“When the decision to develop the country was made, it was necessary, as part of their religious obligation, not to sell the land. For example, the owners used different special purpose vehicles to establish and drive the development on a 99-year lease basis,” says Pretorius. The methods of payment for such a lease may vary. In some cases, the total amount owed for the rental period is paid up front; However, it can be difficult to obtain funds from a financial institution, which are certainly possible. Alternatively, the agreement may allow the payment of the lease in installments. The 99-year lease is a long-term lease agreement (the underwriter has the right to compel the lessor to register the lessor protecting the tenant) from registration to the Agency against the declaration of ownership of the land in question. The rental agreement is registered in the form of a notarized deed of ownership by the lessor (the person who rents the property) for the benefit of the tenant (the person to whom the property is rented). “I agree that we have signed a 99-year lease, but the intention is that we have all agreed with the state`s legal counsel. We said that we are doing it now with Estina and that once completed, we will transfer the land to the beneficiaries,” he said. When registering the notarial deed, the rental agreement confers a real right (i.e. the tenant, as the holder of an authentic right, is entitled to one thing, in which case the matter is the peaceful use and enjoyment of the property that is transferred to him) in the property leased to the tenant. The tenant can at any time assert his real right against the lessor and all his right holders (owners) in the property (no one other than the landlord can withdraw the tenant`s occupation as long as he fulfills his obligations under the lease. This gives the tenant a high degree of protection, since he is assured of a legal right to the performance of his right of use and enjoyment in peace through the property for payment of the rent.
This is practically an alienation of the country, but does not change the character of the rental of that of a purchase or a payment of capital. The long-term lease may be tied to a financial institution to ensure the payment of the money. Ultimately, the 99-year lease is a formal lease agreement, which must grant rights and obligations to the lessor and the underwriter; occupancy of the property in question for a specified amount as rent. Whatever its length, it does not constitute property property. The owner`s right of ownership is limited by such an agreement and, if the owner wishes to assert his right, the law grants him the rights conferred on him. Pretorius was part of the expert group tasked with developing the initial agreements on the structure of this development. Webber was involved in the development of the final user leases for commercial and residential real estate as part of the development of the waterfalls and continued to participate in the merger with all the major banks/financial institutions in order to obtain their agreement on the leasing structure and the standard terms of the lease. This was a decisive step in the creation of land leased to the bank. The team also played an important role in the creation of the Waterfall Trust Fund.