This week Property Poser's panel considers the implications of being married out of community of property with the accrual system. A reader tells us that she is married in terms of this regime and that the split of the accrual is 25/75 in her husband's favour. It appears that one of the biggest assets in the estate is a property valued at approximately R3 million, registered in her husband's name. In the event of a divorce, she would like to know whether she could negotiate to keep the … [Read more...] about Divorcee wants split from accrual system
Trust no sleeping partner
This week a reader asks the panel's opinion on setting up a business as a company and whether it would be wise for a trust he is part of to own shares in it. The reader would also like to know what the tax implications of this structure might be. This is a reasonably complex issue with many aspects to consider, says Rian du Toit from DTS Attorneys in Port Elizabeth. "It's quite a common planning technique to run one's business in a company as opposed to a sole proprietorship, where … [Read more...] about Trust no sleeping partner
Executor of deceased estate a dead loss
This week the panel examines the role of the executor in a deceased estate following a query from an aggrieved beneficiary who considers one such incumbent a dead loss. The reader explains that a family member was appointed as executor but that she and fellow beneficiaries have been unhappy with his administration of the estate thus far. She would like to know whether he can be removed from his position and replaced. Furthermore, the reader would like to know whether she can insist on a … [Read more...] about Executor of deceased estate a dead loss
Close corporation divides family
This week, the panel deals with an interesting situation involving conflict over a holiday house owned by a family in a close corporation. The man, his wife and children are all members, but the husband has recently passed away. Unfortunately, his wife and one of their children took it upon themselves to go to the property, empty it out and arrange for a long-term tenant to take occupation. According to the reader, this was not agreed upon or consented to by the other members of the … [Read more...] about Close corporation divides family
Laying blame at owner’s door
This week our panel assists a reader who has been fined for alterations he made to his unit in a sectional title complex. Before starting these alterations he submitted the plans to the municipality and the trustees of the body corporate. The changes he wished to effect were not only aesthetic, but also had practical implications to prevent rainwater from flooding the interior. The building took two months to complete. About a month after completion he received a communication from the … [Read more...] about Laying blame at owner’s door
In suspense over sale conditions
Our panel often receives questions about suspensive conditions linked to property sales. These conditions affect not only the buyers and sellers but also the estate agent involved in the sale and, very often, third-party buyers and sellers who are waiting on fulfilment of a deal on which their own property transaction depends. This week we take a look at a set of facts presented by someone who appears to be a principal and is concerned about the actions of another agent within his … [Read more...] about In suspense over sale conditions
Splitting the marital bond
Regular readers of our column may be aware that the impact of a marital regime on property ownership is often a burning question. This is even more so, it appears, when creditors are laying claim to outstanding debts from either one or both of the joint owners. One such reader writes that he and his wife are married out of community of property, with the exclusion of the accrual system. They are however the joint owners of the home in which they live. Unfortunately, being pensioners, … [Read more...] about Splitting the marital bond
Viljoen and Pheiffer to Meet in Rematch
It will be sprinter versus climber as defending champion Roger Pheiffer and two-time winner Conrad Viljoen go head-to-head in the sixth edition of the Mecer-NMMU Cycle Race in Port Elizabeth on Sunday, November 20. Pheiffer (Walmer Cycling Club) narrowly beat Viljoen (Mecer-NMMU) in a thrilling sprint last year to take his first major victory following a decade-long absence from the sport. He said he was looking forward to a rematch with the 27-year-old former Eastern Province and national … [Read more...] about Viljoen and Pheiffer to Meet in Rematch
Buyers must know complex rules
This week our reader's letter deals with the management and conduct rules in a sectional title complex. He understands that, while these rules are absolutely necessary, prospective buyers do not always know what they are getting themselves into when buying in a complex. As a trustee of the body corporate in charge of the complex where he resides, he has devised a way to ensure that all parties concerned in the sale process are fully aware of the complex-related rules and facts. In his … [Read more...] about Buyers must know complex rules
Capital gains taxing on seller
This week the panel considers the tax and other financial implications of selling a property that is not your primary residence. The question comes from a reader who has been renting out such a property for a decade and now wishes to sell it. He has obtained a valuation but is uncertain as to what the costs will be on his side. The reader asks firstly about the tax situation and secondly about the recommended commission payable to an estate agent with a sole mandate to sell the … [Read more...] about Capital gains taxing on seller
Fixing a Shaky Chair
What role the chairperson of a body corporate plays and the nature of his or her responsibilities are the subject of this week's column. Our experts have been approached by a reader who recently purchased a sectional title unit and was subsequently elected as trustee at the annual general meeting. The group of trustees is quite small, numbering just four members including the chairperson. The reader is, unfortunately, concerned about some of the chairperson's actions and decisions. He … [Read more...] about Fixing a Shaky Chair
Till debt us do part
The panel has had a question from a reader faced with the "for richer or poorer" aspect of her wedding vows, as she grapples with the issue of property ownership and debt under her particular marital regime. She explains that she and her husband acquired a property jointly before they got married but after their antenuptial contract was drafted. They married out of community of property with the inclusion of the accrual system. Unfortunately, it appears that her husband is involved in a … [Read more...] about Till debt us do part
Agent lets owner down
One of our readers is unhappy with both a recent tenant of her property and the letting agent who initially secured and handled the tenant. It appears that the agent introduced the candidate and assured the reader that she was suitable and that all credit checks had been properly performed. The reader was satisfied with this and signed the lease agreement. At first everything went smoothly. The rental was paid on time and the reader had no other issues with the tenant. However, from the … [Read more...] about Agent lets owner down
Rugby and Retail at Lifestyle Expo
With more than 40 exhibitors and all four Rugby World Cup quarterfinal games shown live on the big screen, there will be entertainment for everyone at the Goodies 4 Girls and Toyz 4 Boyz Lifestyle Expo in Port Elizabeth this weekend. From Friday to Sunday, women can enjoy stalls offering beautiful things from specialist cupcakes and lingerie to jewellery and cosmetics in the German Club's hall. They can also participate in a number of talks and workshops on health, wellness and … [Read more...] about Rugby and Retail at Lifestyle Expo
Common ground for special levies
This week the panel tackles a reader's question about the calculation of levies and explains how special levies are divided between owners in a sectional title complex. The reader describes her complex as consisting of nine units, all of which are roughly the same size, give or take a few square metres. She would like to know whether this means that all owners should pay approximately the same amount with regard to levies. Extensive renovations are being done to the complex and, as a … [Read more...] about Common ground for special levies
