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Before the coming into force of the Sectional Titles Schemes Management Act (8 of 2011) and the Community Schemes Ombud Services Act (9 of 2011), disputes involving owners and Body Corporates were adjudicated upon by the Courts.
Although South Africa breathed a collective sigh of relief as President Ramaphosa announced the start of lockdown level three as of the 1st of June, it’s no doubt that COVID-19 has had a severe impact of the market value of property in South Africa.
In certain circumstances, potential sellers and/or purchasers may make use of the installment sale agreement method to buy or sell immovable property in South Africa.
There are many benefits of entering into a dual ownership of property, especially when individual finances don’t allow for single ownership of a home or property.
However, there are complications when it comes to one or more parties involved in the co-ownership of property deciding to cancel the original arrangement.
The Deeds Registries Act serves to regulate the functions and laws related to title deed transfer as well as the successful registration of title deeds in South Africa.
According to the value added tax (VAT) Act of 1991, if certain requirements are met when selling commercial property as a going concern, the sale of the property may qualify to be zero-rated for VAT purposes.
Effective as of 1 April 2018, the will be an increase of the VAT rate from 14% to 15%. Real estate transactions are also affected by the increase.
It is important to remember that the body corporate are just a group of people who have the responsibility of ensuring the scheme is run correctly and efficiently.
When a rouwkoop clause occurs in a sale agreement of an immovable property, a deposit is paid to the seller which would be forfeited in the event of the buyer withdrawing from the sale agreement.
Many people wishing to sell or purchase a property may be ignorant of the various steps that are involved in a property transaction.
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