Author: Annetjie Coetsee – STBB
14 November 2017
YOUR CURRENT BOND OVER A HOME YOU ARE SELLING
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.
View here for an explanation of which party is liable for which costs in a transaction or contact us at STBB for more information.
Annetjie Coetsee is a practising Attorney, Notary Public and Conveyancer, operating from both the Cape Town and Helderberg branches of STBB.
Her responsibilities include: Director of STBB, branch head of Somerset West office, Executive member and head of the Development Law Unit.
The specialized Development Law Unit has nine specialists addressing development requirements in the fields of planning law, environmental law, construction law, renewable energy law and, very importantly, local government law.
She is a practicing Conveyancer (dealing with a conglomerate of property related matters such as sectional titles, developments, bonds, transfers and municipal work for local councils).
Although she specialises in conveyancing she is a family law attorney, with a special interest in the constitutional law aspects regarding children’s rights. She is part of the marketing department and takes care of the brand development on a national level. Annetjie is further responsible for compliance and reporting initiatives. She is involved with substantial research activities relating to the property market and property investment and communicates interesting and relevant facts to her clients and the media, conducts Legal Updates for banks and estate agents.
Her knowledge and insurmountable experience in the property market and connections with key roleplayers in the property industry makes her an invaluable ally to any property investor.