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DID YOU KNOW THAT
 

Did you know that…
The Receiver of Revenue (Cape Town) has adopted the practice that Transfer Duty Receipts (TDR), necessary for the transfer of all immovable properties in South Africa, will not be issued unless BOTH the Seller(s) and Purchaser(s) are registered for income tax purposes. In the circumstances it would be advisable for the Estate Agent to inform the parties to a signed Offer to Purchase that they are required to be registered for income tax purposes and if they are not, to take the necessary steps in order to register as soon as possible, in order to avoid any delays in the transfer. The SARS Income Tax form that needs to be completed is the "Application for Registration as a Taxpayer: Individual - Form: IT77", which can be found on SARS`s website: www.sars.gov.za Speak to one of our Conveyancers for Specialist advice in Property Law.

Did you know that…
A Body Corporate may raise a special levy in order to effect alterations or improvements to the sectional scheme. The special levy is payable over and above the normal monthly levies. The special levy will be calculated according to each unit`s participation quota and shall remain the obligation of the owner at the time when the special levy was raised. This obligation for payment shall continue to be that of the Seller, until paid in full even after date of sale, unless it is specifically agreed in a deed of sale that the new owner shall be liable for payment for any outstanding amount in respect of special levies. The relevant Body Corporate will only issue a levy clearance certificate once all the special levy payments are paid in full, alternatively only when the Seller makes satisfactory arrangements for payment on registration of transfer. It is therefore very important to establish whether a special levy has been raised before concluding a sale in order not to have complications closer to transfer. Speak to one of our Conveyancers for Specialist advice in Property Law

Did you know that…
A Person may not alter or demolish any structure or part thereof which is 60 years or older without a permit from the relevant Provincial Heritage Resources Authority. Speak to one of our Conveyancers for Specialist advice in Property Law Info@strb.com

Did you know that…
In terms of Regulation 3(1)(f) of the Exchange Control Regulations, authorised dealers (banks) may grant financial assistance to non residents, provided that the facilities granted will not cause the borrower to exceed 100% of the Rand value of the funds introduced from abroad and invested in South Africa.  The Non-Resident Centre requires the following documentation to process the application:
1) Proof that the balance of the purchase price was introduced from abroad and deposited to either the transferring attorneys' or estate agent's account;
2) A copy of the offer to purchase;
3) Copy of the non-resident's passport;
4) Cheque in the amount of R540,00 in respect of Excon fee.
Speak to one of our Conveyancers for Specialist advice in Property Law Info@strb.com

Did you know that…
Our Deeds Registry views parties married according to the laws of England as being married Out of Community of Property unless proven otherwise with an Antenuptial Agreement registered in England? This means that British parties can buy properties individually without requiring their spouse's consent.
Speak to one of our Conveyancers for Specialist advice in Property Law Info@strb.com

Did you know that…
All foreigners selling or mortgaging property in South Africa require the assistance of their spouse when signing transfer and bond documents except persons married according to the laws of England, Scotland, Wales, Northern Ireland and Zimbabwe.
Speak to one of our Conveyancers for Specialist advice in Property Law Info@strb.com

Did you know that…
Where a property transaction attracts transfer duty and the duty is not paid within a period of six months from the date of sale, the transaction shall attract penalty transfer duty calculated from the expiration of six months from the date of sale. The rate at which the penalty duty shall be levied is 10% per annum in respect each completed month.
Speak to one of our Conveyancers for Specialist advice in Property Law Info@strb.com

Did you know that…
RATES CLEARANCE CERTIFICATE
The Local Authority may in terms of Section 118 of the Municipal Systems Act No. 32 of 2000 restrain the transfer of property by not issuing a rates clearance certificate due to outstanding amounts which are due in connection with that property for municipal service fees, surcharges on fees, property rates and other municipal taxes, levies and duties, whether for the account of the registered owner and/or his tenant at the time.
The Constitutional Court has ruled that the registered owner is liable for his tenant`s bligations to the Local Authority.
One should always request an entire break down of any amounts owing, in that the Local Authority may only collect such rates and taxes during the two year period preceding the date of application for the rates clearance certificate as stipulated in terms of Section 118[1][b] of the aforementioned Act.
Thus they may not withhold clearance should the outstanding amount relating to the 2 year period be paid, whilst disputing any other amount of any prior time period.
Speak to one of our Conveyancers for Specialist advice in Property Law
Info@strb.com

Did you know that… Either of the spouses to a marriage in community of property can
bind the joint estate when acquiring immoveable property. It is not necessary for
both parties to sign the Deed of sale, unless it is a contract  as defined in the
Alienation of Land Act i.e. a sale of land by instalments, in which case the consent
of the other spouse duly attested by two witnesses is required.
Speak to one of our Conveyancers for Specialist advice in Property Law

Did you know that…
A seller is not legally obliged to provide a beetle free certificate or an electrical compliance certificate to the purchaser against registration of transfer unless the seller agrees to do so in terms of an express condition to this effect in the Deed of Sale.
Please remember however that the fact that these conditions are inserted into most sale agreements is as a result of a “rule of practice” in that it satisfies the Municipal bylaw requirement that any possessor of improved immovable property must be in possession of a valid electrical compliance certificate. Insurance Companies would also repudiate any insurance claims for damage to properties as a consequence of a fire due to an electrical fault if the home owner was not in possession of a valid electrical compliance certificate.
Speak to one of our Conveyancers for Specialist advice in Property Law
Info@strb.com



 
 

 

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