What is a Section 57 endorsement?
What is a Section 57 endorsement?
What is a Section 57 substitution? An application in terms of Section 57 of the Deeds Registries Act is an application to substitute the debtor on a bond i.e. an application to “remove someone from the bond”. This effectively releases the debtor from all his obligations under the bond.
What is a Section 45 endorsement?
Section 45 Endorsement Transfers are only available to marriages in community of property. This section provides for the endorsement of deeds where the immovable property is held by the joint estate in community of property marriage and the parties are now divorced.
What is the purpose of the Deeds Registries Act?
The Deeds Registries Act serves to regulate the functions and laws related to title deed transfer as well as the successful registration of title deeds in South Africa.
What is a title deed endorsement?
An endorsement can be a bond, interdict, mineral rights or any other restriction imposed on a property. Bonds, Interdicts and Mineral Rights are the most common endorsements for a property. Owner – This is the owner of the endorsement.
How much does it cost to remove a name from a deed?
Costs will vary based on your lawyer’s fees and the county you live in, but you may pay upwards of $250 to remove a person’s name from a property deed. Some lawyers offer one-hour free consultations, which could help you cut down on costs.
How do I buy my partner out of the house?
In most cases, a buyout goes hand in hand with a refinancing of the mortgage loan on the house. Usually, the buying spouse applies for a new mortgage loan in that spouse’s name alone. The buying spouse takes out a big enough loan to pay off the previous loan and pay the selling spouse what’s owed for the buyout.
What is proceed to lodge?
Guarantees will be send to the Transferring Attorney and all the documentation will be send to the Bank in terms of their compliance receive a “proceed” which enables the attorney to lodge at the Deeds Office.
How do you remove someone from a joint bond?
To remove or replace a bond-holder on your joint home loan, either following your divorce or your spouse’s passing away, you need to request a ‘substitution of debtor’. Substitutions are processed as new loan applications, which will involve an affordability assessment.
What is a certificate of consolidated title?
Where two or more bordering pieces of land are owned by the same person or two or more persons in the same undivided shares in each piece of land and have been consolidated into one piece of land, the owner(s) may apply for the issue of a certificate of consolidated title.
What is a title deed in South Africa?
Simply put, the title deed is a document that proves legal ownership of a property in South Africa. Anyone who purchases a home will need to have the title deed transferred into their name as proof that they own the property.
When do you apply for Section 45 endorsement?
1. Estate transfer (Section 45(1) of the Deeds Registries Act) When you are married in community of property and one spouse dies and the immovable property is to be transferred to the surviving spouse, a section 45(1) application can be made to the Registrar of Deeds to endorse the current title deed to that effect.
How to apply for endorsement of a property?
APPLICATION FOR ENDORSEMENT (JM33_42) [Section 42(2) of the Administration of Estates Act No. 66 of 1965 (as amend)] NB. This list of requirements, which must be fully complied with, must accompany each application. If the property was sold prior to date of death, only paragraphs 1 to 6 and 12 needs to be complied with.
Is the endorsement of deeds exempt from transfer duty?
This type of endorsement transfer is exempt from Transfer Duty. 2. Divorce (Section 45bis (1) (a) of the Deeds Registries Act) This section provides for the endorsement of deeds where the immovable property is held by the joint estate in community of property marriage and the parties are now divorced.
When to use Section 45 of Deeds Registries Act?
Estate transfer (Section 45 (1) of the Deeds Registries Act) When you are married in community of property and one spouse dies and the immovable property is to be transferred to the surviving spouse, a section 45 (1) application can be made to the Registrar of Deeds to endorse the current title deed to that effect.