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Property Sales and Trusts: Demand Proof of Trustee Authority


Wessels & Smith Inc.'s Monthly Newsletter







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December 2019 NEWSLETTER
Property Sales and Trusts: Demand Proof of Trustee Authority
Selling property to a trust comes with a particular risk, and it’s one that - although easily avoidable - still seems to catch sellers unawares on a regular basis.

Not checking that the trustee/s signing the offer to purchase/deed of sale are fully authorised to do so could leave you with no sale at all. We illustrate the downsides of not checking for trustee authority by discussing a recent Supreme Court of Appeal judgment in which a seller’s R3m claim came to naught, because only one of two trustees had signed the sale agreement for the buyer.

We end off asking whether in such a case you can hold the unauthorised trustee personally liable for damages.
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Visiting South Africa with Kids Just Became Easier – Here’s What You Need to Know
ArticleImage South Africa is a great holiday destination for families, and a recent announcement by government that it has eased the requirements for children entering the country has been widely welcomed. 

We discuss the documentary requirements which have applied until now, the extent to which they have been waived, and the restricted application of that waiver.

We end off with a useful Department of Home Affairs table which conveniently and clearly sets out exactly what documents are required to enter South Africa for both South African children and for foreign children in a variety of circumstances.
   
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All Companies: Prepare for the Mandatory New CIPC Compliance Checklist
ArticleImage Having your company deregistered by the CIPC will have serious consequences for your company, for your business, and for you personally – so you should take the new “compliance checklist” requirement seriously. 

Until you complete the checklist you won’t be able to complete your company’s annual return, and then your problems will really start because CIPC will decide that you have gone out of business and deregister the company.

Voluntary until now, completing the checklist will be mandatory for all companies and close corporations from 1 January 2020. Your first step will be to establish when your next annual return will become due …
   
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Property Owners, Buyers and Agents: Lost Title Deeds and Bonds – Don't Delay!
ArticleImage Without your original title deeds you cannot pass transfer of your property to a buyer, and whilst obtaining a certified copy of a lost deed has until now been relatively quick, simple and cost-effective, that changes for the worse on 1 January next year.

We discuss what a title deed is and give you details of the new procedures, with suggested courses of action for all property owners (not just active sellers), buyers, estate agents and bondholders. 

Item 1 on your action list will be to make sure you know exactly where the title deed is. If it is lost, Item 2 will be to approach your attorney urgently for help in getting a replacement before your local Deeds Office closes for the December break.
   
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Your Website of the Month: A Festive Season Home Security Checklist
ArticleImage Every year the criminal fraternity welcomes the onset of the Holiday Season – lots of empty homes, lots of high-value new gadgets around, lots of relaxed homeowners letting their guard down…

Here’s how to foil the bad guys while enjoying your year-end break as a time of celebration and relaxation, not a time of worrying about whether your home-sweet-home will be ok without you, and stressing over the aftermath of a burglary (or worse).

“Locking Up For The Holidays: Your Home Security Guide” on the Private Property website has a useful checklist for you. It’s written mostly for home owners headed out of town, but there’s also a lot of good advice there for “holiday at home” families. 
   








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Thank you for your support in 2019.
  
Have a Wonderful Festive Season, and a Happy and Prosperous 2020.

Enjoy the Break!

   

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Disclaimer

The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.


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