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LOOKING FOR A HOUSE OR HOME?
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We create homes estate company predominately in the Western Areal Cape that have recently opened in Durban
With our foundations firmly rooted in the property industry since 1969 our vision for the Durr Estates brand is to exceed the expectations of all with whom we interact in the conduct of our business, in order to build on the proud heritage of a successful brand. Our mission is to grow the Durr Estates brand into one of the leading brands in the property industry by continuously improving our market share in existing license areas and pursuing growth in unlicensed areas, both regionally and nationally.
Our slogan says it all‌.we sell houses, but we create homes for people! Our greatest concern is that of our clients, after all, buying a home is your biggest investment! Our Core Value - The relentless pursuit of excellence in the levels of service we provide to our clients. This means that at every level of employment in the business, staff are trained with the service objective in mind – so that the service ethic becomes the most pervasive element in the culture of the group.It also means that at every level of employment in the group there is a sense of belonging and pride in being associated with a company that is rare in its uncompromising commitment to service.
Are you buying or selling?
Our success is built on our reputation of excellent customer service.
Call us for a free valuation.
Durr Estates KZN, Durban and Richards bay Thembinkosi 083 750 7084 / 082 818 2175 Office 031 205 2648 Fax 086 458 7105 / 031 205 2648 thembinkosi.mjadu@durrestates.com durrestates.co.za
WE MAKE HOMES REAL
WOULD YOU LIKE TO GET MORE OUT OF YOUR HOME LOAN? If you already have a bond and your property has increased in value since you bought it, switching your bond could allow you to access the extra value in your home. You could use this to pay off expensive short term debt at a lower interest rate – or renovate your home to make it the “dream home” you always wanted. Talk to us and let us show you how easy switching can be.
KENNETH HANA Senior Property Finance Consultant 082 631 9645 KennethH@sahomeloans.com JUANITA DERCKSEN Property Finance Consultant 083 231 3955 JuanitaD@sahomeloans.com
Terms and Conditions apply. Please refer to our website for further details: www.sahomeloans.com. SA Home Loans is a Registered Credit Provider. Registration Number NCRCP1735.
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2018/02/22 3:20 PM
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Debt: The simple Q and A
Debt Review
Freedom
• Debt Review failed • Has no exit plan • Creditors paid fractions • Stuck for life
• Gain your financial freedom • Creditors can’t take your belongings • See a future for yourself • Making decisions to regain control
What is overindebtedness? A A consumer is overindebted when they do not have the means to meet their debt repayments, and their expenditure exceeds their income.
What are the most common causes of over-indebtedness? A There are various reasons for over-indebtedness, including the following: Over-committing oneself financially; Poor monthly budgeting; Purchasing on impulse after already incurred other debt; Change in personal circumstances or life stages (such as having a child or
going through a divorce) A sudden change in your employment status Purchasing essentials such (ie food) on one’s credit card; Conversion of short-term debt (eg credit card debt) to longterm debt (eg home loan) to increase your monthly cash flow, which increases your interest debt in the long term; Making applications for credit in your name on behalf of a third party; Standing surety for a third party who may default on his or her repayments – resulting in you being responsible for the third party’s debt.
What is reckless credit? A Reckless credit is credit that
granted to a consumer under a credit agreement where the credit provider: Failed to carry out a proper credit risk assessment to ensure that the consumer can afford the loan; Proceeds to grant a loan to the consumer despite the consumer not being able to afford the loan based on the assessment conducted; and The consumer does not understand his/her rights and obligations in a credit agreement as well as the costs involved in taking the loan.
Who can deem a credit agreement ‘reckless’? A Only a court, and only at the request of either the debt counselor or the consumer.
Under administration? Want to know more? The Court can suspend the credit agreement that has been declared reckless or change the terms and conditions of the agreement. If a credit agreement is found to be reckless, the credit provider cannot enforce the agreement and the obligations of the consumer are set aside. Source: National Credit Regulator
34 Tanner Road, Empangeni Rail Tel: 035 787 2461 Cell: 071 695 6561 Email: mlm1@telkomsa.net www.moneyandlegalmatters.com
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How the VAT increase will affect property transfers and the registration of transfers before and after 1 April 2018 The standard VAT rate is set to increase by 1% effective 1 April 2018. The new rate will be 15%, as announced by the Minister of Finance in the budget speech on 21 February 2018.
H
ow will this VAT increase affect transactions, registrations and estate agent commissions in respect to property?
your agreed payments to the seller over time will not increase because of the increase in the VAT rate on 1 April 2018.
Question 1: How will the rate increase work generally for fixed property transactions?
Example: A vendor sells a commercial building and issues a tax invoice to the purchaser on 10 January 2018. If the property will only be registered in the Deeds Registry on or after 1 April 2018 and payment will be made by the purchaser’s bank or transferring attorneys on the same date, then the time of supply will only be triggered at that later date. In this case, VAT must be charged at 15% as the rate increased on 1 April 2018 which would be before the time of supply. It does not matter that an invoice or a tax invoice was issued before the time of supply and before the VAT rate increased. The tax invoice in this case would also have to be corrected as it would have indicated VAT charged at the incorrect rate of 14%.
