Maryna holds the BA, LLB, LLM degrees and is a Director at the Cape Town offices of STBB. She is an admitted Attorney, Notary Public and Conveyancer with many years of experience in the field of property law and conveyancing. She is also the firm's Marketing Director and attends to external publications for the firm as well as conducts ongoing training for estate agent and bankers training and is a regular seminar presenter for attorneys and property practitioners.

Thought of the Week | Co-owning a Property and the Bond

Whether for financial or other reasons, people often invest in property as co-owners, whereby each owns an undivided share in the property. Many such buyers take the sound precaution to draw up a co-ownership agreement.

Buyers in this situation should not forget that no matter what they agree to with regards to split in shares in the property, maintenance, occupation or income from the property, their agreement will not bind third parties such as banks or municipalities.

For example, the bank that grants the home loan will generally insist that both (or all co-owners) agree to be ‘jointly and severally’ liable to repay that loan. This allows the bank to recover the debt from all of the debtors in proportion to their shares or, if necessary, to recover the whole amount from any one of them. So, if one co-owner should fall on hard times or stop paying for any reason, the others will be required to make up the difference.

For assistance or advice in such transactions, contact your STBB conveyancer before putting pen to paper.