THE BASICS OF CREATING A LAST WILL & TESTAMENT
Who your property is passed on to depends on whether you have a valid will or not. If you do have a valid will, then your property will be divided according to your wishes stated therein. If you die without a will (called “intestate”), then your property will be divided amongst your immediate family according […]
WHY IS MY PROPERTY TRANSFER TAKING SO LONG?
After signing a deed of sale, the purchasers often want to move into the property as soon as possible. When they are informed of the process involved prior to the property being transferred this may damper their excitement. There may also be delays in the transaction. In order to avoid unnecessary frustration, it is vital […]
IMPORTANT STEPS FOR THE TRANSFER OF PROPERTY
The transfer process can take up to three-months, sometimes longer. There are different steps involved in the transfer of a property, these include: Instruction. A conveyancer receives the instruction to transfer the property. Communication. The conveyancer communicates with the various role-players involved in the transfer process, such as the seller, purchaser, transfer and bond attorneys, […]
MUST I REGISTER AS A CREDIT PROVIDER WHEN SELLING MY FARM?
Purchasers have increasing difficulty obtaining financing for the purchase of farms and other agricultural land. Many sellers of these properties consider granting the purchaser a bond for the purchase amount, to be paid off over a period of time. Worse, some accept an acknowledgement of indebtedness and consent to judgment as sufficient protection, prior to […]
WHAT IS A TITLE DEED?
If you are planning to buy a new property, you will need to get the title deed transferred into your name to prove that you are the owner of the property. You will need the assistance of a lawyer specialising in property transfers (also known as a conveyancer) to help you transfer the title deed […]
CO-OWNING PROPERTY WITH SOMEONE ELSE: THE UPS AND DOWNS
What is co-ownership? Co-ownership is when one or more people jointly own the same property. In essence, it is when they legally share ownership without dividing the property into physical portions for their exclusive use. It is thus commonly referred to as co-ownership in undivided shares. It is possible to agree that owners acquire the […]
THE SALE AGREEMENT: CAN I USE THE COOLING-OFF PERIOD IF I CHANGE MY MIND?
The Consumer Protection Act has some serious implications for agents selling property – for one, a disgruntled purchaser can get out of a sale agreement within 5 days of signing it. Section 16 of the Consumer Protection Act states as follows: “A consumer may rescind a transaction resulting from any direct marketing without reason or […]
OWNING PROPERTY WITHOUT A WILL
If you die without a will, an administrator will have to be appointed to administer your estate which will be distributed according to the laws of intestate succession. As such, your assets may not be distributed as you would have wished. It also means that the process will be delayed and that there will be […]
RENTING PROPERTY TO FOREIGNERS
Renting property in South Africa is a straightforward process. The country has a vast selection of rental accommodation including bachelor flats in apartment blocks, Victorian cottages, stand-alone houses with big gardens, and semi-detached units in modern townhouse complexes. In South Africa, the right of a foreigner to purchase immovable property was restricted in the past […]
WHAT HAPPENS IF I DIE WITHOUT A WILL?
Attorneys often emphasise the fact that you should have a will drawn up and revise it regularly in order to facilitate the administration of your possessions after your death. Many people still neglect to do this. The problem is that, should a person die without leaving a valid will, in other words intestate, his/her estate […]