Recently, some of the major banks in South Africa have introduced electronic signature for bond documents. This method of signing replaces the traditional (signature by hand) method of signing bond documents. The reasons why electronic signatures have been introduced are the following: It saves time during the consultation with clients. Electronic signatures are faster than […]
Read more...Category: Property Law
Property transactions
WHY SHOULD YOU TAKE NOTE OF THE MUNICIPAL VALUATION ROLL?
The Local Government: Municipal Property Act, 6 of 2004, provides municipalities with the power to levy a rate on properties in its area. The rate is calculated on the market value of a property and is commonly known as the rates and taxes that you pay to the municipality each month. Do you know how […]
Read more...Options v Rights of first refusal
If you market, buy or sell immovable property on a regular basis you will at some stage be faced with Rights of First Refusal and Options. Although they might be similar in nature, they have core differences. Failure to understand these differences is simply not an option. In both cases you will have a grantor […]
Read more...Can I sign my sale agreement with DocuSign?
According to its website, DocuSign is an American based company that allows you to electronically sign any document from “sales contracts and offer letters to account openings and invoices”. But can you use it to sign a sale agreement for your immovable property in South Africa? Section 2 of the Alienation of Land Act, 68 […]
Read more...Owner, can you move “shop” to your house?
Lockdown has changed many a thing in our daily lives – one of them is trying to work from home. The question many might ask once the lockdown has been lifted, is whether you can “move shop” and start running your business from your residence? What many homeowners don’t know or realise, is that their […]
Read more...How to object against the municipal valuation of my property?
The Local Government: Municipal Property Act, 6 of 2004, provides municipalities with the power to levy a rate on properties in its area. The rate is calculated on the market value of a property. Consequently, all municipalities must compile a valuation roll which provides the value of each property in the area of the relevant […]
Read more...How old may the electrical certificate of compliance be?
The COC may not be older than two years on the registration date of the transfer of the land. Volker Krüger
Read more...When will the bank deduct the first mortgage bond instalment from the purchaser’s bank account?
The banks don’t all follow the same policy. You should ask your bank what their relevant rules stipulate in this regard. Volker Krüger
Read more...What does the seller have to do in respect of the municipal account after the registration of the property in the purchaser’s name?
We shall provide you with a letter confirming the sale and transfer of the fixed property into the purchaser’s name together with a deeds office search. The deeds office search will reflect the purchaser as the new owner of the property. You should take our letter, the deeds search and proof of your banking details […]
Read more...Will I have to pay VAT on the sale of my property?
In most cases, transfer duty and not VAT is relevant for the sale of land. VAT will only be relevant if the seller is registered for VAT and the land is part of his VAT enterprise. If a farmer, registered for VAT, for example, sells his farm, such sale will be a VAT transaction. Volker […]
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