Estate agents’ responsibilities are made clear in the Institute of Estate Agents South Africa Code of Ethics and Conduct and is supported by the Consumer Protection Act.
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Assets acquired by a person during his or her life are calculated at market value and disposed of at that value at the date of death.
The difference in value between the market value and the nett costs of the assets is regarded as capital gain (or loss) and must be reflected accordingly in the income tax return of the deceased person.
The absence of approved building plans is considered a latent defect. Where there is a voetstoots contract in place, it means that the buyer of the property accepts the property as it is at the time of sale.
Just as we are liable to pay taxes on income, purchases and other transaction made throughout our lives, there are taxes for deceased estates too.
According to the Sectional Titles Schemes Managements Act 8 of 2011 (STSMA), administrative funds must be established and reserve funds for body corporate must be maintained by the body corporate.
Separate bank accounts must be opened for each fund as they each serve a specific purpose.
Since the Consumer Protection Act 68 of 2008 (CPA) was introduced, there has been a special focus on voetstoots in private sale agreements and general provisions of a voetstoots contract.
The current legislation which exists for the purpose of land use management in South Africa is known as the Spatial Planning and Land Use Management Act (SPLUMA) of South Africa.
The PCR 1 stipulates that no occupant of a sectional title scheme may keep a pet without the written consent of the trustee. Permission to keep a pet in a sectional title scheme must not be unreasonably withheld.
According to the Occupational Health and Safety Act (OHSA), an electrical certificate of compliance for home sellers is required in order for a home to be legally sold.
Property developers are now faced with additional VAT on residential property rentals which were initially developed for resale.
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