Do You Have a Valid Will in Place?
Losing a loved one is one of life’s most difficult experiences. In the midst of grief, families are often faced with the responsibility of winding up an estate, managing assets, and making important decisions. Without a valid will, this process can become significantly more complicated, stressful and time-consuming. A properly drafted will provides clarity when […]
Know when to pay transfer and registration fees
Purchasers should check the offer to purchase before signing same to familiarise themselves with when they will be obligated to pay transfer and bond registration costs. In most instances, payment is to be made upon request submitted by the office of the transfer registration attorney and bond registration attorney. In light of recent changes, the […]
Fica Compliance
FICA compliancy is not a new term and South Africans should, by now, be fairly familiar with the concept of having to produce documents confirming their identification and certain additional information. It is important to note, however, that the risk-based approach to FICA allows accountable institutions a degree of control when it comes to the […]
Legal tip of the week – Body Corporate Levies
Looking to purchase a sectional title unit? Have you considered the following: Levy payments – The Body Corporate will charge monthly levies payable by each and every owner in and to a Sectional Title Scheme. These levies are used by the Body Corporate (usually by the Trustees and/or Body Corporate Managers of the Scheme) to […]
Debi Check Authentication
Legal tip of the week: In respect of the registration of a bond, the bank requires the client to attend to a Debi Check Authentication. This is part of the bank’s process to notify the client of the debit order that will be going off against the relevant account and aids in the combat against […]
Legal Tip of the week
Legal tip of the week: Looking to purchase a sectional title unit? Have you considered the following: Management and Conduct Rules – Anyone looking to purchase a Sectional Title Unit will need to confirm that they have read and understood, accept and hold themselves bound to the Management and Conduct Rules of the Sectional Scheme. […]
Signing Legal Documents Takes Time
Legal Tip of the Week: When scheduling the appointment to sign bond registration documents, it is essential that clients allow themselves sufficient time to attend to it. Bond registration documents are generally a substantial number of documents to work through and the conveyancer is obligated, in terms of the bank’s protocol, to point out and […]
Estate Taxes
Estate tax is charged at 20% of the balance of the estate calculated as follows: The total value of the estate Less liabilities Less the general rebate of R3 500 000.00 Less any exemptions applicable = Balance of the estate (20% of this amount shall be payable to SARS in respect of Estate tax) For a detailed […]
SECTIONAL TITLE UNITS –
FINANCIAL STABILITY OF THE COMPLEX Looking to purchase a sectional title unit? Have you considered the financial stability of the scheme? The Body Corporate remains responsible for the repairs, maintenance and upkeep to the common property, proper insurance and various other matters within the Sectional Title Scheme. It is therefore important that purchasers give careful […]
Trusts and Sales Agreements
When citing a trust in a sale agreement, it is important that the Trust name is cited correctly as contained in the Trust Deed. Special care must be taken to include or exclude the word “The” as same may or may not form part of the trust name itself. Subsequently, the trust registration number must […]