Asked by Elize on 06-08-2024 11:27:40
Question posted in the Property Law category relating to Gauteng
Good morning. My partner purchased a house with his cousin. The homeloan refers to them as jointly and severally liable. The property consists of a house and a flat, which are occopied by them. The bond re-payment is split 50% between them each month.
In terms of life insurance policy, must each have a policy in place for the full bond amount or just 50% of their share?
If one of them passes away, will the property be automatically transferred to the other partner or can they leave their 50% to a sibling in the will?
Thank you so much
Elize
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