Page 17 - Nexia SAB&T Property and Tax Guide 2025

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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