USUFRUCT AND CAPITAL GAINS TAX
What is a usufruct? “A usufruct provides to the usufructuary a right of use of property or assets, lifelong or for a specific period, but the usufructuary does not acquire ownership of the relevant property or assets.” Usufruct is often applied as part of estate planning in order to save on Estate duty, as the […]
CAN SOMEBODY TAKE THE LAW INTO HIS/HER OWN HANDS?
The mandament van spolie is a summary remedy, usually issued upon urgent application, aimed at restoring control of property to the applicant from whom it was taken through unlawful self-help, without investigating the merits of the parties’ rights to control. From the definition above it is evident that this remedy is unique, because it is […]
WHAT ARE TENANT AND LANDLORD DUTIES?
When it comes to letting a property – both the tenant and the landlord should always enter into any letting agreements openly and honestly and intending for each party to get proper value. Often it’s the approach which the parties adopt which will determine whether the relationship between the parties and the benefits they derive […]
IS MY TENANT RESPONSIBLE FOR THE WORN OUT CARPET?
There are several damages a landlord can deduct from a tenant’s deposit. However, there are certain household items that will experience normal wear and tear over time. This is referred to as “fair wear and tear”. Fair wear and tear is seen as damage or loss to an item at the property which happens as […]
IMPLICATIONS OF ESTATE DUTY
Estate duty is charged on the dutiable value of the estate in terms of the Estate Duty Act. The general rule is that if the taxpayer is ordinarily resident in South Africa at the time of death, all of his/her assets (including deemed property), wherever they are situated, will be included in the gross value […]
HOW CAN I LAWFULLY EVICT MY TENANT?
You’ve discovered that the tenant renting your apartment has damaged several appliances, including the floor tiles due to irresponsible behaviour. Therefore, you have decided to terminate the lease contract and evict the tenant. Are you allowed to do that and how do you get started? Firstly, there has to be valid reasons to evict a […]
SALE OF IMMOVABLE PROPERTY AND THE NATIONAL CREDIT ACT
It often happens during a sale of immovable property that the parties agree to a deferred payment of the purchase price. The purchaser will then pay the purchase price in instalments and the seller will charge interest on the outstanding amount from time to time. Sometimes the parties even agree to the registration of a […]
USUFRUCT, USUS AND HABITATIO: WHAT IS THE DIFFERENCE?
Usufruct, usus and habitatio are personal servitudes. These servitudes are sometimes considered as an estate planning tool to reduce estate duty, but testators don’t always realise what this entails and the burden it could place on the heirs. What is a personal servitude? A personal servitude is always constituted in favour of a particular individual […]
HOW TO CHANGE YOUR MARITAL STATUS TO ANOTHER FORM OF MARRIAGE CONTRACT
Section 21(1) of the Matrimonial Property Act No 88 of 1984 provides that a husband and wife may apply jointly to court for leave to change the matrimonial property system which applies to their marriage. Requirements The decision in Lourens et Uxor 1986(2) SA 291 (C) sets out guidelines that the courts follow with regard […]
SUSPENSIVE CONDITIONS IN A DEED OF SALE: KNOW YOUR OBLIGATIONS
Imagine signing a deed of sale for your dream house and later discovering that the contract lapsed because you obtained bond approval one day too late. The situation could be worsened if the Seller receives a better offer for the house and accepts that better offer. If a deed of sale is made subject to […]