Failure by an owner of an investment letting business conducted from immovable property to advertise a sale in compliance with the law, can in certain circumstances, have severe consequences for both the owner and its bondholder.
Property owners who have suffered damage, as a result of the recent unrest, will no doubt be lodging insurance claims for compensation, with SASRIA. Such owners should also carefully consider opportunities which exist to reduce liability for property rates and obtain some financial reprieve.
A recent Supreme Court of Appeal (SCA) judgment has again raised warnings about the implications of not complying with statutory requirements when buying and selling immovable property, as well as not ensuring that important procedures are followed when one of the contracting parties is a trust.
Owners have a limited period to examine the roll and to submit any objections to such valuation. Property rates are a major expense for owners of immovable property and it is essential that owners are satisfied that the value placed on their property by the Municipality is correct.
Traditionally, a “demand facility” is a loan with no fixed repayment date, and one where the lender will “demand” repayment at some future uncertain date – this could be 1 month, 1 year or 10 years from the date that the amount was advanced.
A summary of some taxation issues affecting immovable property, including those dealt with in the budget, as well as some proposals affecting immovable property in the pipeline, are detailed in this article.