Protect yourself : joint ownership of property
Case study : "I co-own a property - my shares are 50%, the other owner has moved out today, the bond is in arrears, and tomorrow tenants are moving in. I never knew about this, neither was I given the choice to consent to this. What are my rights?
Mc NAUGHT and Co says:
If the bond is in arrears both you and the other partner are not paying the installments. Perhaps the idea is that renting it out will put money into the bond and save the property from re-possession by the bank. I would confirm with the tenant that they are paying the rent into the bond and then between you and the other partner pay in any shortfall and avoid the property being repossessed. Discuss the management of the property for the future.
Agreement up front
It is important when owning a property jointly with someone else that you have a proper co-ownership agreement that deals with property expenses and income, what to do if the other fails to pay or agree to a sale or lease, occupation rights if you are no longer together and how you can end the joint ownership. You can sign an agreement any time while you are joint owners.
Mc Naught and Co. can help you with this and map out a way forward, before you get stuck in a situation that is difficult to unscramble later.
Contact 0870210123 or email [email protected] and check our website at https://maclaw.co.za/expertise/property-conveyancing/