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Namibia’s new Sectional Titles Act

15 May 2015

This summary intends to afford clarity as to the new Sectional Titles Act and the advantages and disadvantages thereof as will be encountered by Developers and Registered Owners. The Sectional Titles Act , 2009 (Act No.2 of 2009) came into operation on 15 December 2014 in terms of Government Notice No. 252 published in Government Gazette No. 5633. The Sectional Titles Regulations and corresponding Rules for Sectional Titles are contained in Government Notices No. 223 and 224 respectively published in Government Gazette No. 5604 of 31 October 2014. ADVANTAGES: 1.Units in Sectional Title Schemes no longer have to be as closely integrated and tied to adjacent Units. Consequently Units can...



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BANK GUARANTEE OR LETTER OF UNDERTAKING?

11 Feb 2015

The facts in Koumantarakis Group CC v Mystic River Investment 45 (Pty) Ltd and Another (2008) 3 All SA 384 (Supreme Court of Appeal); 2008 5 SA 159 (Supreme Court of Appeal) were as follows: The purchaser concluded an agreement with the seller to purchase an immovable property for R12 million. The agreement was not conditional on the purchaser obtaining finance secured by a mortgage bond from any financial institution, but was intended to be a cash transaction. Accordingly, the price was payable by way of a deposit of R1 million secured by a bank guarantee acceptable to the seller and a similar guarantee for the...



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Voetstoots, home-sellers and fraudulent concealers

20 Nov 2014

The notorious voetstoots clause has been the subject of much debate. A simple internet search on the principle will spew out reams and reams of results and after reading every case imaginable and every article by someone professing to be an expert on the matter we still find ourselves sitting back and asking, “So do I, or do I not, need to tell the purchaser that the beams in my roof need to be replaced even though there is a voetstoots clause?” The answer is that if you think it will affect the purchaser’s decision to buy the property or the price the purchaser will agree to pay,...



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RATES CLEARANCE CERTIFICATES

14 Aug 2014

Before any transfer of immovable property situated within a Local Authority area can be effected, the particular conveyance has to certify in terms of Section 78 of the Local Authority Act (act 23 of 1992) that all rates leviable in respect of such immovable property and all the fees, charges and other moneys due to the Local Authority in respect of any service, amenity or facility supplied to such property in terms of the said Act, inclusive of any availability charge and minimum charge provided for in Section 30(1)(u) of the said Act has been paid up to and including the date of registration thereof. The Conveyancer attending to...



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DECEASED estates and Conveyancing

22 May 2014

“Massing” is a concept often encountered in the administration of deceased estates involving Conveyancing. What is massing? Massing takes place when two (or more) persons, in a joint will consolidate or “mass” their estates and dispose of the massed estate as a whole either on the death of the first dying, subject to a limited interest such as an usufruct in favour of the survivor, or on the death of the survivor (in the latter instance the limited right granted to the survivor is in the nature of a fiduciary right). A typical example is where A and B being married in community of property, determine in their joint will that on the...



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