Real Estate Investor Magazine South Africa February 2016 | Page 10

Q&A ASK THE EXPERTS Question What is the advantage in purchasing a property using a company, as opposed to purchasing and registering it in my own name? Michael Dryden Marlon Shevelew B I of Finserve of Marlon Shevelew and Associates Inc. uilding wealth outside of your personal capacity should always be considered, as doing so helps reduce the risks that such wealth is exposed to. Such risk comes in the form of personal legal issues (divorce; creditor claims) and exposure to estate issues upon death. There could also be some Income Tax advantages. Ask The Property Experts click here 8 I have just put in an offer for a 8000m2 distressed property directly form the liquidators who are representing the bank. The offer has been accepted but there is a tenant on the property with no lease agreement in place at all who refuses to leave the premises, as the previous owner is liable for a certain amount of money from a business deal they did. What is the best option to remove the tenant legally off the premises once we take ownership of the property? f, as you say, there is no lease agreement in place at all, he/ she is not in fact tenants but an unlawful occupier. If the liquidators are correct that it is your responsibility to evict the occupier, the only lawful way to remove him/her is by following the procedure laid out in the so-called PIE Act. Without a lease — and with no consent to remain on the property prior to the sale — you would not be obliged to give any notice before bringing the eviction application. If unopposed, a PIE application would take in the region of six weeks. Question I recently inherited a residential property in the Western Cape. The initial valuation was declared on 1st May 2013. How can I go about checking if the valuation was reasonable and honest? Karen Scott of Valuations Manager T he best approach would be to contact a qualified registered Professional Valuer or Professional Associate Valuer to get them to do a valuation as at the date of valuation (in this case being 01 May 2013). The valuer will do the appropriate market research and using their knowledge of the market and valuation principles will determine the market value of the property as at the date of valuation. A detailed property report should be submitted so that you are in a position to make a comparison between the declared value and the market value as calculated by the valuer. DO YOU HAVE A PROPERTY QUESTION YOU WOULD LIKE ANSWERED BY OUR EXPERTS? If so, post it on ASK THE EXPERTS on www.reimag.co.za or email [email protected] FEBRUARY 016 SA Real Estate Investor www.reimag.co.za