Professional Documents
Culture Documents
Memo Ano 410 Supplementary Exam 2021
Memo Ano 410 Supplementary Exam 2021
Supplementary Examination
Date
26 JULY 2021
Total 25
KINDLY NOTE THAT IS NOT AN OPEN BOOK EXAM. YOU ARE NOT ALLOWED TO USE ANY
STUDY MATERIAL OF ANY NATURE WHATSOEVER INCLUDING THE LECTURING SLIDES,
STUDY MATERIAL POSTED ON CLICKUP, ANY ELECTRONIC RESOURCES OR ANY OTHER
PERSONAL NOTES.
"The University of Pretoria commits itself to produce academic work of integrity. I affirm that I
am aware of and have read the Rules and Policies of the University, more specifically the
Disciplinary Procedure and the Tests and Examinations Rules, which prohibit any unethical,
dishonest or improper conduct during tests, assignments, examinations and/or any other forms
of assessment. I am aware that no student or any other person may assist or attempt to assist
another student, or obtain help, or attempt to obtain help from another student or any other
person during tests, assessments, assignments, examinations and/or any other forms of
assessment."
NB! YOU ARE ALLOWED TO MAKE USE OF A CALCULATOR AND TO REFER TO THE TWO
RELEVANT TRANSFER DUTY RATES TABLES SET OUT ON PAGES 6 AND 7 OF LECTURE 6 TO
CALCULATE THE AMOUNT OF TRANSFER DUTY OR VAT PAYABLE IN A TRANSACTION
DURING THE EXAM.
PROVIDE NECESSARY FACTS NOT PROVIDED HEREIN!
MEMORANDUM
QUESTION 1
1.1 Mojojo Family Trust sold a 1/4 (one quarter) share in a property situated in Silver
Lakes Golf Estate to Gunners CC for a non-market related purchase price of R700 000
(seven hundred thousand rand) on 1 March 2019. The market related value of the full
property is R3 750 000 (three million seven hundred and fifty thousand rand) (Mojojo
1.2 Brian Bond sells a 1/7 (one seventh) share of a farm to his son Brandon Bond for a
non-market related amount of R1 900 000 (one million nine hundred thousand rand)
on 28 February 2021. The market value of the full farm is R17 469 000 (seventeen
million four hundred and sixty nine thousand rand) (Brian Bond is not a VAT-vendor).
(4)
[8]
QUESTION 2
Jane Hudson, Identity number: 750505 0123 08 3, who married John Hudson, Identity number:
720809 5037 08 in Barcelona, Spain on 12 July 2004 (the latter who was domiciled in Spain
at the time of the marriage), on 1 March 2018 sold Erf 1800 Hatfield to James Balito, a 16 year
old scholar, Identity number: 040510 5245 084. The marriage of Jane and John Hudson still
subsists. The purchase price is R3 030 000. None of the parties are registered as a VAT
vendor. The Seller is represented by an estate agent by the name of Thumi Khumalo. There
is a current mortgage bond over the property in favour of No Mercy Bank and the outstanding
balance payable on the mortgage is R875 983,97. The Purchaser obtained a loan from
Leniency Bank for the full purchase price, minus a deposit of 10% of the purchase price, which
was already paid into your trust account. A new bond must be registered over the property in
favour of Leniency Bank. You are the conveyancer dealing with the transfer.
2.1 Draft only the second part of the preamble as it will appear in the deed of transfer
relating to this transfer. (4)
2.2 The existing Title Deed T707/1999 of Erf 1800 Hatfield reflects the extending clause
as follows:
"As will appear from General plan 531/1999 and held by deed of transfer no
T944/1999."
Draft the extending clause as it will appear in the deed of transfer that you are going
to register. (4)
FIRST TRANSFERRED (1) and still held (1) by Deed of Transfer
Number T944/1999 (1) with General Plan 531/1999 relating
thereto. (1)
2.3 After the property had been successfully registered in the names of the
purchasers, the attorney representing the sellers’ youngest son and his fiance
comes to see you for legal advice. They inform you that they are planning to
enter into a marriage, out of community of property with the accrual system,
later that same day. Explain in detail how you will assist the parties, from the
first consultation until the finalisation of all legal requirements that have to be
met in this matter. (9)
(a) I will first consult with the parties and make sure that they understand the
different kinds of marriage regimes recognised in the South African law.
(1)
(b) I will then make sure that both parties understand the consequences of a
marriage out of community of property with the accrual system and that
there is no conflict of interests between the prospective spouses. (1)
(c) I will then proceed to draft an antenuptial contract for the parties. (1)
(d) I will make sure to include a clause in the antenuptial contract in terms of
which it is clear that the marriage is out of community of property and
excluding profit and loss. (1)
(e) I will include a clause in the antenuptial contract stating the initial nett
value of the parties’ respective estates. (1)
(f) I will include the date as well as the time at which the antenuptial contract
was executed before me, as the parties are getting married on the same
day. (1)
(g) I will ensure that the antenuptial contract is signed by both parties (1)
before two competent witnesses who must also sign. (1)
(h) Lastly, I will ensure that the antenuptial contract is registered (1) at the
Deeds Office within a period of 3 months from the date of execution
thereof. (1)
(i) Any other relevant fact, such as a donation clause, place of execution etc.
(1) [max = 9]
[17]
TOTAL [25]