Got helped with buying property

[Boeta B]

situation: 2 or more people buy property(in this case its a residential house)

the one person is basically the "owner" and pays the bond and occupies the house and the others were only there in order for him to qualify for a bigger amount(like parents helping their child buy property)

but the bond and title deeds gets registered in all parties involved names.

after a year or so this person's financial situation changes for the better and can in theory now qualifies for the property on his own.

would it now be possible for this person to get the others involved names removed from bond and title deeds, with their consent of course? and what cost or legal implications are there to be aware of?

 

[SauRoNZA]

I would imagine you are going to need to do the transfer fees/duties all over again which is a percentage of the value of the "sale"

Also probably need to re-register the bond.

 

[ToxicBunny]

situation: 2 or more people buy property(in this case its a residential house)

the one person is basically the "owner" and pays the bond and occupies the house and the others were only there in order for him to qualify for a bigger amount(like parents helping their child buy property)

but the bond and title deeds gets registered in all parties involved names.

after a year or so this person's financial situation changes for the better and can in theory now qualifies for the property on his own.

would it now be possible for this person to get the others involved names removed from bond and title deeds, with their consent of course? and what cost or legal implications are there to be aware of?

All parties will effectively need to "sell" the property to the one party..

New transfer duty, new bond, new everything basically.

 

[akescpt]

let him do it as soon as possible. while the good will resides.

 

[Boeta B]

All parties will effectively need to "sell" the property to the one party..

New transfer duty, new bond, new everything basically.

Ok,

so basically the guy owns a 3rd (so to speak) and his folks the other 2 3rds.

the property was bought for R1mil and is valued at about R1,1mil after a year.

after this year he earns enough to qualify for more than R1,1mil(previously qualified for R800k)

so in order for him to get the property fully transferred into his name he needs to re-apply and pay bond registration and transfer fees etc? based on the 2 3rd's value at the current value of the property(R733k)? or on the full R1,1mil current value?

is this what your saying?

 

[ToxicBunny]

Ok,

so basically the guy owns a 3rd (so to speak) and his folks the other 2 3rds.

the property was bought for R1mil and is valued at about R1,1mil after a year.

after this year he earns enough to qualify for more than R1,1mil(previously qualified for R800k)

so in order for him to get the property fully transferred into his name he needs to re-apply and pay bond registration and transfer fees etc? based on the 2 3rd's value at the current value of the property(R733k)? or on the full R1,1mil current value?

is this what your saying?

Fsck me.... can you overcomplicate things anymore in your own head?

all 3 parties effectively need to sell the property to the 1 party...

So it will be a full bond at whatever valuation they agree on selling the property for.

 

[Boeta B]

Fsck me.... can you overcomplicate things anymore in your own head?

all 3 parties effectively need to sell the property to the 1 party...

So it will be a full bond at whatever valuation they agree on selling the property for.

i'm a complicated guy...

but on a serious note, it makes sense.

 

[^^vampire^^]

Financially not so much sense. Unless you are worried about one of the parties screwing you in the future I wouldn't change anything.
I own a house with my mom and brother and wanted to take my name off the title deed and they said it would cost roughly R16k.

 

[MrGray]

This would have been a good scenario for buying the property into a trust. Could have just updated the trustees later at a relatively minimal cost.

 

[Beachless]

This would have been a good scenario for buying the property into a trust. Could have just updated the trustees later at a relatively minimal cost.

They should have rather just signed surety or lent the person money for a bigger deposit. This sounds like its going to be a pain.

 

[akescpt]

This would have been a good scenario for buying the property into a trust. Could have just updated the trustees later at a relatively minimal cost.

are trusts the best to hold your property in?

 

[Boeta B]

They should have rather just signed surety or lent the person money for a bigger deposit. This sounds like its going to be a pain.

my thought aswell. but they were advised against signing surety by the bank. purely because when the person who signed surety dies, the bank wants any outstanding balance on the property be settled immediately even though the guy can easily afford the monthly bond.

 

[Boeta B]

Financially not so much sense. Unless you are worried about one of the parties screwing you in the future I wouldn't change anything.
I own a house with my mom and brother and wanted to take my name off the title deed and they said it would cost roughly R16k.

how much is the property worth? R16k would actually then be nothing painfully to pay for this.

 

[^^vampire^^]

how much is the property worth? R16k would actually then be nothing painfully to pay for this.

Bought for R900k, would sell in the region of R1.3+ million. If R16k isn't much for you then go for it. I still have a bond on my other property and would rather lower that then spend large sums on paperwork.

 

[Boeta B]

Bought for R900k, would sell in the region of R1.3+ million. If R16k isn't much for you then go for it. I still have a bond on my other property and would rather lower that then spend large sums on paperwork.

just as long it's not like a R50k or R100k.