Articles

Estate Agents selling commission – 14% or 15% on sales before 1 April 2018 ?

The changes in Value Added Tax will affect Estate Agents Selling Commission as of 1 April 2018. Find out how to prepare for the change.

Urban Densification

What is urban densification and how does it affect you? The Council has a policy of encouraging more and more people to live and occupy the existing areas within the city of Johannesburg. The practical ...

Who pays for the issue of a Rates & Taxes & Levy Clearance Certificate in Johannesburg ?

Find out who, why and how much should be paid for the issue of a Rates & Taxes & Levy Clearance Certificate.

Section 57 Substitution of Debtors under a Bond – What Are They And How Do They Work?

An application in terms of Section 57 of the Deeds Registries Act is an application to substitute the debtor on a bond i.e. an application to “remove someone from the bond”.

An Apostille Certificate – Authentication Of Documents

An Apostille Certificate can only be used to authenticate the origin of public documents, such as birth certificates, etc.

Authentication of documents by way of “High Court Rule 63”

The signature of any legal document, which is to be signed outside of South Africa, must be authenticated. This means that in terms of Rule 63 of the High Court, any contract, power of attorney, ...

Opening and Closing Eskom Accounts

Closing of Sellers Eskom Account Where electricity is supplied directly by Eskom, sellers need to finalise and close their account. On the day on which the seller vacates the property, he must phone Eskom (0860037566) ...

Deeds Office Procedure

Lodgement Documents are lodged by attorneys in the Deeds Office. Lodgement clerks are responsible for linking the transfer, bond and bond cancellation. After the batch is linked and handed in for lodgement, the data clerk ...

Frequently asked Questions and Answers When Buying or Selling a Property

Q: To whom do I pay the deposit? A: Your deposit can be paid either to the estate agency or the conveyancers appointed to handle the transfer. They both have trust accounts where your money ...

Can the Municipality demand future payments before issuing a rates clearance certificate?

A recent High Court decision has left everyone believing they cannot, but the judgement is being misinterpreted. The Deeds Registries Act provides that a rates clearance certificate issued by the local authority and valid as ...

Property Transfers- Guidelines

Step 1 The transferring attorney receives the instruction from the client/estate agent to attend to the transfer. The transferring attorney will conduct a Deeds Office search on the property to verify that all the property  ...

Recent changes to Transfer Duty, Conveyancing Fees, Deeds Office charges, Capital Gains Tax and Withholding Tax.

As you know, many different institutions rely on conveyancers to collect their money. For instance, we collect for Receiver of Revenue, The Deeds Office, software vendors, ourselves and others from purchasers. This year, there have ...

Did you know that there are no Antenuptial contracts in England?

This surprising revelation came to mind, when we assisted two young South Africans who are now living permanently in England. They naturally wanted their own antenuptial contract, as they know it, to be registered in ...

Should married spouses have a single joint bank account or should they have separate and individual bank accounts?

A client who was married in community of property, wanted to know why the proceeds of their sale, were not paid to him exclusively, in his capacity as the husband, on behalf of marriage in ...

Sectional Title vs. Freehold: What Is the Difference?

Freehold land ownership has the following characteristics: The owner of the “property” owns the ground, the underground and the space above it. All improvements (buildings) permanently  acceding to the ground belong to the owner of the ...

To Subdivide or to Open a Sectional Title Register – This Is The Question?

Mr and Mrs Jones own a property in Bryanston, Johannesburg. Many of the old properties in Bryanston are approximately 4 200 square meters, and this is one such property. The Jones’s children have grown up ...

Getting Married? Your choice of marital regime will affect your freedom to trade, legal and financial status.

Marriage is one of the most important decisions that a person will make in their lives and when the excitement of gowns and venues has calmed down, serious thought must be given to the manner ...

The Process of Opening and Closing a Rates Account with the Municipality

The property is registered at the Deeds Office into the name of the purchaser; The transferring attorneys send a letter to the municipality stating that registration has occurred; Within eight weeks of registration of the ...

Subdividing Your Property

We focus on the final processes of subdividing your property, taking the process forward from the town planning to the final registrations in the deeds office. Why subdivide your property? Get 2 properties for the ...

A Property24 Reader raises a subdivision and investment option query

I own a block of flats in the Alberton North area. The building consists of 8 flats and a house which is adjacent to the flats that are rented as a business premises. I would ...

Co-ownership and buying property jointly with a partner

One or more people purchasing property together or jointly with others, is becoming more and more prevalent. This is mainly because it is becoming increasingly difficult for young individuals to raise the purchase price and ...

The Ineffective Property Condition Report is not legal and should be replaced

When a disgruntled purchaser telephoned one of our conveyancers to complain that the “Property Condition Report was contradictory and therefore, a completely useless document”; we were not surprised. He was referring to the seller who ...

Estate Agents and Sellers excluded by the Consumer Protection Act?

Purchasers of second hand houses have been surprised to learn that the Consumer Protection Act does not offer them any protection against estate agents and sellers of these houses. Ever since the Consumer Protection Act ...

What paperwork is required for my Property Transfer?

There are a whole host of documents and certificates that are required to prepare for your property transfer. Not knowing what they are, how and where you can get them from may delay your transfer ...

Who gets the interest if money is paid into a trust account?

There are 2 different categories of trust accounts, both of which are very closely controlled by an Act of Parliament, The Attorneys Act, The Rules of The Law Society, The Attorney’s Fidelity Guarantee Fund, as ...

What is FICA and why must I provide it?

It is compulsory under The Financial Intelligence Centre Act(FICA) and is aimed at eliminating Money Laundering and financial fraud. FICA compels “accountable institutions”, such as banks and attorneys to physically identify and verify their customers. ...

What you need to know when applying for a building bond

The first and probably the most important thing that you need to know when applying for a bond either to purchase vacant land or for a building bond is that the bank does not finance ...

Two people want to buy my property- What do I do?

You ask both purchasers what their best price will be and request them to sign an offer to purchase for that price. An offer without putting pen to paper should not be taken seriously and ...