WATERFALL NOTARIAL DEED OF LEASE
WHAT IS THE 99 YEAR LEASE? Properties are sectional title leasehold & not owned freehold. The lease is registered for a period of 99 years. The entire Waterfall City is leasehold ownership. The 99 year lease is able to achieve an Infinite number of extensions restoring it to 99 years.
HOW IT WORKS? The property is purchased from Balwin( as the developer) and a long term lease is concluded between the Lessee( You) and Lessor( WUQF). The lease agreement is registered in the Pretoria Deeds Office. 99 Years commences on date of registration of the lease. Undisturbed right of use & enjoyment over the property and facilities within the rules and regulations set by the residents association.
SELLING THE PROPERTY? Seller( you) reserves the right to sell privately or through an agent at any point during the 99 years. WUQF( Waterfall Trust) panel of agents are capped at 5 % commission to resell properties. Seller will be liable to pay 3 % + VAT of sales price to WUQF upon sale of property. Seller will be liable to pay 0.5 % of sale price to the Levy Stabilisation Fund of the Residents Association. Once sold the new owner receives a new 99 year lease. *** No 3.5 % to be paid in the event of death or divorce. *** In the case of a bequest( will), the heir will take ownership of the balance of the 99 years remaining without 3.5 % fee payable. Once the 99 year period has expired you will need to renew the lease agreement with the same( 3 % + VAT) fee to the WUQF and( 0.5 % to the residents association( at current market value).
BENEFITS!!! NO TRANSFER DUTIES APPLICABLE AT ANY STAGE, not on purchase or resale, unless there is a change in legislation stipulating otherwise. More favourable resales prices negotiable in the future due to no transfer duties. Transaction time from signature of the sale agreement to registration in the deeds office is quicker. Being a part of the Waterfall City, benefiting from infrastructure, services and Facilities.
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