Article: Give back the land: EFF

CL-West said:
Its yours, its your assest. The title deed will be in your name, not the banks. If you are unable to pay, that will change and fast.

Or that's at least how I understand it.
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Title deed is not in your name at all, its in the banks name, with the mortgage lodged against the property.. you are listed as the occupant and the person reponsible for the mortgage.
 
ToxicBunny said:
Title deed is not in your name at all, its in the banks name, with the mortgage lodged against the property.. you are listed as the occupant and the person reponsible for the mortgage.
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http://www.westerncape.gov.za/service/title-deeds-proof-property-ownership

When you buy a property, you need to get the title deed transferred into your name. This deed constitutes proof that you are the owner of the property. You will need the assistance of a conveyancer to help you transfer the Title Deed into your name.

You will only become the owner of the property when the Registrar of Deeds signs the transfer.

A copy of the title deed is kept at the Deeds Office. Anyone can check who the owner of a property is at the Deeds Office.
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The title deed, is in your name, the bank just keeps the original as surety?
 
Intriguing...

But as far as I'm aware, once you pay off the bond, you don't just get given the Title Deed.. it has to go back through the attorneys and all that...
 
ToxicBunny said:
Title deed is not in your name at all, its in the banks name, with the mortgage lodged against the property.. you are listed as the occupant and the person reponsible for the mortgage.
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No, I'm sure this isn't accurate. Your property (or a portion of it) is effectively "ceded" to the bank as surety for the duration of the mortgage, but you are the owner on the title deed (otherwise you'd have to transfer ownership when you've paid off a mortgage, incurring transfer duties, which is not how it happens).
 
garp said:
No, I'm sure this isn't accurate. Your property (or a portion of it) is effectively "ceded" to the bank as surety for the duration of the mortgage, but you are the owner on the title deed (otherwise you'd have to transfer ownership when you've paid off a mortgage, incurring transfer duties, which is not how it happens).
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I may very well be wrong... but I just remember my folks paying off their bond recently(ish), and the bank giving them some run around about it having to go back to the attorneys to get the title deeds updated etc.... and that it would cost a bit of cash, so my dad just drew some cash out of the bond, and its been left open.
 
ToxicBunny said:
I may very well be wrong... but I just remember my folks paying off their bond recently(ish), and the bank giving them some run around about it having to go back to the attorneys to get the title deeds updated etc.... and that it would cost a bit of cash, so my dad just drew some cash out of the bond, and its been left open.
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Any conveyancer's here?

I think modern title deeds contain mortgage holder's info which probably has to be removed.
 
ToxicBunny said:
I may very well be wrong... but I just remember my folks paying off their bond recently(ish), and the bank giving them some run around about it having to go back to the attorneys to get the title deeds updated etc.... and that it would cost a bit of cash, so my dad just drew some cash out of the bond, and its been left open.
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I think that might always be the case if you want to completely close the bond. Remember the original tital deed document stays with the bank.

But for me its beter to keep it open with a R1 balance.
 
CL-West said:
I think that might always be the case if you want to completely close the bond. Remember the original tital deed document stays with the bank.

But for me its better to keep it open with a R1 balance.
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That's what I did today, although you don't need to make it R1. Once the bank has sent you the settlement amount (which you have to request and state on which day you will make the payment), you make the payment and then contact the homeloans department and ask for the bond to be made "dormant".

From that day you don't pay any fees on the loan account. If you need to access the loan account, there is a little admin required and 24/48 hours later the funds are available.
 
MickeyD said:
That's what I did today, although you don't need to make it R1. Once the bank has sent you the settlement amount (which you have to request and state on which day you will make the payment), you make the payment and then contact the homeloans department and ask for the bond to be made "dormant".

From that day you don't pay any fees on the loan account. If you need to access the loan account, there is a little admin required and 24/48 hours later the funds are available.
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That's true, not that I have a bond, but I learned that from a lecture I was attending and the R1 just stuck:p
 
MickeyD said:
Two separate issues:
1. Title deed is in your name.
2. If you take out a mortgage bond you cede the title deed to the bank until the bond is closed.
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Ahhh yes, that is how it works... apologies...

So legally, the bank is still the "owner" since you've ceded the title deed to them.
 
MickeyD said:
Yes.

It will then depend on how StatsSA define ownership.
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Yeah, though I would assume it would be more accurate for them to leave the concept of ownership as it stands legally, and find an additional metric to try and get across the racial make-up of people who "own" property...
 
Is anyone preventing them from owning their own land ?

All they have to do is get a bond and pay it off.

Am I missing something ?
 
daveza said:
Is anyone preventing them from owning their own land ?

All they have to do is get a bond and pay it off.

Am I missing something ?
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Yes... that actually requires them spending money since of course you have to pay this "bond" thing off... and pay all the costs associated with it.
 
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