21. Remedies in case of a breach of Contract

What remedies does a party to a deed of sale have if the other party fails to fulfil his or her contractual obligations?  The first step to be taken under such circumstances is to consider the wording of the clause in the deed of sale...

Friday, 06 February 2009 | 3857 hits | Print | PDF |  E-mail | Report | Read more

22. WITNESSING OF CONTRACT

Click Here to download Comprehensive Free Offer to Purchase Contract In practice, most deeds of sale used by estate agents contain blank spaces for witness's signatures. It is however not a legal requirement that such a contract be witnessed. Only...

Friday, 06 February 2009 | 646 hits | Print | PDF |  E-mail | Report | Read more

23. IMPROVEMENTS TO SECTIONAL TITLE SCHEMES

 A sectional title scheme is managed by the body corporate and all owners of units in the scheme are members of the body corporate. The body corporate elects trustees to attend to the day to day running and management of the scheme. ...

Friday, 06 February 2009 | 519 hits | Print | PDF |  E-mail | Report | Read more

24. VAT, TRANSFER DUTY AND STRUCTURING PROPERTY TRANSACTIONS

 The general rule is that when a seller is not a registered VAT vendor, transfer duty is payable on the purchase price by the Purchaser. However, when the seller is a VAT vendor, then VAT is payable on the purchase price by the Seller. As a...

Friday, 06 February 2009 | 2604 hits | Print | PDF |  E-mail | Report | Read more

25. OPTIONS AND RIGHTS OF FIRST REFUSAL

  The terms "option" and "right of pre-emption" (more commonly known as a "right of first refusal"), are often confused by persons involved in property transactions. There is a significant difference between granting or receiving an option to...

Friday, 06 February 2009 | 2473 hits | Print | PDF |  E-mail | Report | Read more

26. Zoning Of Land

Zoning Of Land Determining usage of property You may not use property for purposes other than that for which it is zoned - these zonings generally being residential, commercial or industrial. However, it is possible to apply for rezoning...

Friday, 06 February 2009 | 588 hits | Print | PDF |  E-mail | Report | Read more

27. Building Addition to Sectional Title Units

Subject to local authority town planning regulations, building restrictions and common law, owners of freehold title properties are free to manage their properties as they please. A sectional title owner however, is governed by a number of...

Friday, 06 February 2009 | 531 hits | Print | PDF |  E-mail | Report | Read more

28. Buying a property on Installment Sale

Selling property in the current market can prove to be frustrating. Many property sales are collapsing because the potential buyer is unable to obtain the necessary bond to cover the purchase price. In fact, as many as 50% of all bond...

Friday, 06 February 2009 | 6044 hits | Print | PDF |  E-mail | Report | Read more

29. Sectional Title Levy's

Whether you are an owner, a trustee, a managing agent or an attorney, you will agree that levies are essential to the efficient running of sectional title schemes. Levies are the 'lifeblood' of the body corporate; owners have to pay them, and...

Friday, 06 February 2009 | 1083 hits | Print | PDF |  E-mail | Report | Read more

30. Buying Property on Auction

South Africans are not used to buying and selling residential properties using auction sales. A property that is being auctioned usually conjures up pictures in the minds of people of liquidations and insolvencies. In countries like Australia,...

Friday, 06 February 2009 | 914 hits | Print | PDF |  E-mail | Report | Read more