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Land Exchange Agreement South Africa

Step 1: Once the seller has signed the sales contract, the buyer must receive a home loan. Savvy buyers know how to use the services of an experienced bond creator like ooba, who will help them get the best real estate credit offer available from banks. 2. If X, Y and Z are co-owners of a property, a divisional contract may be entered into, according to which X owns a certain portion and that Y and Z own the rest of the property. After the signing of the sale contract and the approval of the loan, the lawyers themselves are responsible for the cancellation of obligations, the new presentation and the transfer of ownership. 3. If X and Y are the joint owners of the “P” and “Q” properties, a division agreement may divide the ownership of the two properties so that the “P” property belongs exclusively to X and the “Q” property exclusively to Y. Si z.B. the “P” property is worth R2 million and the “Q” property 1 million R , X may pay compensation to Y for the additional value received during the transaction. The advantage of a division agreement is that, unlike a sales or exchange contract, it does not attract a transfer tax.

The only exception to this rule is in cases where, as explained above, compensation is paid. In these cases, the tax on the transfer is due for the value of the compensation. Co-owners of land or land may or should be redistributed among themselves, so that they become individual owners of a particular portion of that land (or a section title unit) in their own name. This can take the form of Section 26 of the Deeds Registries Act and a partition agreement. 4. Condominium co-owners could build buildings of more than one unit, open a section register and, through a division agreement, transfer a unit to each unit. In order to achieve redistribution through a division agreement, the co-owners must each own an individual share due to the land they wish to split. The agreement must assign each of the co-owners a defined part of this land and should not simply be an agreement to redistribute their respective shares in the land between them. All owners must be parties to the agreement. The legal word used to transfer property from one owner to another is referred to as transportation or, in the layman`s sense, a transfer of ownership.

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