Banks keep lawyers on tight lead


Banks keep lawyers on tight lead

When the inflated cost of conveyancing comes up for debate, lawyers have successfully argued, time and again, that they both deserve and need to be allowed to monopolise the business.

If you've ever yearned to unleash the dogs of law on the high-street moneylenders, forget it it: the legal beagles will never bite the hand that feeds.

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Keywords:
South African Banking Association
Absa
Anti-competitive Behaviour
Attorneys
Cobus Potgieter
Law Society of South Africa
Fnb
control of legal profession
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Submitted by : Scott Cundill of Johannesburg on 2011-04-21 16:51:36
PLEASE Noseweek, do an article about how the conveyancing attorneys actually do a transfer. They rip a clients power of attorney and use it to strip every single civil right in existance, all under the innocent guise of "ok, we'll just need you to sign here so we can register the bond for you..."

It is a sorded act of bait and switch, just so the banks can wrap up the so called "debt" into a special purpose vehicle and make a fortune on the side. A property is actually paid for before the mortgage is even set-up, and they use your promissory note to do it. In actual fact, banks do not lend you a cent, the customer actually provides the credit.

Everyone should read all the documents relating to your bond. Then read the Bills of Exchange Act.

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