Real Estate Investor Magazine South Africa Real Estate Investor Magazine - April 2017 | Page 8

Q & A PROPERTY ADVICE Q NICCI DU PLESSIS DU PLESSIS & CURRAN This question often comes up when it’s too late. The sale of immovable property is one of the few legal agreements that must be in writing. Once an agreement has been signed, you are bound to the terms and no changes can be made without the cooperation of the other party. This is where things can go terribly wrong – e.g. the timing of the transfer might need to be linked to the sale of your property or monies fixed in medium-term investments, or you might need to take early occupation if circumstances change whilst the transfer is happening; this needs to be provided for in the agreement, together with rental payable. If you notice defects in the property, this must be recorded should you want the Seller to fix them - otherwise you’ll be deemed to have accepted these defects. Another important consideration is the legal vehicle in which the property should be purchased, taking into account your personal circumstances. Is it better to register the property in a family Trust, a Company or in your personal name? A conversation with an attorney that explains the implications of each of these should be had. It really is worthwhile to take the time to consult with an attorney BEFORE you sign any sale agreement – the benefits and peace of mind by far outweigh the initial cost. Q SAMUEL SEEFF CHAIRMAN, SEEFF Why do I need an attorney when buying or selling a property? Isn’t it a straightforward process? Should you still invest in SA property? South African property is almost always a good investment. While you may not earn stellar capital growth or rental returns, history has shown that the market has the propensity for excellent growth. If we look back over the last 20 years, we see that when the economy performed well, the property market outpaced by quite some margin. So much so, in fact, that during the early 2000s, South African price growth consistently ranked in the top twenty in the world. Even now, the Cape has been ranked by a number of international barometers amongst the top twenty in the world - and this during a rather slow economic cycle. The provision, though, is to always do your homework and ensure you buy smart. That means paying no more than fair market value and putting your money into an area that you have researched. BUSINESS I FAMILY I PROPERTY We look after your interests Unit 12, Harfield Village Centre, 48 2nd Ave, Claremont, 7708 Mobile: [phone] Email: [email protected] www.duplessiscurran.co.za