If registered owner of property dies not married and having no will. an executor of the estate be appointed. if house bond is in arrears masssively and there are other creditors as well. Who's property is it ? the banks or the executor (family member)--- also how is the property disposed of? what are the rights of the executor and the creditors in this case?
TRIED THE BANKS WITH NO LUCK AT GETTING RELEVANT AND PRACTICAL INFORMATION
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The property falls in to the estate (solvent or insolvent). The executor must decide if he wants to sell the property and cover the estates creditors or the bank. if the assets and cash is less than the creditors it becomes an insolvent estate which in turn follows the route that either the Heirs must cover the creditors or each creditor at the end of the day will receive FOR Example 50 Sent in the rand to each claim. However the bank is a creditor and will he receive his total amount.
I trust the answer is helpfull
I don't understand... "cover the estates creditors or the bank"?
how do creditors know owner is deceased and there is an estate?
sorry I don't understand how your processes work. would you give me the reply to the above query as well?
I replied asking for more clarity on the answer given. please inform me if you will respond
how long has the creditor got to claim against the estate and where do creditors go to find out when the executor was appointed and what the status of the estate is?
Dear clientPrescription is 3 years from date the debt is due.The master of the high court for the area to hear in regards XXXXX XXXXX status and the lodging of an estate.Bank has a prefferent claim. Which means the bond has first payment. Then what is left is divided between other creditors in regards XXXXX XXXXX property.
BProc, LLB and MBA
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