Monday, November 19, 2007

Transfer Duty Amendments...

There is a positive amendment on the way with regards to transfer duty on sectional title units which form part of a rental pool.

If the purchaser of a sectional title unit which forms part of a rental pool, makes an election, in writing, to keep that unit as part of the rental pool after the transfer to the purchaser then the transfer is exempt from transfer duty.

If we have a look at the benefits that this holds for a prospective purchaser, the change is definately for the better as the transfer duty currently on a R1 million sectional title unit, if purchased by a natural person is R25 000.00. Quite a saving off your transfer costs if the requisite written election is made to keep the unit in the rental pool.

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