Customary marriage and a joint bond – what happens when we separate?
Hi, hope this e-mail finds you well.
I am in a traditional marriage with a joint bond and we are in the process of separating, however, my partner refuses to sell the house.
Are there options that I can explore? – Tebogo
Hi Tebogo, when parties register a bond in both their names this means that both parties to the agreement are liable, jointly and severally for the full debt. If the relationship between the holders of the joint bond ends the parties have the following options:
1: The parties can sell the property and cancel the bond.
2: If one party chooses not to sell the property that party can apply for a substitution of debtor on the bond and purchase the other parties’ half share in the property.
The person who wishes to keep the property and requests substitution of the debtor will have to apply to the bank for the substitution and prove that he will be able to afford the payments. The registration of the substitution and the transfer of the half share in the property will involve payment of attorney’s fees as well as deeds office fees.
The fact that the parties concluded a customary marriage does not change the options they have in this specific situation.
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