Thursday, July 15, 2010

NEWS


In terms of section 9(20) the Transfer Duty Act a primary residence which is registered in the name of a company, Close Corporation or Trust may be transferred to the Director, Member or Trustees.

The requirements for this are:

a. The property must have been owned by the Company, Close Corporation and Trust as at 16th February 2009.
b. The Director, Member or Trustee must have personally contributed to payment of the purchased price.
c. The property can only be transferred to the Director, Member or Trustee and/or his spouse.
d. The property must be transferred before 31st December 2011.

No transfer duty will be payable to SARS for the transfer but transfer costs and bond costs (if applicable) will be payable. Transfer costs will be payable on the fair value of the property and bond costs on the amount of the bond to be registered.