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WCLawyer, Attorney
Category: South Africa Law
Satisfied Customers: 15597
Experience:  L.LB (UOVS)
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one is about to purchase a vacant stand,what does one to look

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one is about to purchase a vacant stand,what does one to look out for since there are sharks out there.
Good day.

What do you want to do with the stand.
Customer: replied 3 years ago.

sorry for late response something came up,i want to build rooms and rent them out.

Like a boarding house, or more like flatlets?
Customer: replied 3 years ago.

boarding house and about to sign offer to purchase ,wanna do it right the first time.

And there is nothing on the stand at the moment? No buildings whatsoever?
Customer: replied 3 years ago.

there a small room.

So you are going to have to expand on that building to do what you intend?
Customer: replied 3 years ago.

no,going to demolish it.

1. The first thing you need to do is to go speak to your town planner in your Municipality to see whether this is feasible, given their spacial development program. For what you want to do, you are going to need their approval, so it makes sense to ask them before you enter the offer on whether, in principle, something like this is possible.

2. Then you need to get a copy of the title deed to see what kind of conditions is contained on it. There could by height restrictions, coverage restrictions, servitudes that will hamper your plans or any host of other factors.

3. You would also need to establish how much the value of the property is going to increase because of your improvements, since this is going to directly impact the rates and taxes that you are going to pay.

4. You also need to establish from your Municipality if they will grant you business rights, whether it is necessary to obtain these rights if you are going to run a boarding house and how long such an application will take.

I hope this helps you a little bit, but if you have any further questions, feel free to ask them before you rate. It will not cost you anything extra. If you are satisfied with the answer, kindly click on one of the five faces on the ratings page. I don't get anything for this answer unless you do.

Customer: replied 3 years ago.

how does one handle the issue of legal and transfer fees,rates and taxes and the seller is who he claims to long does it take before one gets a tittle deed,who we pay the money to(agent or lawyers)

1. Your conveyancer will assist with those questions and will facilitate the issues with regards XXXXX XXXXX fees etc.

2. It normally takes about eight weeks to register the transfer. The title deed is kept by the bank if you are going to buy through a bond. If you are not, the Deeds Office will forward the title deed approximately three months after registration. You will be the owner from the date of registration and not from the date that you are in possession of the title deed.

3. Normally, the seller pays the agent, rates and taxes up to the date of transfer and the bond cancellation fee, if any. This can, however, be changed over to the buyer in the contract, so, check your contract.

The buyer pays rates and taxes from the date of transfer, occupational rent, if applicable, the sale price, transfer duty and transfer costs as well as bond registration fees, if applicable.
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