Page 16 - Nexia SAB&T Property & Tax Guide 2022

Trust
◆ Verification of all authorised Trustees and Beneficiaries (income tax, identity numbers
and proof of residential addresses not older than 3 months)
◆ Letters of authority to act as Trustes and copy of the Trust Deed
◆ Resolution authorising Trustee to act on the Trust’s behalf in the property transaction
◆ Income tax and VAT number (where applicable), of the Trust
◆ For bond registrations, the financial institution may require financial statements and/or
personal suretyship from the Trustees
Company/Close Corporation
◆ Verification of all Directors and shareholders/members (income tax, identity numbers
and proof of residential addresses not older than 3 months)
◆ Memorandum of Incorporation/Founding Statement (and amended where applicable)
◆ CoR 39 Certificate (Certificate of Director amendments)
◆ Resolution authorising Director/Member to act on entity’s behalf in the property
transaction
◆ Income tax and VAT number of the company/CC (where applicable)
◆ For bond registrations, the financial institution may require financial statements
and/or personal suretyship from the shareholders/members
Companies and CC’s
◆ For bond regisrations and transfers, a Factual Findings Report of the Auditor/
Independent Reviewer/Accountant, and Certificate For A Transfer for a company/CC/
signed by the Directors/members (whichever is applicable).
AI’s are required to conduct greater and enhanced due diligence when dealing with persons
who are “prominent and influential domestically”, or are “foreign prominent public officials”
(or their immediate family members, or known close associates). These lists are not exhaustive
and are intended to give an idea of the required documentation for FICA compliance.
DEVELOPER’S RIGHT OF EXTENSION
A right of extension, in terms of Section 25 of the Sectional Titles Act (95 of 1986), allows the
developer of a sectional title scheme to reserve a right in its favour, to erect further phases
to the development, within a stipulated period and for its personal account, further buildings
or extensions on a specified section of the common property, and to divide these buildings
into sections. This clause should be specifically dealt with in the deed of sale. The purchaser
needs to be advised and made aware as to whether the developer has or does not have a
right of extension in terms of the sale agreement.
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