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Ask WCLawyer Your Own Question
WCLawyer
WCLawyer, Attorney
Category: South Africa Law
Satisfied Customers: 15597
Experience:  L.LB (UOVS)
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Recently disabled, thinking of selling payoff of the

Customer Question

Recently disabled, thinking of selling for the payoff of the mortgage and in return have useafruct of till my death, may I have your opinion
Submitted: 1 year ago.
Category: South Africa Law
Expert:  WCLawyer replied 1 year ago.
Good eveningDo you have any specific queries or concerns or are you merely asking whether this is possible?
Customer: replied 1 year ago.
Some of the pros and cons concerning my after the property is no longer in my name.
Expert:  WCLawyer replied 1 year ago.
Are you selling to a relative or a stranger?
Expert:  WCLawyer replied 1 year ago.
Also, do you have any dependents living with you?
Customer: replied 1 year ago.
Friends want the property for their son and give me the useafrucy till my death.
Customer: replied 1 year ago.
I have no dependents.
Expert:  WCLawyer replied 1 year ago.
The biggest pro is of course that you get the money, but that you maintain the right to occupy the property. Most of the cons is on the side of the owner (the friend's son, in this instance) in that he is not allowed to do anything with the property until you die, except sell it subject to your usufruct. In other words, your usufruct transfer to the new owner.Your obligations will pretty much remain as it is, except that you would not have to pay the mortgage. You can let or sub-let the property (depending on the wording of the usufruct and the type). The only real con for you that I can think of is that the new owner may be a bit overbearing. Obviously he cannot infringe on your rights and that include the right to privacy, but it may be that he believes the property is his and would not give due regard to the limitations that the usufruct bestow upon him.The only other real pitfall that you need to look out for is that, if they buy the property on a bond, the bank will require that you sign a document in which you relinquish the usufruct if the bank sells the house in execution or sequestration. So, if the new owner stop to pay the bond, you may lose your right to remain on the property.