The rate of VAT for fixed property transactions will be the rate that applies on the date of registration of transfer of the property in a Deeds Registry, or the date that any payment of the purchase price is made to the seller – whichever event occurs first. (See, however, the exception in Question 2 below where registration [delivery] of the fixed property occurs on or before 23 April 2018). If a “deposit” is paid and held in trust by the transferring attorney, this payment will not trigger the time of supply as it is not regarded as payment of the purchase price at that point in time. Normally the sale price of a property is paid to the seller in full by the purchaser’s bank (for example, if a bond is granted) or by the purchaser’s transferring attorney. However, if the seller allows the purchaser to pay the purchase price off over a period of time, the output tax and input tax of the parties are calculated by multiplying the tax fraction at the original time of supply by the amount of each subsequent payment, as and when those payments are made. In other words, if the time of supply was triggered before 1 April 2018,
See also the next questions below for the rate specific rule that provides an exception for the purchase of “residential property” or land on which a dwelling is included as part of the deal. Question 2: Is there a rate specific rule which is applicable to me if I signed the contract to buy residential property (for example, a dwelling) before the rate of VAT increased, but payment of the purchase price and
registration will only take place on or after 1 April 2018? Yes. You will pay VAT based on the rate that applied before the increase on 1 April 2018 (14% VAT rate). This rate-specific rule overrides the rules as discussed in Question 1, which applies for non-residential fixed property. This rate-specific rule applies only if: • you entered into a written agreement to buy the residential property before 1 April 2018; • both the payment of the purchase price and the registration of the property in your name will only occur on or after 1 April 2018; and • the VAT-inclusive purchase price was determined and stated as such in the agreement. For purposes of this rule, “residential property” includes: • an existing dwelling, together with the land on which it is erected, or any other real rights associated with that property; • so-called plot-and-plan deals where the land is bought together with a building package for a dwelling to be erected on the land; or • the construction of a new dwelling by any vendor carrying on a construction business; • a share in a share block company which confers a right to or an interest in the use of a dwelling. Question 3: How will the VAT increase affect the seller of the property and estate agent commission? Two possible scenarios can apply: Scenario 1: Should the contract of sale read that a percentage commission plus VAT is payable, that will be calculated at 14% if the transfer takes place before 1 April 2018 and at 15% when registration takes place on or after 1 April 2018. The net result is that the seller (who sold prior to 31 March 2018) will receive a lower net amount on the selling price because of the increased VAT, should transfer take place after 31 March 2018. Scenario 2: Should the contract of sale refer to a fixed commission amount inclusive of VAT, the opposite will apply. The seller will receive the same amount, but the agent will receive less because of the increased VAT.
Legal Q & A supplied by:
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Life is not a problem to be solved, but a reality to be experienced
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The best mirror is an old friend
The road to a friend’s house is never long
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Q How long have the races been going on ?
hotrod club has been running for over 40 years A Richardsbay ,the National hotrod tour is a new event that started in 2016 which make 2018 its 3rd event . The hotrod tour travels all over SA to each tar race track to promote the sport.
Q List of coming up events ?
of April is the big one National hot rod A 1st tour leg 2 After that it is club events . 5 May 2 June 30 June
The simple act of caring is heroic
HOTROD Racing
Q Who are the current champions
A 2017 National hotrod tour Champion was Neville Loosemore Club results are as follows : Âź Midgets Kalen Nadioo Ninja Midgets Nathan Strydom Stockrods Vanessa Marx 1660 Martie De Jager Pinto Tony Loosemore Hotrods Jason Loosemore Super saloons Zandre Taylor
Q Who are the rising stars ?
a doubt the youngsters of the club are our rising stars A Without they all have the hunger and the passion to push foward .
Q Why should people come to the races ?
A Young or old a spectator or a driver the sounds of the engines
roaring around the track send chills down your spin . Its also a day of family fun where you can bring your braai and be social watch extremly close racing with a few crashes here and there. Without our spectators this sport would perish .We are the only tar oval track in Kzn .So anyone with a need for speed or a passion for cars this is the place to be .
Q How do drivers join Hotrods?
A There are a few classes that a driver can pick from even the small cars for the kids . First step is to speak to our promoters Michelle and Neville Loosemore . If they looking for rules and info it is all on our website richardsbayhotrodclub.co.za or they can message on our facebook page .
Q How can sponsors get in contact with you ? A We always welcome sponsors .There are a few
diffrent ways in which a company can sponsor . Vanessa Marx 0836526309 or vandercamp@mweb.co.za
For more information contact Michelle on 082 327 3231 Find us on Facebook
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Good parties create a temporary youthfulness
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One person caring about another represents life’s greatest value
Happy E aster Birdswood
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Every April, Autism Speaks kicks off World Autism Month with World Autism Day on April 2nd , wear light blue in recognition of people living with autism. There is no cure! Join us to increase understanding, acceptance and worldwide support.
www.century21.co.za | Tel. 035 789 0450| richardsbay@century21.co.za