When Your Buyer Can’t Get Finance, Might a Kustingsbrief Save the Sale?
“A kustingbrief … has long been recognised as a superior front-ranking form of security.” (Extract from judgment referred to in the article) You accept a great offer on your property, the sale agreement is signed and the buyer pays the deposit. You put the champagne on ice. But before you can pop it open, the […]
Websites of the Month: Community Schemes – “CSOS Connect” Services Going Live
If you are in a Community Scheme such as a Sectional Title development or a residential complex with a Homeowners Association (HOA), keep an eye on the “Shared Living” magazine from the CSOS (Community Schemes Ombud Service) on its Newsletter page. Most of the articles are clearly aimed at Bodies Corporate, HOAs and Managing Agents, but […]
Selling Property this Festive Season: The Tax Angle
December and January have always been prime months for selling residential property in South Africa, and if you are a “Festive Season Seller”, here are two really important tips for you. How does CGT on a property sale work? This is a complex topic, so what follows is of necessity a summary of general principles […]
Bond Clauses: Beware the Deadlines!
“I love deadlines. I love the whooshing noise they make as they go by.” (Douglas Adams) Here’s yet another reminder from our courts on the danger of not complying strictly with every provision in a property sale agreement. Don’t be like Douglas Adams and listen to the deadlines go whooshing by – missing a property […]
If the Municipality Rejects Your Building Plans, Consider PAJA
“The Constitution guarantees that administrative action will be reasonable, lawful and procedurally fair. It also makes sure that you have the right to request reasons for administrative action that negatively affects you.” (Department of Justice and Constitutional Development) Bureaucratic decisions can and do have far-reaching consequences for us, both financially and in our personal lives. […]
Building in Security Estates: The ‘Persuasive Sting’ of Penalty Levies
“… had the respondent imposed more moderate penalties, it would likely not have had the desired effect, or put differently, the same persuasive sting for individuals of substantial means.” (Extract from judgment below) Buying “plot and plan” in a residential complex allows you the freedom to build your own dream house in a secure environment, […]
Owning Property Jointly – The Rewards, The Risks, and The Remedy
“Co-ownership is the mother of disputes” (old Roman law maxim) There can be big advantages to buying property jointly but be aware of the risks and take steps to lessen them before you put pen to paper. The problem comes if there is a falling-out with your co-owner. Perhaps you come to blows on your usage of […]
It’s Not Simple to Sell a House in Execution (Even if a Trust Owns It)
“A court shall not authorise execution against immovable property which is the primary residence of a judgment debtor unless the court having considered all relevant factors, considers that execution against such property is warranted” (High Court Rules) Selling a house in execution is not as simple as getting judgment and sending the Sheriff of the […]
Website of the Month: Seven Steps to Becoming a Successful Landlord
“Landlords grow rich in their sleep” (John Stuart Mill) Earning passive income as a landlord is an attractive proposition which can generate substantial wealth, but before you rush into anything be sure to know exactly what you are doing. “From homeowner to landlord: how to make it work” on Tech4Law shares six important steps on ensuring that […]
12 Questions to Ask Before You Sign That Deed of Sale
“Knowledge is power” (old proverb) Whether you are buying or selling property, remember that it is too late to ask questions after you sign the Deed of Sale (often called a “Sale Agreement” or “Offer to Purchase”). “Knowledge is power” rings particularly true when it comes to any form of process with significant legal consequences, so here […]