The Developer’s Handshake: When Buying a New Property Changes Your Tax Bill
When you walk into a modern development, the smell of fresh paint and polished finishes welcomes you into a space that feels ready to be lived in. But before the move-in day, there are tax and legal steps that need to be completed to finalise the deal. What makes it more complex is that, in […]
Transfer Duty in South Africa: Key Facts for Property Buyers
Transfer duty is the tax you pay when buying property in South Africa, governed by Section 2 of the Transfer Duty Act 40 of 1949 (TDA). It applies to immovable property and certain real rights, like long-term leases. As the buyer (transferee), you’re responsible for paying it within six months of signing the offer to […]
Township Property: An Untapped Market?
Much has been written about the residential property markets in South Africa’s iconic cities: Johannesburg, Cape Town, and Durban. But what of the largest townships in or adjacent to each of these cities: Soweto, Umlazi, and Khayelitsha? While the glossy brochures and media headlines often focus on city skylines and prime real estate, there’s a […]
Can You Back Out of a Property Purchase? Legal Consequences Explained
Purchasing property is one of the most significant financial commitments a person can make. It often involves high financial stakes, emotional investments and a legally binding contract. But what happens if you need to back out of a sale after signing an offer to purchase? Whether due to a change in financial circumstances, buyer’s remorse, […]
Airbnb and Sectional Title Regulations
Navigating the rules and regulations for short-term letting. With short-term letting and (more specifically) Airbnbs ramping up in South Africa, disgruntled owners and tenants are voicing their concerns when it comes to short-term letting properties contained in complexes, estates, and apartment blocks. While freehold property owners can act freely, sectional title property owners are bound […]
Five home ownership costs you shouldn’t overlook
It’s not all about interest rates. With interest rates at a multi-year low, now is an opportune time for first-time homebuyers to step into the property market. However, when it comes time to budget, potential homebuyers are urged to account for several important, but often overlooked, costs. While home loan pre-approval gives homebuyers a clear […]
Seller Appoints the Conveyancer; Purchaser Pays the Fees
There is currently no legal framework in South Africa that mandates the common practice where the seller appoints the conveyancer, and the purchaser pays the transfer fees. However, this arrangement has become deeply embedded in South African conveyancing practice over many years, if not decades, due to a range of practical and legal reasons outlined […]
What Role Do Homeowners’ Associations Play in Shared Developments?
Homeowners’ Associations (HOAs) are a critical component of shared developments in South Africa, managing everything from noise levels to pet policies. While they offer many benefits, the legal framework surrounding HOAs can be complex, involving legislation such as the Sectional Titles Schemes Management Act of 2011. In addition to managing disputes and enforcing rules, HOAs […]
Understanding Mortgage Bond Cancellation: Key Steps and Considerations
In South Africa, the process of cancelling a mortgage bond is commonly necessitated when a property is sold or the bond is fully paid off. This procedure is intricate, consisting of several critical steps: Step 1: Notice of cancellation Initially, the property owner must submit a notice of intent to cancel the bond to the […]
What Implications Does a Lien Have on Eviction Proceedings: Part 1.
In conflicts between property owners and tenants seeking compensation for property improvements before leaving, eviction proceedings are possible, but success depends on location and lease terms. “I have been renting out my property to tenants for the last couple of years and the time has come for them to vacate the property. The tenants, during […]