How the “Historical Rates” judgment affects you
“It is declared that, upon transfer of a property, a new owner is not liable for debts arising before transfer from the charge upon the property …” (Constitutional Court Order) How does the recent Constitutional Court decision on “historical rates” affect you in practice? Understanding the issue At issue was that some municipalities would force […]
HOUSES: TRANSFER TRUMPS INTENTION
“Experience is a hard teacher because she gives the test first, the lesson afterward” (Vernon Law) Never assume that you have any rights to a property just because the owner says that he/she intends to give you ownership, even if a sale agreement is signed. Make sure that you actually do take ownership via registration […]
TRANSFER OF A PROPERTY: IS VAT OR TRANSFER DUTY PAYABLE?
A Purchaser is responsible for payment of transfer cost when acquiring an immovable property, but it should further be established if the transaction is subject to the payment of VAT or transfer duty to SARS. When an immovable property is transferred, either VAT or transfer duty is payable. To determine whether VAT or transfer duty […]