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Who Is Responsible For The Bond Cancellation Costs?

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Who Is Responsible For The Bond Cancellation Costs?

When immovable property is sold, it is in most instances the purchaser that is liable for the costs of the transaction, ie to register transfer of ownership into his name. 

However, where the seller has a bond over the property that was sold, the seller is liable for the costs of the separate, but related, transaction to cancel the current bond over the property. 

The bond cancellation fee is payable to the conveyancing attorney that was instructed by the seller’s bank to attend to cancellation of the current bond. The formal registration of cancellation is necessary even if the bond has a nil balance. 

For assistance or more advice, contact our professionals at STBB.

Author STBB
Published 20 Nov 2017 / Views -
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