Buying Property : Ratio's

[Dolby]

Hypothetical question on purchasing property with two people :

A house can only be 50:50 right? One can't stipulate a different ratio with the bank? So in the case where one person puts in all his half in cash, do you have a second contract in place stating 90:10 or something?

Is one of the two elected as the main holder, so the full installment comes from his/her bank account - and he gets the other half behind the scenes? In other words installment is R10 000 but both partners 50.50... The full R10 000 comes from a single account? Maybe best to open a joint cheque for this purpose?

 

[zerocool2009]

The bank dont worry if there are 2 or 4 people involved. All they want to know who is the main account payer a month.

It gets registered in both names. So if you are not married, think carefully.
And dont mix friendship and business !

It can be a very expensive exercise to do a substitution

 

[The_Ogre]

I've never heard of a bond having a ratio other than 50-50.

Once you have been approved, cancel the automatic debit order they will require. Then have all parties set up a stop order for their share of the installment.

You will need a contract amongst yourselves and you will need to familiarise yourselves with the laws around immovable property and ratios, etc, if it even exists.

Lastly, I would much rather pay for the place myself and have the other parties pay rent. That might get tricky if the other parties are your wives

 

[Kosmik]

You can have a contract with differant ratios but the bank won't care, it's not their problem. They will hold all signatories who stand liable jointly.

 

[zerocool2009]

Dont buy a home and take out a bond in 2 names ! I can talk out of experience. When poef hits the fan, you need to pay out the other party !

And again registration costs! Eina!!!

"School fees for life"