NEWS FLASH: How does the Budget Speech affect the property market?
Minister of Finance, Mr Tito Mboweni, delivered the National Treasury’s budget for 2020/2021 on Wednesday 26 February 2020. Important to note in relation to the property market is that the transfer duty exemption has been increased to R1 million. From 1 March 2020, transfer duty rates will be as follows: Value of property Rate Up more...
To buy property with an existing tenant or not, that is the question!
When a property is purchased while there is a tenant in occupation, the tenant has certain rights. Potential purchasers need to be aware that the lease agreement remains in place despite the change of ownership of the property until such time as the lease expires. This means that the lease will survive the sale and more...
Withholding tax – implications when the seller of immovable property is non-resident
You have decided to take the big step of buying a property, but before putting in an offer, you read the Agreement of Sale. One of the clauses is headed, “Withholding Tax”, or something similar and you wonder what it would mean to you? Briefly, Section 35A of the Income Tax Act, is a control more...