FRACTIONAL OWNERSHIP
Fractional Ownership based on the ownership of undivided shares in a property as opposed to shares in a company or member’s interest in a CC (which may be in contravention of the Share Blocks Act) can be bonded in the…
Fractional Ownership based on the ownership of undivided shares in a property as opposed to shares in a company or member’s interest in a CC (which may be in contravention of the Share Blocks Act) can be bonded in the…
Since the 1st of September 2007 it is imperative that an estate agent notify the conveyancer that the seller is a non-resident otherwise the agent can forfeit his commission to SARS. Download the pdf document to read the full article.
There have been certain articles recently which have stated that South Africa intends to only allow foreigners to purchase property on a 99 year lease. These reports are not all together accurate. All that has happened is that the relevant…
The Financial Intelligence Centre Act (hereinafter referred to as “FICA”) was passed by Parliament in December 2001 and is being promulgated in a phased approach. FICA effectively establishes a partnership between the private and the public sector to assist in…
The Financial Centre Intelligence Centre (hereinafter referred to as "the Centre") is in the process of enhancing its operating systems in order to optimize its services. It is now a requirement that due to an upgrade of the Centre's website,…
The question of amendments to the bond clause as a result of the passing of the National Credit Act has been the subject of much discussion. Most contracts contain a clause which provides that the agreement is subject to the…
In terms of the National Credit Act amnesty will be granted in respect of all defaults (that is bad payment records) listed before the 1st of September 2006 which are for an amount of R499.99 or less. These amounts will…
Some lease agreements contain certain terms regarding the levy of collection costs for either late or arrear payments that may not be recoverable in terms of the Debt Collectors Act, 1998 (hereinafter referred to as the act). The Debt Collectors…
Receive instructions to attend to the transfer. Request the original title deed, original mortgage bond and the cancellation figures from the existing bond holder. The cancellation figure is the amount which the existing bondholder requires to be paid before it…
Receive instructions from the Bank to attend to the Mortgage Bond. Determine ranking of the bond. Request the original title deed from the existing bond holder, a Flysheet (draft title deed) from the Attorneys attending to the registration of the…