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We broke up: How do I transfer a joint bond into my name?

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Q

Hello, I bought a sectional title unit with my ex-fiancée through a joint bond. She moved out two years ago and we separated.

I have been paying the bond alone. I approached the bank to do a refinancing in my name alone, though I had a lot of financial commitments. Now I have raised enough funds to pay it up.

My question is do I pay it up, then wait for the bank to issue a title deed and only then I can transfer it to my name OR can I pay it up and request the bank to transfer it to me alone? My ex-fiancée has no problem with signing it out to me as she made no contribution to the unit. I really need to establish what the best solution is to go about transferring this unit. – William

A

Hi William, joint owners of a property who want to go their separate ways need to do the following:

The owner who “wants out” (hereinafter referred to as the exiting owner) must sell his/her half share to the remaining owner. A formal deed of sale needs to be drafted and signed. A formal transfer will be done by a conveyancer in the deeds office.

Transfer duty will be payable by the remaining owner on the half share transfer. This will be calculated on the full value of the property (for this purpose 2 valuations are to be supplied to SARS). The amount of transfer duty payable is derived by calculating the transfer duty on the full value, divided by two.

The bond can be dealt with in one of two ways:

  1. The remaining owner applies to the bank to be substituted in the place of the exiting owner as sole debtor and the sole debtor then continues to repay the loan; or
  2. The bond is cancelled together with the half share transfer.

The cancellation is facilitated either by the remaining owner paying the amount due into the loan account in cash or the remaining owner can apply to register a new bond over the property simultaneously with the half share transfer and the cancellation. The funds from this new loan are then firstly applied to repay the joint outstanding loan.


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Sonja du Toit, director at MC van der Berg Incorporated.

Sonja du Toit, director at MC van der Berg Incorporated.

Sonja du Toit is a director at MC van der Berg Incorporated

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David A Steynberg, managing editor and director of HomeTimes, has more than 10 years of experience as both a journalist and editor, having headed up Business Day’s HomeFront supplement, SAPOA’s range of four printed titles, digimags Asset in Africa and the South African Planning Institute’s official title, Planning Africa, as well as B2B titles, Building Africa and Water, Sewage & Effluent magazines. He began his career at Farmer’s Weekly magazine before moving on to People Magazine where he was awarded two Excellence Awards for Best Real Life feature as well as Writer of the Year runner-up. He is also a past fellow of the International Women’s Media Foundation.

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1 COMMENT
  • D N GOVENDER 20th September 2017

    I have a joint bond , we broke up almost 10 years ago , at that time we took a second bond which went into her account as settlement , but i neglected in changing the title deeds to my name , she came back last week claiming she owns half the house , after i have paid the bond and municipality bills for 10 years , What can i do to resolve this problem , i also have an email from her saying she has no claim to the house

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