Confucious Says: Leasehold's, Huh?

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.

Confucious Says: Immovable Who?

Confucious says "War doesn't determine who's right. War determines who's left."

Well here's part two! I know they're a little technical but hopefully by the end of my "EDUCATIONAL SERIES" you'll have no problem understanding these!

Who would've thought that something as easy as "immovable property" had a definition the size of half a wikipedia.

Immovable Property

Land and every real right in land or minerals (other than any right under a bond) which is registrable in any office in the republic user for the registration of title to land or the right to mine (AEA), 'Immovable Property' includes:

• Any unit as defined in Section 1 of the Section Titles Act of 1971 and any proposed unit;


• Any right to claim transfer of immovable property;


• Any undivided share in immovable property;


• Any interest in immovable property, other than a right or interest registered or capable of being registered under the Mining Titles Registration Act of 1967;


• Any share in a private company referred to in the Companies Act of 1973 the whole or major portion of which consists of immovable property;


• Any share in a share block company as defined in Section 1 of the Share Blocks Control Act of 1980, and any proposed share;


• An interest of a member of a close corporation, of which the assets consist wholly or mainly of immovable property.

Confucious Says: Freehold is what?!?

Confucious Says "Man who walk behind car will get exhausted, but man who walk in front of car, will get tired!"

When it comes to the home loan jargon, there's loads of it. I'll be honest I still have to ask old Storm the "Pixie" next to me every 5 seconds to tell me what an AIP is again. But fear not my friends!! The WizardMan has decided to make it "EDUCATIONAL WEEK"...
I'm going to post a couple of mortgage terms each day for everyone to save and bookmark for future reference should you ever need it!

FREEHOLD TITLE
Freehold Title is the most common and basic form of property ownership and provides for:

• The ownership of a piece of immovable property, registered in a deeds registry, by an individual/individuals or legal entity, eg cc's, trusts and companies


• The right of ownership of immovable property to be transferred from one person to another; or from one legal entity to another, or from a person to a legal entity and visa versa;


• The purchaser of a freehold property to obtain a legal document (normally a title deed) which details the rights and obligations of the owner concerning the use, maintenance and development of the land (property acquired under freehold title implies ownership of the specified land and any improvements erected thereon);


• Deeds offices not to allow the transfer of property from one party to another without the production of a certificate, which confirms that all the amounts due to the local authority and Receiver of Revenue for transfer duty and rates have been paid.

Amazing Skyskraper - Bahrain

I know this has nothing to do with South African property but it's an amazing building. A family member of mine has just come back from Bahrain and she sent me these photo's... I bet all you bond originators out there would love to be doing the bonds for this little bugger ;-)...

Decorex - Improve your lifestyle!

I know this is a property BLOG but, i thought it would be nice to throw in a little light hearted article on the biggest decorative show South Africa has to offer... After all, it's kinda property related if you think about it!

Anyways, I'm a little late with this article as Decorex Durban has already passed (For those of you who were lucky enough to go, share your comments with us please!). However, Decorex Cape Town starts on the 26th April 2007 and Decorex Johannesburg starts on the 8th August 2007 (Yeah we're always last dammit).

So if you're keen on the latest and greatest decorative fashion styles for your new loft apartment, or you just love shows, go on down to Decorex, it's going to be huge!