Four law firms share valuable insight into their respective fields of legal expertise.
Bio: The firm has a large specialised debt review and litigation department headed by Ashleigh Cranke, and an estates and conveyancing practice headed by Jo-Anne Cogan.
Property Law in Everyday Life
Property law governs a large part of our lives, from land and ownership rights to land reform and redistribution, rate of development and impact on the community, and whether the impact is positive and meets community needs. Property lawyers assist with development from the ground up, including provision for environmental factors to the establishment of homeowners’ rules and regulations. An in-depth knowledge of financing, interest rates, costs of acquisition, and affordability is also an integral part of property law. One needs to understand and guide clients on various ownership structures and their long-term implications. Guidance starts before acquiring property by giving sound advice on matrimonial systems and estate planning. Property law also encompasses neighbour law, tenant disputes, and dealing with ownership and tenants’ rights. In brief, it covers everything from building, buying, selling, renting, inheriting, and even the enjoyment of public spaces and amenities.
Future-Proofing
Have a valid, properly executed Will drawn up by a professional and keep it up to date as changes in your life take place. Your Will should be clear and concise. Make sure that your estate planning provides for liquidity and that beneficiaries are taken care of. Create a testamentary trust in your Will if you have minors or vulnerable dependents. Get expert advice on estate duty, capital gains tax, transfer costs, and any other costs that may be incurred.
Advice for Property Investors
Apart from the obvious position, position, position – one would also need to consider amenities and facilities for tenants, but more importantly, rental demand, yield, and capital growth are crucial. The structure in which to buy is important (individual name/company/trust), and the financial and tax implications of each can have far-reaching effects that must be carefully considered, remembering that no primary residence rebate exists when selling secondary properties. Ensure your lease is professionally prepared and have a qualified estate agent assist you with obtaining quality tenants. Make sure tenants are properly vetted and that a reasonable deposit is held in trust.
Tel: 032 947 0865
Website:www.cjcogan.co.zaÂ
