Trusts have various advantages, but unfortunately, there are also disadvantages. Although this is not a complete synopsis of all the pros and cons, our experience may assist you in making decisions about Trusts. Advantages: Growth taking place in the Trust assets settles in the Trust and not in your personal estate. By selling the assets to the Trust, the amount owed to you by the Trust will...
Section 3
Personal Wills A will, also called a last will and testament, is a legal document in which a person sets out what happens to their estate (the things that belong to them) when they die. The person can also nominate who they would like to appoint as the executor of their will, who will administer their estate when they die. They can nominate more than one person to be their executors. A person’s...
What is covered in an electrical certificate of compliance and what is not? YES NO All Distribution Boards All Fixed appliances E.g. Stoves, extractor fans, geysers, All circuit breakers and protective devices Cylinders, underfloor heating mats All wiring and cables from Main Board to point of consumption (including solar panels and geysers) Secondary wiring to underfloor...
Embrace Change? The property market has changed and will continue to do so for some time to come. Our capacity to adapt to these changes will determine the measure of our successes going forward. Elements that contribute to this market shift: The slowdown in property sales, due to market pressures. Purchasers find it difficult to access adequate funding, due to strict NCA loan...
A number of complications arise when sellers and buyers are not in the country, such as jurisdictional issues, for example. Generally, a document can be signed outside of South Africa and still be valid; however, if the agreement or document is to be relied upon for court proceedings or for use in other areas like the Deeds Office, a specific process needs to be followed when signing (executing) such a...
Buyers who are interested in purchasing in a proclaimed heritage suburb need to know what they may or may not alter or renovate. They should also understand what is expected of them as set out by the National Resources Heritage Act (Act 25 of 1999). How old does an area or suburb need to be before it receives national heritage status? The conditions and criteria regarding when a Heritage Impact...
Deposit The deposit is an upfront payment, usually between 10% and 20% of the purchase price, but varies from purchaser to purchaser. The transferring attorney is obliged to open a separate trust account for each transaction at the highest possible interest rate. Transfer Fees – payable by the Purchaser This is a general term that encompasses the transferring attorney costs and...
It is no secret that a professional bond originator can secure you a better deal than dealing directly with lenders. Bond originators or mortgage brokers act as intermediaries who source mortgage bonds on behalf of individuals or businesses. These services are absolutely free to clients. Traditionally, banks and other lending institutions have distributed their own products. However, as the market...
Transfer Duty Transfer Duty will be the most common tax payable on property transactions. It is payable on the purchase price of the property and must be paid within 6 months after the date of sale of the property. Failure to pay the Transfer Duty within the 6 months period leads to penalties being levied on Transfer Duty Value Added Tax (VAT) Transfer Duty Transfer Duty will be the...
Favourable exchange rates make buying property in South Africa very appealing for foreigners, also referred to as non-residents. It’s important to know what is possible within the legal framework of the country. Foreigners (whether they are natural persons or legal entities normally domiciled or registered outside South Africa) can invest in property in this country, within limits. Non-residents’...