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November 2023 NEWSLETTER |
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Buying or selling property is a big deal for most of us, and no one wants to be in the position of a couple who, having viewed a house advertised as “a renovator’s dream”, signed an offer to purchase immediately but then changed their minds.
Too late! The seller had already accepted the offer, creating a binding sale agreement. The buyers’ breach left them liable to pay the agents their commission - a costly mistake which they could easily have avoided. We discuss, with a focus on the High Court’s application of the old “let the signer beware” maxim.
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Selling Your House to a Non-Resident
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In your quest for the best buyer and the best price for your house, you may well end up receiving an offer from a foreigner keen to take advantage of our weak Rand, value-for-money property market and attractive lifestyle.
Before accepting an offer, you (and your buyer) need to consider several important questions. What restrictions and regulations apply to a non-resident buying property in South Africa? What happens if the buyer wants to buy in the name of an entity? What happens about signing documents overseas? What are the tax and other practical implications? We address all those questions, and more.
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Disclaimer
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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 us for professional, detailed and appropriate advice.
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