WHAT IS THE 99 YEAR LEASE?
HOW IT WORKS?
SELLING THE PROPERTY?
BENEFITS!!!
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 Infi nite 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 Offi ce. 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 offi ce is quicker.
• Being a part of the Waterfall City, benefi ting from infrastructure, services and Facilities.
| 25 |