Buying or Selling a portion of your Property

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The concept of co-ownership is well-known to those interested in property, but what is the case if you want to buy or sell only a portion of a property?

Director at MDW Attorneys, Meyer de Waal says this is not common, but certainly possible.

What one needs to understand is the the concept of co-habitation – yes, you can sell 10%, 40%, 50% of your property to another person.

— Meyer de Waal, Director – MDW Attorneys
But there is one snag to keep in mind, he cautions.

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The situation is that if you go to a bank for a mortgage, the bank will not mortgage only 25 or 40% of what you purchased. The bank will mortgage the entire property, because they say that if we have as a bank a 40% bond over a property, what happens if we have to sell the property?

— Meyer de Waal, Director – MDW Attorneys
De Waal explains that if the current owner of the property already has an existing bond, that has to be settled before a new bond is applied for jointly.

This means that, if at some stage your partner cannot pay their share of the bond, the bank can sell the entire property.

It comes back to the concept of co-habitation. Both parties will have to go to the bank and apply for a mortgage.

— Meyer de Waal, Director – MDW Attorneys
No bank will give you a split bond.

— Meyer de Waal, Director – MDW Attorneys
The paperwork is very important says de Waal, with the agreement covering all eventualities.

This means, for instance, also updating your will to specify who your portion of the property goes to in the case of death

Property Angels is an online property website portal that promotes residential property for sale across South Africa. You can buy, sell, list and find South African properties online. Find houses for sale in Johannesburg, Cape Town and Durban which are the three biggest cities in South Africa.

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Find below the various provinces, towns and cities across South Africa from where you can sell property or buy property or list property for sale with Property Angels.

Property for sale Eastern Cape: Alice, Butterworth, East London, Graaf-Reinet, Grahamstown, King William’s Town, Mthatha, Port Elizabeth, Queenstown, Uitenhage, Zwelitsha

Property for sale Free State: Bethlehem, Bloemfontein, Jagersfontein, Kroonstad, Odendaalsrus, Parys, Phuthaditjhaba, Sasolburg, Virginia, Welkom

Property for sale Gauteng: Benoni, Boksburg, Brakpan, Carletonville, Germiston, Johannesburg, Krugersdorp, Pretoria, Randburg, Randfontein, Roodepoort, Soweto, Springs, Vanderbijlpark, Vereeniging

Property for sale Kwazulu Natal: Durban, Empangeni, Ladysmith, Newcastle, Pietermaritzburg, Pinetown, Ulundi, Umlazi,

Property for sale Limpopo: Giyani, Lebowakgomo, Musina, Phalaborwa, Polokwane, Seshego, Sibasa, Thabazimbi

Property for sale Mpumalanga:  Emalahleni, Nelspruit, Secunda

Property for sale North West: Klerksdorp, Mahikeng, Mmabatho, Potchefstroom, Rustenburg

Property for sale Northern Cape: Kimberley, Kuruman, Port Nolloth

Property for sale Western Cape:  Bellville, Cape Town, Constantia, George, Hopefield, Oudtshoorn, Paarl, Simon’s Town, Stellenbosch, Worcester