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Question
Posted by: Lynda | 2010/02/17

Property rights

Hi, I would appreciate your help and advice. My husband has recently retired, but we still owe about R240 000 on our bond.
We are trying to finish the bond within the next 6 yrs, when I am due to retire. The bond is registered in only his name, as when we took out the bond yrs ago, the defence force only gave a subsidy to the breadwinner.

We have asked the bank about putting the house onto my name as well, but they advised us against it because of the cost. We are married out of community of property, and cannot do a simple name change. What would the financial implications be should he pass on. and visa versa. We do have a will leaving the house to me.

No-one seems to be able to tell us what to do about this, and to set my mind at rest. I would like to know what alternative we have should anything happen to either of us.

It should be our right to change the title deed at any time.

Pse help

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Our expert says:
Expert ImageFamily law expert

I can certainly understand your concerns. Unfortunately you will have to pay transfer duty and transfer costs on the portion being transferred into your name.

I would appreciate it if you could furnish me with the following information, so that I may advise you accordingly.

The market value of the property
Your salary before and after deductions
Does your husband have credit life insurance on the bond loan account?
What is your date of birth and that of your husband.?
Will you be receiving a widows pension on the death of your husband and what will the approximate pension payment be per month?
Do you have any life insurance on your own life, and what is the approximate death value thereof?

My apologies for all the questions but in order to give you the correct advice, you can mail me at bertus@divorceattorney.co.za.

The information provided does not constitute a diagnosis of your condition. You should consult a medical practitioner or other appropriate health care professional for a physical exmanication, diagnosis and formal advice. Health24 and the expert accept no responsibility or liability for any damage or personal harm you may suffer resulting from making use of this content.

2
Our users say:
Posted by: Family law expert | 2010/02/19

I can certainly understand your concerns. Unfortunately you will have to pay transfer duty and transfer costs on the portion being transferred into your name.

I would appreciate it if you could furnish me with the following information, so that I may advise you accordingly.

The market value of the property
Your salary before and after deductions
Does your husband have credit life insurance on the bond loan account?
What is your date of birth and that of your husband.?
Will you be receiving a widows pension on the death of your husband and what will the approximate pension payment be per month?
Do you have any life insurance on your own life, and what is the approximate death value thereof?

My apologies for all the questions but in order to give you the correct advice, you can mail me at bertus@divorceattorney.co.za.

Reply to Family law expert
Posted by: G-Dad | 2010/02/17

You can confirm this with the family law expert on the expert pages, normally only a transfer has to be paid for registration of the bond and a transfer fee has to be paid for the transfer of the property, because you are husband and wife there should be no other cost, if he die and the will stated everything will go to you, there might be a fee for the attorney dealing with the will.

However if the estate was to be left to the children, girlfriend ect, then estate taxes and Capital gain taxes has to be paid as well, this depend of the value of the estate.

Reply to G-Dad

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