Sellers take note

Trusts and the sharpened focus on the administration thereof
July 18, 2013
Purchasers beware!
July 18, 2013

oostco-july-article2-blogSellers are to be advised of the following when they sell:

1. Remember to give your 90 day notice of intention to cancel your bond to your financial institution to avoid penalty interest being charged on your bond.

2. If you have an access facility on your bond and require funds, please remember to draw on those funds BEFORE giving your 90 day notice as financial institutions will freeze your access facility once the notice period is processed.

3. If your property is enclosed by an electric fence a compliance certificate from a registered electric fence system installer is now an additional requirement.

4. If the sale of your property is linked with the purchase of your new property please plan the registration of your transfers accordingly. Recently, a batch of three deeds lodged on 11 June 2013 only came up 19 days later on 8 July 2013. Deeds Office is far behind in the examination process.

5. E-filing season has commenced. Ensure that your tax returns are up to date as any outstanding returns from previous years will be picked up by SARS when they process the transfer duty application submitted by the transferring attorney. This may result in a delayed transfer.

For further details herein or any assistance with the sale of your property please contact Meyer De Waal ( or Mark Witzmann ( at

021 461 0065.

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