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The amended Property Practitioners Act intends to regulate the business and functions of estate agents, estate agencies, property brokers, bond brokers, marketers and providers of bridging finance. These individuals are now referred to as property practitioners.
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 rules regarding owning pets in sectional title schemes are often the cause of most of the disputes that arise within sectional titles.
Co-ownership of property can be a really good solution to acquiring expensive assets together with like-minded friends. But what happens when your circumstances or relationships change? If your agreement is based on a hand-shake, are you joined at the hip until death do you part?
It is recommended that blocks of flats or group housing schemes be converted to sectional title as soon as possible if they haven’t already done so.
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