains [...]
2007/12/04
Estate agents are legally bound to report “suspicious or unusual behaviour” by clients in terms of South Africa’s money laundering and tax evasion laws.
Accordingly, clients need to be both patient and accommodating when their agent requests answers and documentation to support a transaction, says Mike Bester, CEO of Realty 1 International Property Group.
Yet, he adds, [...]