Yes.

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 bondholder, 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, same will be refunded to you after registration.

NOTE: Please contact your Bank directly after registration to ensure the processing of your refund speedily.

You have to give the bank 3 months notice if you intend cancelling your bond. If you don’t, a penalty equal to 3 months instalments will be charged by the Bank and is included in the cancellation figures issued to the transferring attorneys.

NOTE: It is advisable to provide your bank with the 3 months notice period immediately after you have put your property on the market. In other words, after you have signed an exclusive mandate with an Estate Agent.

The access facility on your bond will be put on hold once the bank issues the cancellation figures. Please ensure that you withdraw all the funds you need from your facility before the transferring attorney requests the cancellation figures.

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 500.00 and R3 500.00.

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 6 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.

NOTE: You will have to query your account (if any) with Council prior to registration. If you are not able to make payment of the rates clearance figure as received by the transferring attorney, kindly request the transfer attorney to arrange for bridging finance. The transferring attorney will send documents to you issued by the bridging company for your signature after which the bridging company will make payment of the outstanding rates figures on your behalf. You also have the option to advance a portion of your proceeds before successful registration of your property in the new purchaser’s name. The same process as explained above must be followed. (Please discuss this with your transferring attorney).

NOTE: By signing the bridging document you authorize the transferring attorney to deduct the amount as per the rates clearance figure plus the interest and administrative charges from your proceeds. The transferring attorney provides you with a letter confirming successful registration of your property in the new purchaser’s name. You must present the abovementioned letter to the local municipality in order for your existing account to be closed. The Municipality will start processing your refund as you will only be liable for the payment of rates and taxes whilst being the owner and not the full 6 months.

NOTE: The refund will only be processed after the deposit has been paid and the new account has been opened by the new owner. Kindly ensure that you obtain proof of the above (opening of account and payment of deposit) before occupation.

You have to supply the transferring attorney with an ECC. A qualified electrician must inspect your property in order to issue an updated ECC. The ECC must not be older than 2 years. The ECC is also required by the bond attorney in order for the attorney to obtain a “proceed” from the Bank who granted the bond. The “proceed” is needed by the bond attorney prior to lodgement of the documents in the Deeds office.

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.

NOTE: Kindly attend to any problems you have with the Body Corporate or Home Owners Association before registration.

If you are purchasing a new property and selling your current property, kindly advise the transferring attorney of same. If your proceeds are utilised in order to purchase the new property, instruct your transferring attorney to issue a letter of undertaking to the transferring attorney attending to the transfer where you are purchasing.

If your property is sold by or through an Estate Agent, Estate Agent commission is due to the Agent. The transferring attorney deducts the amount as per the offer to purchase from your proceeds and payment thereof on registration of transfer.

SARS will ensure that all parties (Seller and Purchaser) as well as the Estate Agent’s taxes are up to date after which a transfer duty receipt will be issued to the transferring attorney.

· Copy of your identity document.

· FICA documents (municipal statement, not older than 3 months, alternatively any account reflecting your physical address).

· SARS reference number / Tax number.

· Antenuptial contract / Marriage certificate (if applicable).

· Existing bond account number (if applicable).

· Electrical Compliance Certificate(ECC).

· Gas certificate (if applicable).

· Electrical fence certificate (if applicable).