Deciphering the dilemma: To sell or not to sell your property amid financial strain
Given the current economic climate, many homeowners in South Africa might find themselves facing the challenge of keeping up with their monthly bond repayments. In such instances, it may be tempting to consider selling the property to relieve financial pressure. However, before you make a hasty decision, it is crucial to understand all the factors […]
Deciphering the dilemma: To sell or not to sell your property amid financial strain
Given the current economic climate, many homeowners in South Africa might find themselves facing the challenge of keeping up with their monthly bond repayments. In such instances, it may be tempting to consider selling the property to relieve financial pressure. However, before you make a hasty decision, it is crucial to understand all the factors […]
TRANSFER DUTY: VALUATION CONSIDERATIONS
Section 2(1) of the Transfer Duty Act[1] imposes transfer duty on the value of any property acquired by any person by way of a transaction, or in any other manner, or on the value by which any property is enhanced by the renunciation of an interest in or restriction upon the use or disposal of […]
SPECIAL TRUSTS
The Income Tax Act[1] includes specific provisions for “special trusts”. These trusts are taxed on the same sliding scale applicable to natural persons, which could be lower than the current 45% flat rate applicable to conventional trusts. Capital gains tax (“CGT”) is also lower within a special trust, at a maximum rate of 18% compared […]
AUDIT CERTIFICATE FOR PROPERTY TRANSFERS AND BONDS
In order for a Conveyancing Attorney to register a bond, or transfer a property on behalf of a company or trust, they require an Audit Certificate. This certificate is in fact a Factual Findings Audit Report and must be prepared in accordance with the relevant International Audit Standard. This standard requires the auditor to document […]
IS THE BUYER OF AN IMMOVABLE PROPERTY RESPONSIBLE FOR PAYING THE SELLER’S OUTSTANDING MUNICIPAL ACCOUNT?
Are buyers of property responsible for the payment of outstanding municipal debt run up by the previous owner of the property? The short answer is “Not anymore”. For the long answer please read the rest of this article. What happened in the past Municipalities had to issue rates clearance certificates without which a property couldn’t […]