Coffee With Us: Dispelling Myths About Property Inheritance in South Africa: What Foreign Buyers Need to Know
Dear Clients, As conveyancing attorneys and advisors in the South African property market, we feel compelled to address a concerning trend that has come to our attention. Some estate agents and attorneys are misleading first-time foreign property buyers with false claims about what happens to their assets if they pass away without a South African […]
When Does a Property Defect Justify Cancellation? A Costly Case of Buyer’s Remorse
“Buyer’s remorse” is a well-known phenomenon that’s led many a property buyer to cast around desperately for a means, any means, to escape the sale they’ve just tied themselves into. Be careful here – cancelling a sale without sound legal grounds will be a very costly mistake. To illustrate, we discuss a recent High Court […]
How can I buy property in South Africa as a foreigner?
“I never knew of a morning in Africa when I woke up that I was not happy.” (Ernest Hemingway) Are you a visitor dreaming of waking up with giraffes on your lawn and wondering how to make it happen? Or a local being asked by overseas friends and relatives: “This country’s magic, how can I […]
Who appoints the conveyancer? Your house, your choice
“A man’s home is his castle.” (Sir Edward Coke, English common law ruling, 1604) Of course, what we all want to hear at the end of our house-selling journey is something like this: “Congratulations! You sold for a good price, the buyer’s taken transfer and you’ve been paid the purchase price. Time to pop the […]
Blue Skies Ahead for Property? Be Prepared with this Buyer’s Checklist
“Don’t wait to buy land, buy land and wait.” (Will Rogers) Summer’s a great time to look for property. With the year winding down and the holiday season upon us, many sellers who’ve been holding back are now putting their properties back onto the market, so expect to see some great new buys out there. […]
Waiving the Bond Clause to Keep a Sale Alive: Risk Versus Reward
What happens if a buyer can’t get a mortgage bond as specified in the sale agreement but still wants to continue with the sale on a cash basis? In an ideal world, the buyer waives the bond clause, the sale survives, and both parties reap the rewards. But there are also risks involved if the process isn’t handled correctly. As seen in a recent case where a buyer wanted his R1m deposit back after a sale collapsed. The seller said the buyer had waived his rights, while the buyer argued that the sale was as dead as a Monty Python parrot after the bond clause deadline had expired. Let’s see what happened in court …
Home Buyer loses R5.5m in Phishing Scam – Don’t Make the Same Mistake!
It’s an exciting time, buying a property. But don’t let your guard down – cybercriminals love the lucrative pickings on offer from property transactions, and they never sleep! We’ll discuss the recent Supreme Court of Appeal case of a widow who, in trying to pay over the purchase price of a house, lost her R5.5m when her email system was hacked and she fell victim to a textbook email scam. Why did the SCA rule against her? How should she have protected herself? We’ll address those questions and share 5 steps you should take immediately to avoid falling into the same trap.
How Does the New Divorce Act Ruling Affect You?
Media reports of the recent Constitutional Court decision holding a section of the Divorce Act unconstitutional and giving Parliament 24 months to remedy that haven’t always been clear about who needs to be aware of this, and who doesn’t. Firstly, understand the three “marital regimes” available to you Legally, marriage amounts to a binding contract, […]
Selling Your House to a Non-Resident
South Africa is attractive to overseas property buyers with our world-class lifestyle, depreciated Rand, strong property registration and legal systems, and minimal restrictions against non-resident property ownership. Which is of course great news for property sellers in any area popular with foreign investors. Coastal and other tourist-friendly areas will appeal particularly to buyers wanting a […]
A Costly Case of Buyer’s Remorse
A recent High Court decision once again highlights the dangers of signing anything without reading, understanding and fully considering it. A “Renovator’s Dream” and a case of buyer’s remorse “Let the signer beware!” Bottom line – sign nothing without understanding exactly what you are agreeing to.