�ALA Method�, Alienation of Land Act of .. - Apartment For Sale in Boksburg, Gauteng for sale

ALA Method, Alienation of Land Act of 1981
The ALA Method of buying a property allows for the taking over of the bond of the Seller, without the Purchaser having to apply for a bond.
The purchaser can take transfer of the property normally within 5 years from date of sale. The Purchaser protects his interests in the property by having the contract recorded against the title deed to the property within 90 days of sale. Any registered mortgage bond holder over the property is to be advised of the installment sale in writing.
Transfer duty is payable within 6 months to avoid incurring penalties.
Once the ALA is recorded in the Deeds Office the Purchasers rights are protected and the Seller can not apply for a second bond, sell the property or take a re-advance on the access bond. This facility is canceled once the Bank approved the sale.
The Purchaser may sell the property after 12 months if he so wishes.