Monthly Archives: March 2014

Madiba Day 2014: Strauss Daly contribute their share

Strauss Daly’s Cape Town branch contributed their share to commemorate and celebrate South Africa’s greatest icon.

They joined the “Bree Street Takeover” by partnering with the Community Chest on 18 July 2014 and brought along blankets and non-perishable food items, creating a blanket chain all the way down the street for 67 seconds.

Read the Community Chest acknowledgment to the team and see the photographs of the Strauss Daly team’s participation in the donation project... Read More

Rouwkoop clauses: not always what one expects it to be

In the recent decision of Royal Anthem Investments 129 (Pty) Ltd v Yuen Fan Lau and Shun Cheng Liang (941/2012 [2014] ZASCA 19 (26 March 2014) the court interpreted a rouwkoop clause in a deed of sale to mean that the words “to keep” refers to an amount received and held by the seller and does not include the deposit paid to the conveyancer.

The judgment dealt with the sale of an immovable property where the purchaser paid a deposit and transfer duty to the conveyancing attorney... Read More

Foreign companies: mortgage bonds and property ownership

Section 1 of the new Companies Act 71 of 2006, which came into operation on 1 May 2012, defines an “external company” as “a foreign company that is carrying on business, or non-profit activities, as the case may be, within the Republic, subject to section 23 (2).”

Section 23(2) of the Act goes further to state that:

“For the purposes of subsection (1), and the definition of “external company” as set out in section 1, a foreign company must be regarded as “conducting business, or non-profit activities, as the case may be, within the Republic” if that foreign company— (a) is a party to one or more employment contracts within the Republic; or (b) subject to subsection (2A), is engaging in a course of conduct, or has engaged in a course or pattern of activities within the Republic over a period of at least six months, such as would lead a person to reasonably conclude that the company intended to continually engage in business or non-profit activities within the Republic.”

If a company meets the requirements set out above in that it is regarded as an external company in terms of the Act, it is required, within 20 business days after it first begins to conduct business, or non-profit activities, as the case may be, within the Republic, to register with the Companies and Intellectual Property Commission (CIPC)... Read More

Value Added Tax: Temporary relief for property developers to expire 1 January 2015

During 2012 SARS granted temporary relief to property developers in terms of section 18B of the Value Added Tax Act to enable developers to let unsold residential units for a period of 36 months without incurring a VAT liability.

This relief only applied to developers who intended to sell the properties at a later stage. It was intended to assist those who were unable to sell the properties in adverse economic conditions and were forced to lease the properties to cover costs... Read More

City of Cape Town issues fines totalling R722 650 for building regulations- and land use planning transgressions

In a recent media release the City of Cape Town stated that it is making progress with convictions related to illegal building work and land use transgressions. According to the briefing on their website, a total of 471 court cases were concluded, which resulted in fines worth R722 650 being issued to individuals from January to December 2013.

They are calling on property owners, neighbours and developers to share in the responsibility of ensuring that small and large developments are compliant with the necessary regulations to avoid penalties... Read More

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