Cancellation of Sale Agreements and Retention of Deposits as a Penalty

More often than not one is confronted with non-refundable deposits in offers to purchase of immovable property. In the same vein, most deeds of sale contain breach clauses worded that, in the event of a contractual breach on the part of the purchaser, which breach...

Capital Gains Tax update as it relates to sale of Immovable Property

(Updated 29 February 2012) This tax was introduced on 1 Oct 2001 (therefore the date from which capital gains will be taxed is 1 October 2001), it is triggered on the disposal of an asset and the taxable gain from the disposal is declared in...

Checklist for Estate Agents

Matters to be considered in regard to your seller: 1. Are the Title Deeds and Mortgage Bonds of the seller to the property readily available?   This is a particularly relevant question where the seller has recently dealt with his property, in that he has...

City of Tshwane Metropolitan Municipality v Peregrine Joseph Mitchell

The above case addresses the interpretation of Section 118(3) of the Local Government Municipal Systems Act, 32 of 2000 (the Act). More specially, whether the security provided for in Section 118(3) of the Act in favour of a municipality, for moneys owed to it for...

Companies and dealing with Directors not recorded with CIPC

CIPC no longer required to approve company actions and documentation. CIPC’s role has been revised. The Companies Act specifically reduces the company’s reliance on the regulator, the CIPC. Although companies still have to comply with an administrative process to inform the CIPC of its decisions...

Compliance with Suspensive Conditions

More often than not deeds of sale are made subject to a suspensive condition providing that the approval in writing must be obtained from a financial institution, on its usual terms and conditions, for a mortgage loan in respect of the purchase price or balance...