A trust is a legal entity with its own distinct identity. It has the contractual capacity to acquire, hold and dispose of property and other such assets for the benefit of its nominated beneficiaries. All trusts are governed and administered in terms of the Trust Property Control Act, and formed and governed in terms of a trust deed, a written…
The easiest way to determine the boundaries between properties is to consult the official town planning diagrams kept by the local authority in control of the area. In the event of a dispute over the dividing line between two properties, the first point of reference would be the official property plans (diagrams). One can refer to the title deeds of…
Consumers have a right to expect fair and responsible marketing from estate agents in relation to its services.
Written by Karien Hunter
1. WHAT IS 'MARKETING'? The Chartered Institute of Marketing defines marketing as "the management process responsible for identifying, anticipating and satisfying customer requirements profitably".Sellers and buyers alike are 'consumers' of estate agency services. 2. WHO IS AN ESTATE AGENT'S TARGET MARKET IN RESPECT OF THE MARKETING AND ADVERTISING OF ITS SERVICES? The target market of the services of estate agents…
Children owning land?
Written by Smith Tabata Buchanan Boyes
Children owning land? If land is donated or bequethed to children born or to be born of any person or from any marriage, or is acquired on behalf of such children, transfer of the land can be effected on behalf of such children. In such a case, the land may be registered in the name of a person to hold…
Can a sectional title owner act against the managing agent. What can a registered owner of a unit in a sectional title scheme do, should he be of the opinion that the scheme is mismanaged or that the Body Corporate has suffered damages but failed to do anything about it? In terms of Section 41 of the Sectional Titles Act,…
VAT Relief coming for developers who rent out unsold property
Written by Smith Tabata Buchanan Boyes
VAT Relief coming for developers who rent out unsold property Due to current harsh economic circumstances, many developers are struggling to sell the residential units in their developments. To rent these out is an option in order to generate funds, but VAT legislation considers this a change in use of the property, thereby triggering VAT liability in the hands of…
CPA Lease agreements- when may they exceed 24 Month? In terms of the Consumer Protection Act, a lease agreement between a supplier and a consumer (as defined in that Act) may not exceed a period of 24 months. However, the following exceptions apply: where both parties are juristic persons; where the landlord is able to prove that the property being…
Interesting changes to the new companies act The New Companies Act which came into force on 1 May 2011 has introduced some interesting changes, one of which concerns the sale by a company of the whole or a major portion of its assets. The previous Companies Act required a special resolution by the shareholders which had to be registered with…
Mortgage Bonds: Is the TIFFSKI Judgment a bank's worst nightmare? A recent judgment handed down by the Supreme Court of Appeal on 30 September 2011 has laid bare the effects of non-compliance with the requirements of Section 34 of the Insolvency Act and should arguably sent shivers down every buyer, banker’s and conveyancing attorney’s spine. Not only was the sale…
“Court warns developers not to rely on local authorities to know the correct zoning of their property” Historically municipalities were indemnified against liability for negligent omissions (failure to perform a duty that is legally due). However, one merely has to look at our case law to see that this has been done away with. All bodies (public or private) exercising…
When dealing with a sales transaction subject to VAT, it is important to obtain insight into the Seller’s VAT compliance background - the reason being that SARS is on a war path to put a stop to attempts by taxpayers to avoid paying VAT and/or transfer duty and personal tax. SARS has implemented measures to check a Seller’s compliance records…
Did you know that the insolvency of one spouse, even in a marriage out of community of property, can affect the status of the solvent spouse? In terms of Section 21(1) of the Insolvency Act the estate of the solvent spouse will also (initially) fall under the control of the Curator. The deeds office will register an interdict against the…
Your property and deregistered companies: avoid a rude awakening.
Written by Smith Tabata Buchanan Boyes
The Companies and Intellectual Property Commission (CIPC), previously known as CIPRO, have recently confirmed that more than one million companies and close corporations have lately been either deregistered or are in the process of deregistration due to their failure to submit their annual returns. The legal consequences of deregistration are severe: companies and close corporations lose their status as legal…
Did you know that in terms of the Sectional Titles Act, where a real right to extend a scheme has been reserved in favour of a developer, such right must be disclosed to the purchaser in the agreement of sale? Where that real right has not been disclosed in the agreement of sale it is voidable at the instance of…