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
Columns
Tell me if this Recipe is a Keeper
One of my ways to relax is to cook. Friends and family constantly tell me that I should open a restaurant. Frankly I think that they tell me this only so that they can get out of cooking themselves, though. Quickly creating something to eat out of what is available in our fridge and pantry has become a particular challenge that I enjoy and, up until now, I have never really taken note of what gets thrown into the pot when creating. Last night I actually took note of what was being used to … [Read more...] about Tell me if this Recipe is a Keeper
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
Reinstate SANAB in the War Against Drugs
I can't shake the feeling of betrayal. The Minister of Intelligence, Siyabonga Cwele's wife has been implicated in an international drug trafficking scandal. The former South African Police Commissioner, former president of Interpol Jackie Selebi is now incarcerated in Pretoria Central Prison serving a 15 Year sentence for corruption. What was his input, advice, influence and motive in Government‘s decision to disband (SANAB) South African Narcotics Bureau? Our very own Central Drug … [Read more...] about Reinstate SANAB in the War Against Drugs
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
Sign the Petition to Bring the South African Narcotics Bureau (SANAB) Back
Drug related crime is up by 87% since the South African Narcotics Bureau was shut down in 2004. During the year that SANAB was disbanded, the SAPS reported 62,689 drug related crimes (2003/2004) but that figure reflects an increase to over 117,172. And increasing every year! We call for Minister Nathi Mthethwa to reinstate an independent autonomous properly trained, motivated and equipped anti-drug unit. Our society need specialist anti-drug squads operating in all high drug activity areas … [Read more...] about Sign the Petition to Bring the South African Narcotics Bureau (SANAB) Back
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
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
Your Changes to Letters to the Editor
Dear Editor I have often wanted to contribute to your discourse on the health - political, business, social, environmental and otherwise of Port Elizabeth but, must admit, that I have been hesitant to release my words in to the wild wild web until now ............ The changes that you have made to the Letters to the Editor submissions page fill my heart with joy. Especially the section that allows me to send you a letter under a Nom de Plume - Pen Name for the less wordy in our … [Read more...] about Your Changes to Letters to the Editor
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
