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new law on taxation... anyone reead this? News 24
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<blockquote data-quote="chrisc" data-source="post: 658559" data-attributes="member: 746"><p>An estate agent with whom I deal a lot and have bought and sold several properties using their services tells me that they visit our local municipal office (Plumstead, Cape Town) to get them to print a statement of account and to verify in writing that this is a true and accurate record of the state of the account relating to the erf number involved. Since doing this service since 2011, they have uncovered about 15 properties where there was historical debt and in each case, the amount due to the municipality was deducted from the net sale price of the property. Most historical debt was under R5000 but there was one where there was a R72000 water bill which had been outstanding over 12 years</p><p></p><p>They also insert a clause in the Offer to Purchase that should any historical debt be uncovered by the municipality within 90 days of transfer, the seller will recompense the local authority with the full amount, subject to audit, etc</p><p></p><p>If the estate agent does not include this clause, you can insert it yourself. Your attorney will be able to give you the exact wording. To not do it may well provide a nasty surprise sooner rather than later</p></blockquote><p></p>
[QUOTE="chrisc, post: 658559, member: 746"] An estate agent with whom I deal a lot and have bought and sold several properties using their services tells me that they visit our local municipal office (Plumstead, Cape Town) to get them to print a statement of account and to verify in writing that this is a true and accurate record of the state of the account relating to the erf number involved. Since doing this service since 2011, they have uncovered about 15 properties where there was historical debt and in each case, the amount due to the municipality was deducted from the net sale price of the property. Most historical debt was under R5000 but there was one where there was a R72000 water bill which had been outstanding over 12 years They also insert a clause in the Offer to Purchase that should any historical debt be uncovered by the municipality within 90 days of transfer, the seller will recompense the local authority with the full amount, subject to audit, etc If the estate agent does not include this clause, you can insert it yourself. Your attorney will be able to give you the exact wording. To not do it may well provide a nasty surprise sooner rather than later [/QUOTE]
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new law on taxation... anyone reead this? News 24
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