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Court victory for some life partners on inheritance
G SOMETIMES the home you see in a sales pitch does not look the same in real life. PICTURE: R-ARCHITECTURE/UNSPLASH
Kiss a few frogs to find your property prince THE PROPERTY listings seen on portals are sales tools – they’re designed to show off the very best a property has to offer. David Jacobs, Gauteng regional manager for the Rawson Property Group, tells buyers not to be disheartened when homes aren’t as picture perfect in real life. “Every property has flaws. You may have to kiss a few frogs to find your property prince.” It’s equally important to keep a cool head when a property is even more gorgeous than it looked in the pictures. “It’s easy to fall so in love with a beautiful
home that you’re willing to overlook all kinds of underlying issues,” says Jacobs. “If you want to avoid buyer’s regret, don’t let your heart trick your head into making hasty decisions. Be ready to move quickly when you find ‘the one’, but don’t cut corners on your must-have list or skip essential steps, such as home inspections. “Buying a property is a long-term commitment – do whatever it takes to be 100% sure it’s the right move for you.” l To find your dream home go to www. iolproperty.co.za
ENERALLY, where life partners are not married, there is a problem if one dies without naming the other as a beneficiary in their will. In the Intestate Succession Act and Maintenance of Surviving Spouses Act, a spouse is automatically acknowledged in certain claims but not an unmarried life partner. Late in December, in a victory for the right to inherit from an unmarried life partner, the Constitutional Court confirmed that certain sections of the act are unconstitutional, writes legal firm STBB. The ruling follows the outcome of an action in the Western Cape High Court, instituted by STBB’s Cape Town litigation team, on behalf of the fiancée of a man who died before they
could get married. The couple had planned to start a family and open a business together but the fiancée was not mentioned in the man’s will. He had left his entire estate to his mother, who had died in 2013. At the time, the fiancée’s claim against the estate as “a surviving spouse” was rejected by the executors because she was not a “spouse”. Legal firm STBB’s argument that the Intestate Succession Act should be amended to include, alongside the word “spouse”, also the words, “or a partner in a permanent oppositesex life partnership in which the partners had undertaken reciprocal duties of support and had been committed to marrying each other”, was accepted by the Western Cape High Court and has been confirmed by the Concourt.
COURTS have confirmed that life partners can inherit in certain circumstances. PICTURE: ADAM WINGER/UNSPLASH
TWO COMMON MISTAKES MADE BY SELLERS
IF YOUR home lingers on the market, potential buyers may think there is something wrong with it. PICTURE: R-ARCHITECTURE/UNSPLASH
PROPERTY transactions are lengthy and convoluted processes with many potential pitfalls. In a strong seller’s market, one or two small mistakes are unlikely to be an issue, however, more serious omissions or errors can put a spanner in the works and, in a tougher market, even small errors can prove costly. This is according to Cobus Odendaal, chief executive of Lew Geffen Sotheby’s International Realty in Johannesburg and Randburg. He says, regardless of market conditions, selling what is probably your largest investment is a big decision and it’s important to get it right. “Our homes are not only financial investments but they are also the haven where we raise our families, celebrate important
milestones and create memories. It is understandable that sellers have strong emotional attachments but it’s important to put aside sentiment and make this sale one of your smartest business moves. “Sellers must remember, these days, buyers are not only spoilt for choice, they are also more knowledgeable than before, so you should pull out all the stops to ensure your home doesn’t languish on the market for too long.” While he gives a substantial list of common – and avoidable – errors buyers make, here are two to note: Overpricing your home Listing your home for the highest possible price may seem like the sensible thing to do, because you expect buyers to negotiate it down, but unfortunately it doesn’t work
that way. An accurate evaluation is always the best evaluation. It is critical to price your home correctly from the beginning because when buyers have as much choice as they currently do, they look for value for money and will usually opt for a similar home at a better price. A potential buyer will not make an offer if they fall hopelessly short of your expected price. In addition, if your home spends too long on the market, potential buyers will begin to wonder what is wrong with it. Underestimating the costs involved These can mount up fast and it’s important to know what you’re in for up front. Over and above the cost of sprucing up your home to get it ready to sell, you must factor in costs such as compliance certificates and repairs to achieve compliance; conveyancer’s fees and municipal clearance.
