Whats happens when?
Category General Property News
The agreement is registered against the property's Title Deed(s) at the Registrar of Deeds by way of Section 20 of the Act recordal.
- The agreement is to be registered within 90 days of signature thereof. This has the effect that you, as the Seller, are not be able to register any further bonds over the property, or sell the property without the consent of the Purchaser.
- If there is an existing mortgage bond over the property, you as the Seller are obliged to provide the Purchaser with a detailed statement of account within 30 days of every 12 month period, as well as the bond account balance details.
- The Purchaser, in the event of the property being bonded, will take over the bond repayment's from you as the Seller and, shall make payment directly into the bond account.
- You as the Seller must register as a credit provider if 100 transactions/installment payments have been made in terms of this agreement or, if the outstanding amount in terms of the agreement exceeds R500 000.00 (you are strongly advised to contact a qualified legal practitioner to assist you in this regard).
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Author: Brent Crafford