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  • The National Credit Act and How It Will Affect Your Home Loan Application A Blessing or a Curse? The National Credit Act was anticipated with mixed feelings and, when it was implemented on the 1st of June 2006, it was received with mixed feelings - feelings that still seem to prevail. Whenever the decline in property sales and the slow-down in property price growth come under discussion, the National Credit Act invariably assumes a position alongside the escalating interest rates, the soaring [...]

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    Why should you be aware of what is involved in the conveyancing process? You are able to speed up the process by obtaining the correct documents and information needed by the conveyancer. The communication with the conveyancer is smoother and you are able to efficiently assist in the process. Conveyancers are not able to mislead you if they try to use feeble excuses for delays and if problems occur you are equipped to assist in solving these. Your relationship with the conveyancer and [...]

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    DEATH AND TAXES ARE CERTAIN The Receiver of Revenue will do a risk analysis regarding outstanding taxes on both the transferor and the transferee on all transfer transactions. If there are any taxes outstanding by either of the parties, the Receiver will not issue the relevant transfer duty receipt until the taxes have been paid or an arrangement for payment has been made. The Receiver will accept an undertaking in certain circumstances from the conveyancing firm concerned that the taxes [...]

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    Sectional title schemes provide an ideal opportunity for developers to reap considerable profits in the real estate market. Such developments can comprise of residential units, offices, shops, commercial and industrial units and especially mixed schemes - the possibilities are endless. The developer plays an essential role in the creation process of a new sectional title scheme. Much of the success of a development depends on his performance during these initial stages. Developers should [...]

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    South Africa is said to have one of the best Deeds registration systems in the world which is highly accurate. All the information to each piece of land including diagrams and owners details are recorded in the Deeds Registry of that region. Herewith some interesting and useful information which you should read if you are thinking about purchasing property in South Africa: 1. The Transferring attorneysIn South Africa usually the Seller of the property nominates the conveyancing attorneys who [...]

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    Background The Financial Intelligence Centre Act (hereinafter referred to as "FICA") was passed by Parliament in December 2001 and is being promulgated in a phased approach. FICA effectively establishes a partnership between the private and the public sector to assist in the identification of proceeds of unlawful activities thereby combating money laundering activities. In terms of FICA, the Money Laundering Advisory Council and Financial Intelligence Centre (hereinafter referred to as "FIC") [...]

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    In general, the documentation required separate to the documentation required for a new home loan, would be your standard FICA documentation eg. Copy of your ID document. (For both parties if applicable) Copy of Marriage Certificate or ANC Contract (If applicable) Proof of address (recent) PAYE details (for both parties if applicable) Proof of funds if purchasing for cash. Documentation Required For a New Home Loan if you are an employee Proof of income: your latest salary advice. If you earn[...]

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