Wednesday, April 30, 2014

Welcome



Welcome to Mc Naught and Company's inter-active law site. Here you will be able to read about our latest news and views, link to other useful sites that concern the process of buying or selling a home and find out all you will need to know.


You can also post questions or comments and we will help you as best we can. Thank you for taking the trouble to find us.

Wednesday, April 16, 2014

April Newsletter published

Our April newsletter has been published. Click on the image to enlarge it and read or scroll down for more information about the topics.

Property sales to foreigners

We’re not hoping to sell real estate any time soon to Martians, but want to explain the process selling property to foreign citizens or companies, otherwise known as aliens.

Illegal Aliens

There are procedures and requirements that must be complied with in certain circumstances. For instance, sales to illegal aliens are prohibited ie the person or company must be legally established in South Africa. Foreign companies need to be locally registered to qualify and non-residents staying for longer periods may have to apply for a residence permit in terms of the Aliens Control Act.  Other than that you are good to sell to an Alien.. If you dare! If you or your buyer is a foreign company our offices are able to help in getting that company locally registered with our Registrar of Companies to qualify. Where shares in a company are owned by a non-resident, a South African officer for the company also needs to be appointed.

Mortgage Bonds

Cash is good, but if a mortgage bond is required to finance a foreign purchase, no more than 50% of the purchase price may be bonded. Money brought into the country to acquire property may also be taken out again provided at the time of repatriation the full records of the funds coming in need to be retained and supplied. Please check compliance requirements with our offices.




Franchises under the Consumer Protection Act

In practice the Consumer Protection Act, since implementation in 2011, has not had the effect of levelling the playing fields between franchisees and franchisors, according to Ben Whitelaw, writing in De Rebus the Attorneys' magazine this month.

Franchise agreements are generally entered into between two business entities who are informed and ought to take their agreement more serioulsy than a casual consumer purchasing goods in a store - the parties are able to contract and may agree to terms which favour the franchisor. The Consumer Protection Act in general protects consumers who may be uneducated and the law helps them more than the Act helps franchisees who may be sufferring from limits and procedures laid down by the franchisor.

Disclosure document

One area in which the franchisee is protected is the requirement that the franchisor furnish a prospective franchisee with a disclosure document - this sets out full information that would be material to the franchise and enables the prospective franchisee to make a more informed decision whether to go the franchise route or not.

Franchise agreements can be quite complex and require legal interpretation and it is always a wise move to consult your attorney for the correct legal advice before signing into one. Mc Naught and Company are on hand to guide you through this process and reduce the risks of taking on obligations you perhaps did not understand.  durbanskyye.co.za

Re-arranging debt

The National Credit Act, 2005, makes provision for people who are in debt to re-arrange their debt following a set plan of action and payments. Generally the debt can be "frozen" so that court cases regarding the debt come to a halt and a repayment plan is approved in which each creditor gets a pro-rata repayment over a period of time as set out in the repayment plan.


A recent court case heard by the Appeals court however referred a matter back to the Magistrates Court for a re-think after the lower court included car repayments in the repayment plan. This was a case involving the Motor Finance Corporation (Pty) Ltd who were successful in their appeal and required the Magistrate to consider the re-possession of the vehicle, payments for which had fallen into arreas, rather than including the motor vehicle payments in the new repayment plan. ie re-possess and sell the car you can't afford rather than think you can keep the car and pay the motor finance company over a longer period.

The lesson to be learned is to be careful when entering into debt or lending anyone money so that you can be sure the repayments in the future will be made. Durban Skyye blogspot

Monday, March 24, 2014

New sign for Bluff Office

We're going big and our new sign at our 555 Bluff Road office takes up most of the side of the building around the corner from our entrance. It's a WOW sign visible from the traffic intersection and is making a statement on the Bluff.


Monday, January 13, 2014

Getting your Vat invoices correct

We're off to a fresh start this year and here's our first newsletter of the year out and published. Your chance to brush up with the requirements for invoicing customers in compliance with the Vat Act.
 
 

Thursday, December 19, 2013

December newsletter published

It's Christmas-time and our year's closing newsletter is out.

Please click on the image to enlarge and read and please accept partner Mark and my best wishes for peace and prosperity this Christmas season and in the New Year - Dave Mc Naught.

Christmas Staff party

If you've ever heard the Blarney Brothers you will know they are famous for their sing-along beerfests. And partner Dave Mc Naught used to help organise the Durban area beerfests for the group in the 80s. So our Christmas staff party was a little more than lunch this year as we took to The Barnyard Theatre at Gateway for some sing-along fun and dinner this year.

Friday, December 06, 2013

Goodbye to a dear father

The modern father of our nation and South Africa's favourite President died at the age of 95 last night on the 5th December 2013.

Nelson Mandela will be remembered as a world Statesman who brought unity to South Africa and peace to this part of Africa and a man loved by everyone.

CNN sets out well his life history and the passage to a peaceful transition from the National Party government pre-1994 to the democratic elections and the inauguration of our first black President under the new negotiated Constitution of the Republic. The Constitution introduced a Bill of Rights and widespread new freedoms for all citizens, regardless of race or gender. We salute you dear father and thank you for your gift to us all. May you Rest in Peace.

President Nelson Mandela

Thursday, October 10, 2013

Join our Facebook group

We're on Facebook, not sure if you know.
 
This means that you can be sure of getting your law and property information within your social circles and on Facebook mobile. It's part of our effort to keep Mc Naught and Company up there with you, feeding you relevant information and keeping you up to date on the latest news.
 
Here's the link to our Facebook group which you can join:
 
 
You can also LIKE our page on Facebook here

And of course we have our website as well with it's useful property transfer costs and mortgage bond affordability calculator here.

October newsletter published

Our October newsletter is out and it contains important information affecting property buyers and sellers. Click on the pic to enlarge it and read...

 
 
For the reasons set out in our newsletter, here is the suggested wording of a clause that should be inserted in sales agreements to afford property buyers with some form of protection against rates department claims arising after transfer. Of course it does not help if the seller has had his money and bolted, but this is the best one can do in the face of the Council's wide power to grab money from the property owner:
 
"The Seller hereby guarantees and indemnifies the buyer against any claim existing or that may arise in the future by the local authority in respect of any rates and taxes on the property. In the event of such a claim arising, the Seller undertakes to pay same forthwith on request or to re-imburse the Purchaser with any amounts paid in respect of such claim."
 

Saturday, October 05, 2013

Into the blue

Standard Bank's recent golf day was an opportunity for Mc Naught and Company partner and pilot Dave Mc Naught to offer a complimentary intro flight over Durban which was won by Leroy Pieters. Despite difficulty waiting for a good day with the weather, Leroy was soon up in the air over Durban for his first flight ever in an aeroplane. Leroy admitted that he was terrified to go at first but soon got used to the idea and after the flight said it was not as scary as he imagined.
 
Standard Bank's Leroy Pieters in the passenger seat of Sling ZDL


Leroy Pieters and pilot Dave Mc Naught over Durban

 
It was rather cloudy but ZDL took off and was soon winging it's way around the harbour

Wednesday, July 17, 2013

Propery on the move

A new residential construction project is on the move in Athlone Park, near our Amanzimtoti offices. Mc Naught and Company have been appointed the project conveyancers and deals exceeding R15mil have been secured to the satisfaction of the projects financiers with a number of other deals awaiting bond finance.

Here's some pics of the Emzini Mews development by client Alleyroads cc which saw construction start earlier this month.

Workers getting the first story of the development off the ground



Mc Naught and Company partner Dave Mc Naught on site at the Emzini Mews project