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Showing posts from October, 2012

Sars toughens up on property transfers - Property

Sars toughens up on property transfers Transfers will be delayed unless all parties have their taxes in order. From this month (October 2012), a new system introduced by the SA Revenue Service (Sars) means that the transfer of any property will be subject to delay unless all the parties involved - including the estate agency - have their tax affairs in order. A new transfer duty e-filing system is being introduced that requires the transferring attorney to fill in not only the tax numbers of the property buyer and seller, but also that of any estate agency involved - and to provide proof that those tax numbers are valid. Clearly, Sars wants to ensure that the tax returns and payments of everyone involved in a property sale are up to date. The tax authority has for some time now been checking to see that property sellers have paid any and all tax amounts owing before it will issue the transfer duty receipts required for transfers to be finalised. It also has the power to in

Rules of renting when government owns the property

Rules of renting when government owns the property What are the rights of a tenant living in a dwelling owned by either the national, provincial and local governments, or by social housing institutions? Is there a difference between a private landlord, the government or social housing institutions in respect of a residential tenancy? Social housing institutions receive subsidies from the government to provide rental housing, with tenants as beneficiaries of subsidised rentals. Rights do not exist without responsibilities, so the question may be re-phrased as: "What rights does the government or social housing institutions have regarding a tenant?" Section 26 of the constitution stipulates that every citizen has the right of access to adequate housing and the government must take reasonable legislative and other measures to make this right a reality - as long as it has the resources to do so. The Rental Housing Act, 50 of 1999, refers to the government's resp

Property transfers: who gets the interest?

Hi Readers This is extremely interesting to me because it highlights the need for parties to property transactions to engage the use of industry experts with proven track records when selecting a conveyancing attorney. I simply can't fathom why this should be an issue and yet less than a week before this my father referred me to a similar article in a magazine. If the attorney truly acts on behalf of his/her clients and has their best interests at heart, the SURELY he/she should ensure that the client (buyer and seller) exit the transaction with the best financial result possible.  This appears to me to be so self-evident that I fail to understand how attorneys can possibly act differently. (At Shepperson Attorneys, we continually seek the best Section 78(2A) products for our clients and ensure that as soon as possible after being instructed our Clients are presented with the necessary Mandate for us to invest in such an investment on their behalf as soon as the funds arriv

Lack of loans lead to lower property prices and rising rents

Lack of loans lead to lower property prices and rising rents In the past few years there have been dramatic changes in global property trends, and SA has not been unaffected. In relatively stable and sought after areas such as the Durban suburbs of Durban North and La Lucia, the property market has plummeted to a low then gradually recovered to a stable but slow pace, according to Carol Reynolds, Pam Golding Properties' area principal for these suburbs. "The US housing crisis is finally coming to an end, as economists note a small but positive rise in house prices and general, renewed buyer confidence. South Africa's residential market has been through some troughs, but on the whole, we have managed to buffer ourselves somewhat from much of the travesty on the global front." Reynolds says sentiment is a key driver in market activity and the outlook this year has been more positive than that last year. However, conservatism is the "new normal" and buy

Number of home loans fall to all-time low!

Number of home loans fall to all-time low The number of mortgage bonds issued fell to an all-time low of about 9 000 a month in the third quarter from a peak of more than 50 000 a month in 2007, according to property analysts Lightstone. Tony Clarke, the managing director of the Rawson Property Group, said yesterday that while this might look discouraging, those in the property market took heart from other data that showed the loan to value ratio was improving steadily for all the major banks except Investec, which was coming off a very high base. Clarke said this data showed banks were willing to approve bigger loans and the average value of bonds approved had risen steadily, from about R400 000 in 2004 to about R800 000 this year. The value of second bonds had also increased, to an average of R350 000 from about R300 000 last year, he said. Clarke said the government would be encouraged by the 16 percent year-on-year increase in the number of bonds issued in the affordable ca

Denny Crane

Denny Crane
It's not me ... yet. Denny Crane from the TV series Boston Legal. Click on picture if you're not sure who he is!