Question posted in the Property Law category relating to Gauteng
I'm buying a Property worth of 3.6m. I'm paying 2.5 in cash and my Girlfriend is getting the rest on Bond for me , I need some legal Advise and legal Back up that show i own the House, I will be responsible for paying of the Monthly Bond amount till i can pay it off
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Answer to the Question
I assume then that your girlfriend is the applicant for the loan application with your bank for the R1m? And that the bank has asked your girlfriend to put up security for the loan, and that you have offered to allow the bank to register a mortgage bond over your property as security?
Surely the house will be registered in only your name? In other words, you fill in your name on the offer to purchase, and you sign all of the documents with the transferring attorneys?
You can then arrange for the debit order for your girlfriend's loan to come off your account each month.
But why don't you take out the loan yourself? If you can afford it, and you're putting in R2.5m cash, the bank should be happy granting a loan of R1m to you.