SARS Compliance When Selling Property
It is important that the parties to a transfer of immovable property ensure (ahead of time) that their mandatory tax returns have been filed with SARS and that their information with SARS and submissions are up to date. In terms of Section 99 of the Income Tax Act, SARS may direct the conveyancing firm attending […]
Bequeathing Property in your Will
Where possible, avoid bequething property to more than 1 heir. Although you may have the best intentions at heart, joint ownership between parties who did not necessarily agree to same may lead to conflict and put undue financial strain on your loved ones. Where it is not possible to divide assets equally in the will, […]
#DidyouKnow
According to South African law, it is the residency of the husband that will determine which country’s laws govern a marriage. By way of example, a couple could be married in the UK, but because the husband was permanently residing in South Africa at the date of the wedding, the legislation governing South African marriages […]
Lease agreements on Agricultural Property
Did you know that if you register a lease agreement over a portion of agricultural property, the said lease may not exceed 10 years without obtaining ministerial consent from the Minister of Agriculture. For more information regarding leases, over agricultural property or otherwise, contact our office today on 035 792 2011.
TRUST DEREGISTRATION
Article by Sulize Möller, Director THE use of a trust has long been favoured as an asset management vehicle due to the great variety it provides in its structuring and operation, the tax benefits it holds as well as a multitude of other benefits derived from the use thereof. Suppose, however, that the trust has […]
Cancelling your Bond
Sellers, did you know that once the mortgage bond registered over your property is settled (paid up) the bank does not automatically cancel the bond in the applicable Deeds Office register? Should you require the bond to be cancelled, in order to obtain your original title deed, you will need to inform the bank accordingly […]
Are your tax returns and payments up to date?
Did you know that SARS may attach a seller’s proceeds of sale in a transfer instruction? In the event that you are wanting to sell your property, and you know that you are in arrears with monies owing to SARS, consult with your Tax Practitioner immediately, who can advise you and make an arrangement with […]
Small Claims Court Procedure
The procedure of lodging a claim at the Small Claims Court is straightforward. Claims should be instituted by way of a letter of demand, which must be sent by registered post or be hand-delivered. In the letter of demand, the claimant should set out all the relevant facts which give rise to the claim, and […]
BOND approval – the suspensive thriller!
Article by: Sulize Möller, director It starts off as a classic ‘feel good’ movie. The potential purchaser finds their dream home. Papers are drawn up and signatures are applied. Now the suspense as everyone awaits the fufilment of the bond approval condition. Cue the dramatic plot twist! With a sudden change of heart, the purchaser […]
Weekly Legal Tip, 9 December 2024
Property left vacant runs the risk of being vandalised, stripped bare by thieves or becoming invaded by illegal occupants. When selling or puchasing property, it is necessary that all parties work together to avoid a situation where the property will be left vacant and unattended (even for a day). Proper clauses regarding occupation or an […]