VAT

I15. Occupational Rent

Paying occupational rent and the consequences of failing to do so should be as simple as paying your bond every month, but all too often other issues arise to complicate matters, usually because buyers and sellers have all sorts of preconceived notions about the laws governing occupational rent which invariably works in their favour alone. It is important to know what the myths are in this field and what...

I21. General and Special Clauses

Legal Domicile A legal domicile address is an address where the seller or the purchaser currently resides and where the sheriff of the court can deliver any notice to. These details must be comprehensively filled in on pages 7 & 8. As an agent, you are responsible to make sure all parties have completed these pages in full. If there is missing information, then obtain the information and...

K. Special Clauses

Suspensive Conditions Estates: Master’s Consent This sale is subject to the consent of the Master of the High Court in terms of Section 42(1) of the Administration of Estates Act No. 66 of 1965. This clause must be inserted whenever a property is sold out of a deceased estate and the Executor signs on behalf of the estate. The consent will be a formality unless there is some special reason...

L7. Basic Terms in Property Sales

1. Immovable property Is land, whether unimproved (i.e. vacant) or improved (i.e land with permanent improvements such as a house). A piece of land and all the permanent improvements constitute a single entity, namely one immovable property. This means that the permanent improvements cannot be sold independently of the land. It is also not possible to transfer ownership in portions of a building to...

L17. SARS and VAT

Problems with zero-rating SARS has reviewed its approach to the payment of transfer duty or VAT on property sales. It has tightened up many of its requirements and it is important for all role-players in the industry to know what these are. All of these new restrictions apply to VAT-related sales, whether they are zero-rated or normal VAT payment transactions. SARS has issued a directive in terms of...

M3. Property Taxes

Transfer Duty Transfer Duty will be the most common tax payable on property transactions. It is payable on the purchase price of the property and must be paid within 6 months after the date of sale of the property. Failure to pay the Transfer Duty within the 6 months period leads to penalties being levied on Transfer Duty Value Added Tax (VAT) In the case of a sale of Fixed Property, VAT is...

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