Should I buy a residential property or a sectional title property

Should I purchase in my name, a trust or in a company?
July 3, 2018
Make sure you understand the sale agreement before you sign!
July 4, 2018

Whether you should purchase a residential property or a sectional title property depends on your situation and needs. With a sectional title property, a prospective purchaser should bear in mind that upon transfer of a sectional title property, the purchaser automatically becomes a member of the body corporate and is bound by the rules of the body corporate.  Accordingly, you should familiarise yourself with the rules of the body corporate of the scheme before finalising a property purchase.

When purchasing a residential property, you should also ensure that you are aware of any restrictions and/or servitudes registered against the title deed, including whether you are obliged to become a member of a homeowners association, which should be evident from the title deed of the property.

Bear in mind that levies are payable, in addition to municipal rates charged by the local authority, if you are a member of a body corporate or a member of a homeowners association. In addition to normal levies being charged by the body corporate, special levies may be imposed by the body corporate should additional funds be required, for example, to replace the lifts of the building. You can read more about special levies here.

 

Robert Ferrandi | Managing Partner

E: r.ferrandi@bissets.com

Areas of Expertise: Property Law & Conveyancing

 

 

Carl Burger | Partner

E: c.burger@bissets.com

Areas of Expertise: Property Law & Conveyancing

 

 

Michelle van Wyk | Partner

E: m.vanwyk@bissets.com

Areas of Expertise: Property Law & Conveyancing

 

 

Lisa Visagie | Partner

E: l.visagie@bissets.com

Areas of Expertise: Property Law & Conveyancing

 

 

Ronél Els | Partner

E: r.els@bissets.com

Areas of Expertise: Property Law & Conveyancing