Growing up in our infant years, we used to play ‘imaginary family house.’ This was a game whereby we would find a suitable place in the backyard and divide roles amongst ourselves and our friends. One would be chosen to act as the father, another as the mother, and others as the children. Of course, sometimes there would be disputes between two boys who both would want to act as the father especially if the girl he liked was chosen as the mother for that particular day.
Each of us would come with some object(s) to contribute in making our makeshift “imaginary family house” a reality. There is a boy who liked to bring an empty cardboard box which we would use as a table, another would bring a torn blanket to use as a carpet, another would come with empty tins of baked beans which we would use as cups and pots. Amidst all this excitement as kids, the parents at whose house we would be doing all this in their backyard would instruct us to remove all these things when we finish playing. Bringing all these tins, cardboard boxes and stuff was easy and exciting, but cleaning the place up when it’s time to go back home after playing was the most irritating thing. In fact, it was much harder to remove the things than to bring them in that backyard. How we wished at the time, to just ‘wish away’ the tins and boxes, when it was time to clear and clean up the place.
How some partners wish, they could just ‘wish away’ their partners off a joint bond when things turn sour in their relationship. Unfortunately, this is not the case, the processes involved in removing a partner off a joint bond may unfortunately be as complex as the process when the property was initially registered. This is because it is a full-blown process whereby the half share of the one party is transferred to the remaining partner and the remaining partner will be substituted on the bond. The process can include bond registration fees for the substitution, advance rates and taxes, transfer fees and advance sectional title levies in the case of a sectional title unit. Transfer duty may also be payable depending on the circumstances however would not be payable in the event of a transfer due to death or divorce.
However, before the above processes are put in motion, the lender (bank) will need to do an assessment into the finances of the transferee to determine if they will be able to repay the bond without the other partner.
Within our division is Phoenix Bonds which specialises in bond origination and bridging finance. They assist home buyers to find the best deals from lenders.
Further as Van Deventer & Van Deventer Incorporated, our Conveyancing Department assists with property transfers and bond registrations amongst a host of other specialist services.
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