Monday, 9 May 2016

What is repossession?

What is repossession?

Property repossession in South Africa is the completion of the legal process to recover debt owed to a creditor (like the banks) that is secured by immovable assets (your house). This credit agreement is usually called a bond.
The final step to complete the legal process is for the property to be sold on auction at the Sheriffs office. This concludes the legal action as far as repossession is concerned. Only when the sale has been concluded is the property considered to be repossessed.
Please see "What happens after repossession" to read about the follow up legal action that can take place after the sale
We aim to provide you with the right information before this sale happens to make sure you understand the effects of repossession.

Please contact us today for a free consultation and advice on how to stop repossession and how we can help you prevent repossession

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