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Sisipho Solilo

@sasolilo7

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Director of Solilo and Partners soliloandpartnersinc.co.za
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Hidden Costs of Sectional Title & HOA Living

When buying property, many budget only for bond, rates, and utilities. But in estates, complexes, or sectional titles, extra levies apply:
• Sectional Title Levies: Cover common property maintenance, building insurance, security, admin, reserve fund, and special levies.
• HOA Levies: Cover security, roads, landscaping, shared amenities, and compliance costs.
• Both Levies: Some owners pay both Body Corporate and HOA fees.

Failing to budget can lead to arrears, legal action, or resale issues. Always request levy statements, budgets, and rules before signing.

At Solilo and Partners Inc., we help clients review levy schedules, HOA constitutions, and title deed conditions for informed decisions.

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Do I pay tax when I buy my sister’s share of the house❓🤔 ❓

When one co-owner buys the other co-owner’s half-share in a property, the buyer is acquiring an ownership interest, and the tax applicable comes down to the numbers:

1. Transfer Duty
Applicable Law: Section 2(1) of the Transfer Duty Act 40 of 1949
Who Pays? The buyer (the person acquiring the share)
How Much?
Transfer duty is calculated based on the value of the half-share being acquired (not the full property value).
The standard transfer duty brackets apply (as per SARS).
Example:
If a property is worth R2 million, and one owner buys the other’s 50% share (R1 million), transfer duty is calculated on the R1 million according to SARS’s sliding scale.

2. Capital Gains Tax (CGT) (Seller’s Responsibility)
Applicable Law: Income Tax Act, Paragraph 67B of the Eighth Schedule
Who Pays? The seller (the person selling their share)
How Much?
Capital Gains Tax applies to the profit made on the sale of the share.
If the property was a primary residence, the R2 million primary residence exclusion may apply.
If it was an investment property, CGT is calculated on the capital gain from the sale.

3. Donations Tax: If you buy your sister’s share for less than its market value, the price difference may be treated as a donation. In South Africa, donations tax applies at a rate of 20% on the portion exceeding R100,000. Each person has an annual exemption of R100,000, meaning only the amount above this threshold is taxable.

Our firm assists an owner who wants to ‘buy out’ the other owner of the house. Get in touch +2771 736 6757 / + 2771 758 6682 info@soliloandpartnersinc.co.za

‼️‼️‼️Disclaimer: this piece is not legal advice, contact an attorney and/or tax practitioner for advice suitable to your needs.

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Your trust means everything to us. 🏡 #ClientLove #SoliloSuccess #HomeownerJourney

📞 071 758 6682 / 071 736 6757

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Client Review | “ l just want to give you my heartfelt thank you for how you handled our matter. Your care, your patience and willingness to not only explain but accommodate. Thank you truly ❤️”

- Client

We understand that dealing with the loss of a loved one is never easy. Our team is here to support you in your duty as executor, providing clear guidance and handling the paperwork to help ensure the estate is administered smoothly and with care.

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🎄🌟 Holiday Greetings, and a Merry Christmas to those who celebrate, from Solilo and Partners Inc! 🌟🎄

As the festive season approaches, our team would like to extend our warmest wishes to our valued clients and partners. Your trust and collaboration have made this year truly special.

🎉 We're excitedly looking forward to the opportunities the New Year will bring, but for now, it's time to rest, rejuvenate, and cherish moments with loved ones. Our office will be closed from Friday 22 December 2023 and reopen on Monday 8 January 2024.

🙏 Thank you for being an integral part of our journey. Wishing you a joyful holiday season and a prosperous New Year filled with success, happiness, and legal victories!

🌐
#SeasonsGreetings #HolidayCheers #NewYearAhead #LawFirmAppreciation

Photo: @mcgrathcreativeagency

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A Wonderful evening at the SARIPA year end event. An eye opening networking session. #ndzlaw #commerciallaw #liquidators #lawyerlife

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Join us this evening on our Facebook page when we get the honor to chat to Sisipho Solilo, newly appointed Attorney of the High Court, and look into her journey towards getting there.

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Congratulations to Sisipho Solilo, our latest Candidate Attorney who, on 4 September 2020, was admitted to the profession as an Attorney after completing her 2 years of articles.

Here she is flanked by Liz Casey (our chief litigator) and Adv Arina du Toit, who was kind enough to appear in the High Court on Sisipho’s behalf to obtain the order for her admission.

Well done to Sisipho for the dedicated effort she has put in to reach this milestone. We wish her all the best for her future career in law!

#miltons #theconveyancers #propertylawyers #mmattorney

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