Property law Archives - T Roos | Dynamic Tax and Accounting Firm

January 17, 2019

Published by Admin at January 17, 2019

NON-RESIDENT SELLERS OF IMMOVABLE PROPERTY

Section 35A of the Income Tax Act[1] came into effect on 1 September 2007 and sets out the capital gains tax consequences of the sale of immovable property situated in South Africa in instances where the seller is not a South African tax resident. In terms of these provisions, the purchaser of the immovable property is obliged to withhold the specified amount of tax from the purchase price payable, provided that the property is disposed of for an amount in excess of R2 million. The amount to be withheld in these circumstances is 7.5% of the purchase price where the […]

June 7, 2016

Published by Admin at June 7, 2016

A NEW TWIST IN THE QUESTION: IS THE BUYER OF AN IMMOVABLE PROPERTY RESPONSIBLE FOR PAYING THE SELLER’S OUTSTANDING MUNICIPAL ACCOUNT?

Municipalities are required to issue rates clearance certificates without which a property cannot be transferred from a seller to a buyer. The rates clearance certificate certifies that outstanding debts owing to a municipality up to the date of transfer have been settled. Property buyers relied on these certificates as proof that all previous debt on the property have been fully settled and that transfer of the property to the buyer could proceed. However, in some cases rates clearance certificates are issued while all charges for the period before the transfer date of a property to a new owner are not […]

May 11, 2016

Published by Admin at May 11, 2016

‘N NUWE KINKEL IN DIE VRAAG: IS DIE KOPER VAN VASTE EIENDOM VERANTWOORDELIK VIR DIE VEREFFENING VAN DIE VERKOPER SE UITSTAANDE MUNISIPALE REKENING?

Daar word van munisipaliteite verwag om munisipale uitklaringsertifikate uit te reik waarsonder eiendom nie van die verkoper na die koper oorgedra kan word nie. Die uitklaringsertifikate sertifiseer dat alle uitstaande bedrae verskuldig aan die Munisipaliteit tot op die datum van oordrag vereffen is. Kopers van eiendomme maak staat op hierdie sertifikate as bewys dat alle vorige skuld op die eiendom ten volle betaal is en dat oordrag van die eiendom na die koper mag voortgaan. In sommige gevalle is die uitklaringsertifikate egter reeds uitgereik, alhoewel alle skulde vir die tydperk voor die oordragdatum van eiendom aan ‘n nuwe eienaar nog […]