Why there aren’t more instalment sales.
Since the National Credit Act (NCA) was promulgated at the end of the previous decade, and with recent amendments, an instalment sale agreement is regarded as a credit agreement under the NCA.
A seller selling a property through an instalment sale must register as a credit provider under the NCA and then apply all the NCA rules and regulations to avoid the concept of a reckless loan.
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It sounds easier said than done, but the NCA registration process can take up to 12 months, says de Waal.
The buyer must also bear in mind that transfer duty is payable within six months after the transaction is concluded, to avoid penalties on the late payment of the duties.
The instalment sale agreement as well as the process that follows after the parties have entered into the agreement is prescribed by the Alienation of Land Act and it is quite an administrative-intensive protocol to follow, says de Waal.
It does, however, provide good protection for a home buyer.
Author: Meyer De Waal
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