The "Neighbour-GOOD Advice Series"
Short and Sweet
When you cancel a bond, at any point even just by paying it in full, (which will also happen when you sell your property);
- You bank requires 3 months' notice to canel the Bond or you will be charged penalties (which do deminish day by day the closer you get to the end of the Penalty Period to reasonable amounts);
- A bond has to be cancelled when you sell as it is attached to your current property;
- You need to prepare yourself for all Seller costs - the Rates Clearance Certificate, the various Compliance Certificates AND about R5 000 to pay the Bond Cancellation Attorneys (and they are appointed by the bank.)
If you need further adviceont eh above, just give us a call and we can go trough it with you. As always, happy to do that.
Author: Jed Kemery