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Fourie Stott Backup Offers

Backup Offers

What are Backup Offers? A backup offer occurs when a seller concludes a sale agreement with a buyer (primary offer) which is subject to one or more suspensive conditions, and then the same seller signs a later sale agreement with a second buyer (the backup offer). Dealing properly with backup offers is important for all .. read more

Fourie Stott Huur gaat voor koop

Huur gaat voor koop

Huur gaat voor koop – what does this mean? Roughly translated, huur gaat voor koop means: an existing lease trumps a subsequent sale. What are the legal consequences of this principle? (a) When a property which is subject to a lease is transferred, the purchaser steps into the shoes of the seller as the landlord .. read more

Fourie Stott Termination of a Trust

Termination of a Trust

When to consider termination of a trust If you have a family trust that is inactive or not being utilised it may be prudent to have it terminated in order to save costs and avoid potential issues in the future. Some factors when deciding whether to consider termination of a trust are the following: Trust .. read more

Fourie Stott Property Sale Agreement

Property Sale Agreement

Is the deposit clause in your Property Sale Agreement up to date? When a purchaser is obliged to pay a deposit to conveyancers pursuant to a sale of property agreement, the sale agreement should provide for the deposit to be invested on behalf of the purchaser pending registration of transfer. The conveyancers can only invest .. read more

Fourie Stott Property Specialists

Property Specialists

Our Property Specialists Our conveyancing team collectively has more than 40 years’ experience in providing conveyancing services and property-related legal advice. As property specialists, we assist clients with residential and commercial transfers, developments, sectional title issues, bonds and general conveyancing work such as consolidations and sub-divisions of land. We also assist with the drafting and/or .. read more

Fourie-Stott-Occupational-Rent

Occupational Rent

Occupational Rent Once a sale agreement has been signed, the transfer process begins and typically takes 8 to 12 weeks. Ownership of the property concerned will pass to the purchaser on registration of transfer in the Deeds Registry (“Date of Transfer”). In most transfers of immovable property, occupation (the right to occupy the property) passes .. read more

Fourie Stott Emigration Considerations

Emigration

Emigration Considerations Packing up your entire life, leaving your familiar surroundings and moving to a foreign country is an emotional and stressful life event. If you want to be proactive and avoid some unnecessary costs and nuisances while you are settling into your new home country, we suggest the following emigration considerations: Immovable Property If .. read more

Fourie Stott Independent Trustee

Independent Trustees

Family Trusts : Independent Trustees South African legislation does not specifically require the appointment of independent trustees. There is however, a duty on trustees to act in the best interests of the beneficiaries. The Supreme Court of Appeal, in Land and Agricultural Bank of South Africa v Parker and others 2005 (2 )SA 77 (SCA) .. read more

Fourie Stott what is a cession

What is a cession

Legalese: Cession A common clause in an agreement, is one that stipulates that one party’s rights in terms of the agreement may not be ceded without the prior consent of the other party. What is a cession? A cession is the transfer of a personal right from one person to another. A common example of .. read more

Fourie Stott Bond Approval

Bond Approval

Do you have to secure bond approval before a sale agreement? Many sale agreements require the purchaser to secure bond approval before the agreement becomes binding. Sometimes it is not clear when this is actually obtained because there are different stages to the bond approval process. When is your sale agreement secured by a bond? .. read more