It’s tax season – Make sure you declare your Bitcoin gains!
Bitcoin… Ethereum… Litecoin… Dash… You may have been trading in cryptocurrencies over the past tax year. You may also have recently sold some of your long-term cryptocurrency investments. With tax season on the horizon, it is essential that firstly you declare your gains in your tax returns, and secondly that you declare your gains correctly, […]
Some helpful advice
Prepare your property insurance in advance, to ensure that your property will be insured once it is registered in your name. This can be arranged through your bank if you will be registering a mortgage bond. When you sell your property, you may pay capital gains tax to the South African Revenue Services. You will […]
The transfer process
If no transfer date is specified in the agreement of sale, registration of transfer of property into the purchaser’s name can usually take place within 2-3 months after the fulfilment of any suspensive conditions (assuming that both parties perform timeously). The seller’s conveyancer usually performs the transfer, and oversees the process. As a purchaser, you […]
Make sure you understand the sale agreement before you sign!
Once you have signed the sale agreement, you cannot claim ignorance of the contents of the agreement. It is highly recommended that you obtain legal advice before signing an agreement, to assist you in identifying any possible risks. It is also preferable for the parties to annex a “defects list” to the agreement of sale […]
Should I buy a residential property or a sectional title property
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 […]
Should I purchase in my name, a trust or in a company?
Normally you will purchase the property in your own name, although you may wish to consider purchasing in the name of a trust or a company. It is advisable to engage the services of your legal advisor and/or tax practitioner to explore the potential legal and tax implications of purchasing in your personal name, a […]
Can I afford it, and what will it cost?
This is possibly the most important question to ask before you purchase your home. There are many hidden costs involved in purchasing a property- as the saying goes, failing to plan is planning to fail! If you do not have sufficient funds to pay for all the costs of transfer of the property, including unexpected […]
Things to think of when buying a home
It is exciting to purchase a home. For some, it may be the biggest investment they will ever make. It is therefore essential that all prospective purchasers plan a purchase in advance, to avoid a situation where the process becomes a stressful one. Can I afford it, and what will it cost? This is possibly […]
Substantial penalties for the late filing of annual financial statements
The Companies and Intellectual Property Commission (CIPC) is tasked with ensuring that companies comply with the provisions of the Companies Act. In terms of Section 30 of the Companies Act, a company is required to prepare its annual financial statements within six months of the end of its financial year and file it with CIPC, […]
The Position of Land Reform in South Africa Today
Land reform is a topic which is legal, political and emotional in nature. It is a topic which is relevant to all South Africans – not only those who currently own land but also for those who are looking to own land in the future. Foreigners who currently own or who are considering purchasing land […]
What to consider when cancelling a contract
You might, in future, find yourself in a situation where you will want to cancel a contract. This article sets out the requirements for cancelling a contract and gives basic guidance on what to do. A contract can be cancelled by agreement between the parties or as a result of a material (serious) breach by […]
Relocating with your child when you are divorced
I have divorced my husband and I am now the primary caregiver of our minor child. I received a job offer in another country and I would really like to accept it. My ex-husband and father of my minor child won’t consent to the relocation of our minor child. Will I get permission from the […]
Beware of “repayable on demand” loans – they may prescribe
You might, at some point in your life, have lent money to a friend, family member or business associate. It is also quite common for a business to obtain or grant loans in the course of its trade. In South Africa, in terms of the Prescription Act of 1969 (the “Act”), a debt prescribes (falls […]
Special levies in a Sectional Title Scheme
From time to time a body corporate may be required to raise a special levy on its members. Such a levy would be in addition to the normal monthly levies for which members are customarily responsible. As the use of the word “special” suggests, these levies would be required to off-set unexpected but urgent expenditure […]
Trust litigation – Who can institute a claim and which court has jurisdiction?
This article deals with the questions of who can institute litigation on behalf of a trust, as well as with the question of how jurisdiction is determined with regards to trusts. Who can institute a claim? A trust is not a legal person and cannot litigate in its own name. The trustees play a vital […]
The rights of a domestic partnership
Domestic partnerships, also known as cohabitation relationships, are becoming more common in our modern day society, and it therefore becomes ever more important for parties to understand the different legal implications of being married and merely cohabiting. Parties to a domestic partnership do not enjoy the same legal protection as married couples upon termination of […]
The impact of the CPA on Franchise Agreements
With franchises becoming a common phenomenon worldwide and franchisors, traditionally, benefitting from a strong bargaining position when negotiating franchise agreements, regulation of the industry has become inevitable and has South Africa’s legislature initiated this regulation through the Consumer Protection Act No.68 of 2008 (“CPA”), which was signed into law on 24 April 2011. The CPA […]
Can I obtain financing if I don’t own immovable property as security?
The article gives a brief overview of what a notarial bond is, the requirements that need to be complied with to register a notarial bond and give tips regarding clauses that will prove to be useful in a notarial bond. It also deals with the situation where a debtor disposes of an asset listed in […]
Can my property be used for Airbnb?
When deciding whether to become an Airbnb host, it’s important for you to understand how the laws work in your city. According to Brett Herron, the mayoral committee member for transport and urban development at the City of Cape Town, different holiday accommodation land use types, such as B&Bs and guest houses, are regulated by the […]
Can someone record me without my permission?
Over the past few months, we have seen videos being posted on social media of physical altercations, poor service delivery and racial slurs, but the victims of the videos and audible recordings are usually unaware that they are being recorded. The recordings are conducted without their permission and then shared. But is someone allowed to […]