Section 27A: Assessment of land and building

27A. Assessment of land and building (1) Where no documentary evidence establishing that a building or any other fixture existing on a property belongs to, or has been erected by, a person, other than the transferor, is attached to a deed of transfer, the duty and tax leviable under this Act or the Registration Duty Act shall, where applicable, be levied on— (a) the consideration mentioned in the deed; or (b) the open market value of the property, including the building or fixture existing on the property as determined in accordance with section 28 or in accordance with the decision of the Committee, whichever is the higher. (2) Subsection (1) shall not apply to a deed of transfer which contains— (a) a complete description of any building or fixture existing on the property; (b) a statement by the transferor that he retains full ownership of the building or fixture; (c) an undertaking by the transferor that he will not transfer the building or fixture otherwise than by an authentic deed. [S. 27A inserted by s. 3 (a) of Act 19 of 1986 w.e.f. 1 July 1986; amended by s. 6 of Act 23 of 1993 w.e.f. 1 November 1993; s. 14 (i) of Act 23 of 2001 w.e.f. 11 August 2001.]