Confucious says: "Man who stand on toilet is high on pot!"
Well morning everyone, hope you're all up and about and loving life cause, "hey, hey, it's FRIDAY". Firstly let me just add that this weekend, is the weekend that both The Sharks and The Bulls kick some serious @$$! Secondly, let me add that this weekend is the weekend that Ferrari kicks some serious @$$!
Now that I have that out of the way I thought I'd give you confucious lesson number 3.
Leasehold Ownership (99 year lease)
Leasehold ownership as a form of property ownership was made available in 1978 to promote black home ownership. Further legislation passed in 1985 removed earlier limitations and has made this form of land tenure more attractive. Features of the 99 year lease include the following:
- The transferee of a 99 year leasehold right will, irrespective of how long the lease has already run, enjoy tenure of 99 years.
- Generally, costs are lower for this type of tenure than those applicable to freehold property
- No transfer duty and stamp duty is payable on 99 year leasehold transfers
Leasehold ownership transfers and related documentation are registered in the offices of the Registrar of Deeds.