Attorney's fees to cancel bond when house paid off.

[geezer]

Has anyone recently paid off their home loan and gave the bank instruction to cancel the bond? If so, what was the attorney's fees for this? I intend to pay off my loan at the end of the month and then also cancel the bond but I just want to budget for the costs involved with this.

TIA for the feedback.

 

[joker08]

I read somewhere that it's around 3000.

 

[Kosmik]

Has anyone recently paid off their home loan and gave the bank instruction to cancel the bond? If so, what was the attorney's fees for this? I intend to pay off my loan at the end of the month and then also cancel the bond but I just want to budget for the costs involved with this.

TIA for the feedback.

Normally, you should keep your bond open , even if its at R1, its a useful vehicle to have.

But also, if you give 3 months notice for bond cancellation, there's normally no penalty. One month will incur penalty.

Cancelling your paid up home loan

The bond cancellation process involved many steps and roles (such as the bank and a cancellation attorney). Here we explain the process for you.

www.privateproperty.co.za

 

[JibbersCrabst]

I paid R5 000ish for a Nedbank cancellation last month.

 

[Paul Kemp]

R9k for the attorney. Note bond cancellation notification and period. That’s the real killer if you don’t time it right.

 

[saturnz]

I don't think I paid anything.

The fees only is a problem when the bond is outstanding and you all of a sudden decide to sell the property.

This was with FNB.

 

[Pineapple Smurf]

Jinne, more money?
I am still paying off my bond.
When its finished do I have to pay someone again?
What does the attorney do?
My bond is with FNB

 

[joker08]

Jinne, more money?
I am still paying off my bond.
When its finished do I have to pay someone again?
What does the attorney do?
My bond is with FNB

I think it's similar to paying the traffic department to transfer the vehicle to your name after u paid off the car loan.
The attorney wilm remove the banks name from the property and u become the legal owner.

 

[Pineapple Smurf]

I think it's similar to paying the traffic department to transfer the vehicle to your name after u paid off the car loan.
The attorney wilm remove the banks name from the property and u become the legal owner.

Aaah yes that makes sense
Except it was free when I finished my finance loan on my bike last year
Oh well, if its a coupla grand so be it

 

[Mike Hoxbig]

I paid around R3,000 with NGL. Speaking of which I need to go fetch my title deed...

 

[Grouter]

My attorney's bill.

 

[joker08]

My attorney's bill.

View attachment 1151810

The major amount is from the bank it seems. What is that cancellation fee ?

 

[Pegasus]

The major amount is from the bank it seems. What us that cancellation fee ?

Indeed. And spelt wrong.

 

[Grouter]

The major amount is from the bank it seems. What us that cancellation fee ?

Attorneys fee.

 

[joker08]

Attorneys fee.

Attorneys fee.

The attorney fee is the item number one. I am asking about the last item "cancellation amount of bank". This amount looks like it will be going to the bank.
May be the bank wants u too pay a cancelation charge for something?

 

[Mike Hoxbig]

The attorney fee is the item number one. I am asking about the last item "cancellation amount of bank". This amount looks like it will be going to the bank.
May be the bank wants u too pay a cancelation charge for something?

That's probably a penalty fee for insufficient notice or something. The attorney fee should be around 3k...

 

[Grouter]

The attorney fee is the item number one. I am asking about the last item "cancellation amount of bank". This amount looks like it will be going to the bank.
May be the bank wants u too pay a cancelation charge for something?

The bottom line item? The 'canellation' fee? Final balance owing on the bond to make it zero.

 

[Grouter]

That's probably a penalty fee for insufficient notice or something. The attorney fee should be around 3k...

No, we gave 3 months notice to avoid penalties. It is the final payment on the bond.
And it felt effin' nice to pay it I can assure you.

 

[Mike Hoxbig]

No, we gave 3 months notice to avoid penalties. It is the final payment on the bond.
And it felt effin' nice to pay it I can assure you.

Makes sense. I did the final payment into the bond account to bring the balance to zero, gave notice, then instructed the attorney...

 

[Grouter]

Makes sense. I did the final payment into the bond account to bring the balance to zero, gave notice, then instructed the attorney...

I just told the attorney "Do it" , and sat back.