The tenant can also sell the lease agreement freely to any new tenant, who has the same rights as the existing tenant. (Any transfers or extensions require re-registration in the deeds office). The owner of the property (Ezulwini Eco-Estate (Pty) Ltd) commits itself to convert the property to sectional title when the sectional titles act comes into operation. The sections will correspond to the present leased areas. Each tenant will then be entitled to re-register his section into his own name. Bank funding Most first-time buyers require bank funding. Banks in turn require the ability to register a bond before they advance the funds to the potential buyer. Because 99-year leases are registered in the deeds office by way of a notarial lease, the banks can register bonds against the lease. (see addendum letters from both Nedbank and Standard Banks) The units in the Ezulwini Eco-Estate will typically sell for between E1,050 000 and E1 500 000, making them eminently affordable for a large part of the market. A relatively low-key marketing campaign has already yielded more than 70 potential buyers who were prepared to sign a document confirming their desire to purchase. Some legal aspects A lease of only a portion of a property is perfectly legal and happens all the time. For example, tenants lease apartments on the upper floors of many apartment blocks throughout Swaziland.
Merelava (Pty) Ltd 4 | P a g e When a lease is longer than 6 years, then it must be registered in the deeds office. This is a requirement of the Deeds Registry Act of 1968. It follows that the Registrar of Deeds must register a lease of a portion of a property provided the lease is legal. The Registrar may, however, impose conditions, such as for example that the area being leased is identifiable on a plan drawn by a surveyor.
Merelava (Pty) Ltd 5 | P a g e Statement of Confidentiality & Non-DisclosureThis document contains confidential and proprietary information. All data submitted to any institution is provided in reliance of its consent not to use or disclose any information contained herein except in the context of its business dealings with Merelava (Pty) Ltd. The recipient of this document agrees to inform its present and future employees and partners who view or have access to the document’s content and its confidential nature. The recipient agrees to instruct each employee not to disclose any information concerning this document to others except to the extent that such matters are generally known to, and are available for use by, the public. The recipient also agrees not to duplicate or distribute or permit others to duplicate or distribute any material contained herein without Merelava (Pty) Ltd’sexpress written consent. Merelava (Pty) Ltd retains all title, ownership, and intellectual property rights to the material and trademarks contained herein, including all supporting documentation, files, marketing material, and multimedia.
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