Agents should be aware that the opportunity for companies, close corporations and trusts to transfer property free of transfer dutyto a natural person, under certain circumstances, has been extended to 31 December, 2012.
In terms of this extension, a property must be “disposed of” before this date. Disposal is deemed to have occurred when a contract has been concluded and all the conditions therein have been met. It is, however, not a requirement that the property is registered in the Deeds Office before this date.
This is good news for buyers who have their eye on a property that is held by a company, close corporation or trust. “Moreover, knowledge of this window of opportunity puts agents in a good position from which to close sales quickly in a period that is traditionally slow.”