Whether you’re buying or selling property, understanding the process of property transfer is crucial to ensuring a smooth transaction. Here’s a quick breakdown of how property transfers work in South Africa. The Offer to Purchase (OTP) The process starts when the buyer and seller agree on the terms of the sale. This agreement is formalised
In our previous article we started looking at some of the questions that we are most frequently asked concerning Non-Profits, Public Benefit Organisations (PBOs) and s18A. In this article I will continue to answer your questions. 1. How does section 18A benefit a qualifying entity? A section 18A privilege for an entity is its ability
In Part 1 I looked at the distinction between NPOs and NPCs. In Part 2 I looked at some factors to consider when deciding whether to register an NPO or NPC. Parts 3 and 4 are going to focus on some frequently asked questions regarding PBOs. What is a PBO? In my article entitled
My previous article offered tips for sellers, but in this article I would like to provide some tips for you if you are buying a new home or investment property, especially as a first-time buyer. Get advice or a second opinion regarding the important things that you are unsure about. Not everyone has expertise when
Some tips for sellers: It is always a good idea to read your Title Deed, but this is especially important if you are selling because sometimes the title or ownership comes with conditions that you may have forgotten about, such as: a usufruct; other Will conditions such as exclusion from a marriage in community of
1. Deed of Transfer: The all-important drafted deed by which the right of ownership of land is transferred from one person or legal entity to another. After Transfer, it is referred to as the Title Deed, and it is crucial to keep it safe as it serves as the owner’s title to prove
Current Estate Duty/ death tax rate in RSA: 20% off the dutiable amount for estates that are up to R30M in value and 25% off the dutiable amount for estates over R30M in value. Current Estate Duty abatement for individuals: R3.5M What does this mean? The first R3.5M of your estate, as an individual,
How much money will you be working with? If you will be working with a lot of money, then an NPC, which is regulated by the Companies Act 71 of 2008, would be better suited as this entity is required by law to have better: infrastructure, accountability systems, TAX, audit and/or reviews, Open books, and,
South Africa has put certain measures in place to encourage public trust in non-profits and to allow for the building of more significant accountability and transparency infrastructure. One of these measures is the introduction of non-profit companies. Therefore, we now have the option of registering either an NPO or NPC. While the term NPO has in
This article will be useful to those who are thinking about setting up a Trust, as well as to some founders and beneficiaries of Trusts. There are 2 types of Trusts: (a) an Inter- Vivos Trust, which is created between living persons (living trusts), e.g.: Family Trusts; and (b) a Testamentary Trust, which is created