Court ruling regarding outstanding levies – Body Corporate
In a court case on 3 January 2025, the Body Corporate of a complex with sectional title units, and the owners of a unit, the ruling of the Johannesburg High Court was that the Body Corporate was allowed to disconnect electricity to the owner’s unit because of arrears.
There are many similar cases and this ruling may set a precedent. Body Corporates may now have a powerful tool to ensure financial stability. However, the judge also stated that seeking court authorization before disconnecting electricity, and communicating with the owners, was the right way to go.
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Court ruling regarding outstanding levies of over R50 000
In another court case in September 2022 in the Roodepoort Magistrate’s Court, the Judge ruled that the property could be sold due to unpaid levies of over R50 000. Total amount outstanding was over R724 000, which included municipal debt, outstanding mortgage bond and judgement debt. Selling the property was the best option.
The owners received a three-month suspension period to settle debts or initiate a voluntary sale.
Article in IOL
Budget speech 2025
In early March the Finance Minister, Enoch Godongwana, presented his 2025 Budget.
Good news
The threshold of transfer duty has been increased by 10%, from R1.1M to R1.21M. This helps first-time buyers.
- Capital gains tax, dividend tax, donations tax and estate duties stay the same.
- The critical need for infrastructural improvements has been highlighted.
Bad news
1.Personal income tax brackets were not fully adjusted for inflation.
2.VAT increase of 0.5% this year and a further 0.5% in 2026/27, instead of the proposed 2%.
This budget will be reviewed in Parliament, together with committee deliberations and coalition negotiations before a final Parliamentary vote.
It will be implemented if the majority approves.
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Distressed properties can be a good investment
Author: Sarah-Jane Meyer
Investing in distressed properties could offer substantial returns on your investment. You could renovate and sell or have a rental income.
Types of distressed properties:
1.Sale in Execution: Public auction conducted by the court sheriff. Mostly sold below market value.
2.Repossessed Property (PIP): Acquired by banks at sale in execution when reserve price is not met. Benefits includes no transfer duty, bank-paid rates and taxes until transfer.
3.Insolvent Estate Property: Individuals or companies declared insolvent or sequestrated by the High Court, and managed by a Trustee or liquidator appointed by the Master of the High Court.
4.Deceased Estate Property: Passing of bank clients with mortgage bonds. Beneficiaries may choose to sell the bonded property. Administered by a appointed executor once reported to the Master of the High Court.
5.Assisted Sale Properties: Offered by banks to clients in financial distress. Estate agents on the bank panel assist clients in marketing for the best sale price.
According to the writer of the article, understanding the various types of distressed properties and their advantages, informed decisions can lead to profitable investments.
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