When transferring a business, such transfer must be advertised in the Gazette and relevant newspapers. Many investors are not aware of this law and this is when transfers could get very messy.
According to Section 34 of the Insolvency Act, if a trader has not published a notice of intended transfer of a business in the Gazette and two issues of an Afrikaans newspaper and two issues of an English newspaper in the area, such a transfer can be void against a trustee of his estate, and void against the trader’s creditors for a period of six months after such transfer if a sequestration occurs in the same period.
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An accepted offer does not always mean a confirmed sale because so much can go wrong prior to the sales agreement even reaching the deeds office.
One of the reasons for sales not going through is bond applications being denied. Almost 25% of accepted written offers do not get past the bond application stage. Even when enterprise mortgage originators try to get finance through the four major South African banks, bond applications don’t always get approved.
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For most people who own a house and let it, rental income goes straight into the mortgage loan repayment of that very property. But for those who are a little older and wiser, or maybe just a little wiser, rental income goes into paying for frail care.
It is not always possible for home-owners to put away rental income for anything else than the mortgage, but if the house is fully paid and most people will be well into their 50’s by then, using rental income for frail care is one of the wisest choices.
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When moving home, there are so many things to remember and organise so the more you plan in advance, the smoother the moving process will go.
It is wise to draw up a plan of your new home and clearly label each room. This will help your movers get to know the layout of the new home and put each box in the correct room, saving you a lot of time later.
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The growth of the mortgage origination industry over the past eight years has been phenomenal and according to Kevin Lancaster, CEO of Betterbond, mortgage originators are here to stay.
Betterbond is South Africa’s leading bond originator and has generated bond registrations worth R100bn in just three years. Lancaster said that originators are set to play an increasingly important role in the market, at a recent function in Johannesburg, celebrating the R100 billion worth of registrations.
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