Questions relating to the sale of properties

Questions relating to the sale of properties

Most people are aware that there are certain costs involved in the purchasing or selling of a property.

Below are the most common asked questions and answers for potential sellers.

Q: How do I cancel my existing bond?

A:The bank where your existing bond is being held will appoint a cancellation attorney to attend to the cancellation of your bond. You must supply the transferring attorney with the details of your existing bond holder, as well as the bond account number, and also proceed to make your monthly payments after you have signed an Offer to Purchase.

The bank (existing bond holder) will issue cancellation figures to the transferring attorney and if your payments exceed the amount issued by the bank, some will be refunded to you after registration.

Q: Do I pay any penalties for the cancellation of my existing bond?

A: You have to give the bank three months notice if you intend on cancelling your bond. If you don't, a penalty equal to three months’ instalments will be charged by the bank and is included in the cancellation figures issued to the transferring attorneys.

Q: Are there any legal costs payable for the cancellation of my existing bond?

A: The transferring attorney requests your existing bond holder to issue cancellation figures.
The bank will appoint their own cancellation panel attorney to attend to your cancellation.
The cancellation attorney is entitled to charge a cancellation fee. This fee is usually deducted from your proceeds, alternatively payable by you prior to registration. The cancellation fee varies between R2 500 and R3 500.

Q: Do I have to pay the rates and taxes on my property in advance?

A:You must supply the transferring attorney with a copy of your rates and taxes account. The transferring attorney applies for rates clearance figures from the local council where the property is situated. The figure will be issued for a period of six months in advance. Kindly ensure that you make payment of the amount outstanding to the transferring attorney before the figures lapse. The transferring attorney ensures payment of the figures to council in order to obtain the clearance certificate. Same is necessary to ensure successful registration.

Q: Do I have to pay the levies on my property in advance?>strong/>

A:You must supply the transferring attorney with the details of your Body Corporate if your property is a sectional title unit or if managed by a Home Owners Association. The transferring attorney requests the clearance figures from the Body Corporate or Home Owners Association. The transferring attorney will advise you of same and also request payment thereof to their trust account. The transferring attorney ensures payment of the figure in order to obtain the clearance certificate.

Information courtesy of CBI Attorneys and Conveyancers.

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