Buying property with your partner

2016-04-21 06:00
PHOTO: sourced Buying a home with your partner is a big step. Make sure you have all the necessary documents.

PHOTO: sourced Buying a home with your partner is a big step. Make sure you have all the necessary documents.

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IF you’re going to buy a home with your partner, you might want to sign on the dotted line, just in case.

Nothing says “commitment” like getting a joint bond. Combining resources means being able to afford a bigger apartment or house, or a home in an area that might otherwise be out of your financial reach - it’s somewhat of a win-win situation.

South Africa is seeing a growing trend of buyers entering the property market in joint-ownership partnerships, and while some may prefer to avoid this, it does offer many people greater living opportunities. But, remember that careful planning is required and you’ll need to draw up a contract that you both agree on.

Now, drawing up a contract of property co-ownership may not be the most romantic way to begin this journey, but see it as an opportunity to put down, in writing, how you want to deal with various hypothetical circumstances now while you’re both happy. Once this is done, you can file the document away, and, if all goes according to plan, you will never have to look at it again.

So what do you need to put in this contract? Property24 has a few helpful hints for you:

When drawing up a contract of co-ownership, it is always advisable to have your agreement checked by an attorney to ensure all aspects comply with the South African law. The agreement should specify:

• Who will be responsible for the initial payments, such as the deposit and transfer fees and how these costs will be split between both parties.

• The amounts that each person is responsible for paying on an ongoing basis. These include bond payments, rates and levies as well as any maintenance that needs to be done to the property.

• What proportion each person will own of the property.

• Who is allowed to occupy the property.

• How the proceeds from the sale of the property should be split.

• What needs to be done if one party wishes to sell their portion of the property.

• What happens to the property and ownership in the property if the relationship ends, or in the event of the death or incapacity of one of the parties.

• How the agreement may be terminated.

Always be aware that the property may not be absolutely ideal for either one or both parties, or what you might have originally had in mind. There will be moments where differences of opinion will be voiced, but if you’re willing to communicate and compromise, you’re well on your way to taking this to a whole new level of commitment. With these points taken care of, you can relax and get swept up in the excitement of this new home you share. - Property24.

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