How can we help
Having an independent, experienced legal practitioner available as a consultant when dealing with difficult and complex transactions will benefit not only you but also your clients. Questions often arise when deals are negotiated and we offer immediate advice and support in order to assist you in negotiating your deal effectively. The same availability and dedication ensures that your organisation’s Compliance issues receive the necessary attention which in turn reassures your employees, agents and clients. With our dedicated applied training sessions, your business will have an advantage in the industry.
INSTALMENT SALES AGREEMENTS
DATE: 12 February 2021
TIME: 10H00 (90 minute session)
COST: R110 per person
Email firstname.lastname@example.org to register
WHY ATTEND THIS SESSION?
Instalment Sales Agreements are often considered when the parties wish to conclude a deal but may face a few hurdles in reaching agreement. This type of delayed transfer is often confused with a “rent-to-buy” structure and if the finer conditions surrounding security of performance are properly negotiated, the delayed deal can become really messy.
An Instalment Sales Agreement is also an option if an owner is financially distressed or if a buyer, who may be self employed, struggles to obtain a bond approval but is able to pay cash into the deal over a period of time.
Understanding the Instalment Sale conditions properly empowers agents and sellers and we are pleased to host this session and look forward to hosting you.
Let us teach you with a training solution to suit your needs.
Our training solutions aim to empower all attendees with knowledge regarding the subject matter, where it is a property practitioner or a young attorney. Copies of the presentation will be shared with each attendee and where applicable, a video recording. Each attendee will receive an attendance certificate which will carry 1 non verifiable CPD point.
Juggling everything can be Hard, but compliance doesn’t have to be.
We taylor make Compliance Packages depending on the need of the organisation but having a dedicated, experienced compliance consultant on your side will ensure that the process of review and implementation will be smooth and professional
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Frequently Asked Questions
Is it sufficient to keep using the 2019 suggested FICAA RMCP with the Risk Assessment which obliges me as a property practitioner to identify and verify my property seller or buyer only when it is a government official?
No. The Risk Based Approach regulated by the FIC in the FICAA obliges property practitioners to identify the property seller if there is a mandate and at the time of taking the mandate, the property buyer if the buyer will be paying monies into the property practitioner’s trust account as well as verify the details of the party and the funds. In addition, property practitioners must test the transaction and the parties against a Risk Assessment for UNUSUAL and SUSPICIOUS transactions as well as screen the parties against the EU TFS Lists.
Are South Africans, who live abroad with a work permit, and pay taxes on the income earned in the country abroad automatically seen as tax non residents of South Africa and therefore exempt from paying income tax here with SARS on the income earned abroad?
No. South African EXPATS’ SA tax number is not automatically deactivated when they leave SA to take up employment abroad. SARS must be notified of such fact in order for the EXPAT to avoid the possibility of having to pay double tax on the income.
Is a foreign married couple able to open a JOINT account in South Africa, similarly to the type of joint account they are able to operate abroad?
No. The South African reserve bank does not allow any of the retail or private banks to open JOINT accounts in the names of more than one person. It is however possible for someone to have a secondary card issued on an account or for an additional person to be added but JOINT banking accounts are not possible in South Africa.
Is it acceptable to ask for an obtain copies of the conveyancing firm’s FICA documents for the parties without having onboarded the parties properly yourself as the property practitioner?
No. Property practitioners are defined as Accountable Institutions in their own right in terms of FICAA. This means that an independent obligation vests with the property practitioner to ensure that the parties are identified and verified and the funds are checked to ensure that the transaction does not constitute a suspicious or unusual transaction. In the event that the property practitioner was unable to obtain copies of documents or information from a party, then it is in order to request a sharing of information or documents by the conveyancing firm.
Is it possible for a foreign investor to repatriate all the funds introduced into SA without restriction?
Yes, however there are rules attached to such repatriation. Foreigners are able to repatriation the full proceeds (original investment amount plus profits) one day when the asset is realised but only if: * the foreigner is not a permanent resident for a period exceeding 5 years, * full paper proof of the original fund introduction in the name of the investor exists (MT103 forms), * copies of the transactional documents related to the asset purchase exist.
If these conditions are not met, the funds will be blocked from being transferred