The main purpose of an ANC is to regulate the financial consequences of a marriage.  It specifies which matrimonial property regime the parties intend to govern in their marriage and it enables parties to safeguard their respective estates. An ANC must be signed by the parties before a notary public BEFORE the marriage is concluded.

1. Marrying without an ANC – your marriage will automatically be IN COP (Community of Property) and all assets and liabilities of both parties will form part of a joint estate. Half of each spouse’s estate is shared between each other. Creditors will then be entitled to hold both parties liable for debts. This regime in modern times is not advisable due to financial risks that could exist between both parties.
2. ANC without accrual – Both spouses retain their own estates and are individually responsible for all liabilities in each party’s estate. What’s mine is mine, what’s yours is yours.
3. ANC with accrual – Spouses have separate estates during the marriage and upon dissolution of the marriage, they share in the accrued wealth obtained during the marriage. Accrual refers to growth in either spouse’s estate. Growth is calculated by determining the difference between the net start value of each estate and the end value of the estate upon dissolution of the marriage. Each spouse declares the value of their respective assets at the commencement of their marriage, and assets owned before the marriage can also specifically be excluded to not form a part of the accrual system. Upon dissolution of the marriage, the spouse whose estate shows the smaller accrual is entitled to claim half of the value of the growth of the estate of the other spouse.

• Agent’s commission
• Bond cancellation costs for the cancellation of any existing bond that is registered over the property
• Rates and taxes, as well as levies in respect of a sectional title unit
• The costs of obtaining the relevant compliance certificates.

When you decide to sell your house and an existing bond is registered over the property, the Seller must give the financial institution 90 days written notice that you intend to cancel the existing bond to avoid paying early termination penalty interest.

The shareholders own the company. The directors must consider the shareholders’ interests and views when selling the only or greatest asset of the company. The Companies Act refers to a special resolution (usually a 75% vote) taken by at least 25% of the shareholders present at such a meeting unless the percentages were changed in company documents.

Institutions incorporating a clause in a mortgage bond permitting them to execute without recourse to the court is void. Accordingly, institutions may not request such permission in a power of attorney or acknowledgement of debt. If they do, the document signed is void ab initio.

If the purchaser had every intention to purchase the property, the contract is valid until declared invalid.

If the purchaser can show that the seller unlawfully persuaded him to contract, the agreement might be void from the beginning.

Follow the contract. If the demand letter falls short of the relevant requirements and the contract is cancelled thereto, such a letter can be challenged and the cancellation of the contract might then not be a true and effective cancellation.

It is more than a contract – it limits the rights of ownership and places certain burdens on one property by granting use and enjoyment rights to another property or person.

Extremely important. Sellers, purchasers, and property practitioners must deal with this aspect when the decision to sell or purchase is made.

Property practitioners are experts in the selling of immovable property. They must provide sufficient information enabling purchasers to make well informed decisions. Properties are expensive … take time to investigate the market, consider plans and when the built property doesn’t match the plans, decide on a way to get approval. Approvals at a Council level is a time- consuming process. Council will check whether the plan is within the permitted zoning/use of the erf, and the building inspectorate will examine aspects such as building foundations, specifications, energy efficiency, access, fire safety, environmental friendliness, waste disposal and whether solar PV and battery systems are correctly installed.

Council approval determines whether the builder/installer operated within the legal framework of rules. Compliance with rules provides protection to the consumer when there is a flood or fire or any other calamity.

They must be able to explain their decision-making process.

The fundamentals for good decisions are being just, rational, in-line with the natural order of justice and implementing a fair and reasonable process.

They must register as per the legislation and forms provided by the Community Schemes Ombud Service.

Sectional Title Schemes should also file changes to their conduct and management rules in the Deeds Office within their jurisdiction.

It depends on how much structure the developer requires within the community. Company legislation has a set of rules and wrongdoing is decided in terms of legislation.

A common law approach provides less structure and trustees can manage more freely. The problem, however, is that common law is developed within our courts and the leadership of a community is not always familiar with common law practices. Unsettled disputes will follow a tribunal and/or possible court process to confirm or develop common law principles.