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I am a fifty 50% co-owner of a property that is registered…

Hi I am a fifty...
Hi I am a fifty 50% co-owner of a property that is registered in a CC. This partnership is with my partner of 9 years. I am not in his will and his two children are the beneficiaries of his will. What is my position should he pass away with regards ***** ***** property?
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Answered in 1 hour by:
3/27/2018
CaseLaw
CaseLaw, Attorney
Category: South Africa Law
Satisfied Customers: 1,710
Experience: BCom; LLB; Masters in Law
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Hi there and thank you for your question,

I am a practicing attorney based in South Africa and I will try to assist you with your legal question but please feel free to ask as many follow up questions in order to clarify your initial question. If you have a new question, you must please open a new thread.

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only. Additionally, most people believe a phone call is the easiest and most efficient way to handle problems. Accordingly, you will receive an automatic phone call request. If you would like a phone call, please click “Accept” when prompted.

Do you mind if I take a moment to review your question? I will come back to you shortly!

CaseLaw

Ask Your Own South Africa Law Question

Hi there and thank you for your question,

If the property is registered in the name of a close corporation, then technically you're NOT a 50% co-owner of the property. Rather, you are a 50% member in a close corporation which is the owner of the property.

Your partner is the other 50% member in the close corporation.

So, when your partner dies, his members interest in the close corporation will be dealt with in terms of his Will. If his 2 children are his heirs, they will inherit his 50% members interest.

That means that you will be a 50% member, and each of his children will be a 25% member.

The close corporation will continue, and nothing will really change.

What most people do in your situation is to enter into an association agreement with your partner in terms whereof you AGREE, in writing, that on the death of the one member there is an automatic offer to sell that member's members interest in the close corporation to the other member. There is an agreed method of calculating the selling price which is recorded in the association agreement.

The terms of this association agreement are BINDING on the estate, which means that you can ENFORCE your rights to purchase the 50% members interest in the close corporation, and the members interest therefore WON'T go to his heirs.

They will however get a fair market value for the members interest.

BUT, you will need to convince your partner to sign the association agreement.

The idea (obviously) is that it is reciprocal in nature. Therefore, if you die first then you will be deemed to have made an automatic offer to sell your members interest in the close corporation to him.

Does that make sense?

If my answer hasn't provided you with enough clarity regarding your initial question, please send me a REPLY with follow up questions so that I can continue to assist you in this same thread for as long as you need. Let me know if you need more advice - don't just rate my answer as "bad".

If my are HAPPY with my answer then please click one of the STAR ratings or the SMILEY FACES to rate my answer!

Good luck and best regards,

CaseLaw

CaseLaw
CaseLaw, Attorney
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