News / National
Dead man loses house over debt
06 Oct 2020 at 06:47hrs | Views
Hamilton Property Holdings owned by business mogul Frank Buyanga has pursued a dead man into the High Court over a debt and his estate will now have to transfer ownership of his Chadcombe house to the property company.
The late businessman Cyprian Musarurwa, through his company Curbstone Investments (Pvt) Ltd, borrowed US$21 700 from Hamilton Properties Holdings and offered his Chadcombe house built on 4 109 square meters as security for the loan.
Musarurwa failed to settle his debt and refused to complete the necessary paperwork to complete the transfer of the property to Hamilton, prompting the company to sue the man's estate at the High Court in a bid to recover its money.
Hamilton won the case, bringing to an end the decade-long legal battle to settle the debt.
Musarurwa died early this year. Prior to his death, Musarurwa fraudulently got a caveat placed on the property by Hamilton lifted. He then obtained replacement title deeds that he used to subdivide the property and sold part of the land to Mr Joseph Machipisa.
In granting the application by Hamilton Properties, Justice David Mangota declared that the permit dated January 31, 2019, to subdivide stand 282 Chadcombe Township null and void and ordered Musarurwa estate to surrender the house to the property company within seven days.
The agreement signed between Hamilton and Musarurwa postulated that the latter would cede his rights to the property in the event of defaulting on the loan payment.
The late businessman Cyprian Musarurwa, through his company Curbstone Investments (Pvt) Ltd, borrowed US$21 700 from Hamilton Properties Holdings and offered his Chadcombe house built on 4 109 square meters as security for the loan.
Musarurwa failed to settle his debt and refused to complete the necessary paperwork to complete the transfer of the property to Hamilton, prompting the company to sue the man's estate at the High Court in a bid to recover its money.
Musarurwa died early this year. Prior to his death, Musarurwa fraudulently got a caveat placed on the property by Hamilton lifted. He then obtained replacement title deeds that he used to subdivide the property and sold part of the land to Mr Joseph Machipisa.
In granting the application by Hamilton Properties, Justice David Mangota declared that the permit dated January 31, 2019, to subdivide stand 282 Chadcombe Township null and void and ordered Musarurwa estate to surrender the house to the property company within seven days.
The agreement signed between Hamilton and Musarurwa postulated that the latter would cede his rights to the property in the event of defaulting on the loan payment.
Source - the herald
