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When a developer wishes to establish a sectional title scheme on land that has an existing building wholly or partially let for residential purposes, the developer has to comply with Section 4(3) of the Sectional Titles Act.
A stipulatio alteri is a legal term that refers to a provision or clause in a contract that states that one party will receive a benefit or commission, regardless of whether or not they were the cause or reason for the contract being fulfilled.
Throughout a person's life, they will accumulate a variety of assets and obligations. These assets can range from tangible items such as property, vehicles, and furniture to liquid assets like cash. On the other hand, liabilities may include home loans, personal loans, and retail accounts.
Property practitioners are often involved in marketing property which is an asset in a deceased person’s estate. However, buying from a deceased estate can deter buyers or investors from pursuing the purchase because such transfers are known to take longer than usual to finalize.
Property owners have the responsibility to check the municipal property valuation ascribed to their property. If the valuation of the property is not in line with the market value or if the categorization is incorrect, property owners must submit their objection before the objection period closes.
SPLUMA came into operation on 1 July 2015 with the purpose being to develop frameworks that regulate planning authorisations and promote consistency with regards to land development under a municipality’s jurisdiction.
When it comes to transfer duty in South Africa, it’s important for to understand what one can expect to pay when purchasing property in South Africa as well as what the difference is between transfer duty and transfer costs.
Buying a property can be a very exciting milestone. However, this is a legally binding contract and should be treated with thought and caution.
Many potential homeowners aren’t aware of what exactly happens once their bond has been approved. Generally speaking, it can take approximately three months after the bond approval for it to be registered.
With the current economic status of South Africa, potential homeowners may be considering the “rent to buy” option which may be the only option for some, especially those who need time to build a good credit history or to save for a deposit.
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