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 suburb is leasehold ownership .
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 ).
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
infrastructure , services and Facilities .
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