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

[thehuman]

Absa had a special a while back , they charged parents r1k + courier fee.

 

[joker08]

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

Oh ok , then actual expenses for bond cancellation is approximately 3000, if u remove the final balance owing to the bank

 

[geezer]

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

That's what I intend doing.

 

[Mike Hoxbig]

That's what I intend doing.

Do it on the last day of the month. Reason being that you will incur pro rata interest if you do it on any other day...

 

[zerocool2009]

I have a bond of R0 balance for 11 years!

Why pay thousands for a piece of peper to see you own it?

Keep a bond open (if you need a holiday, new car... diamond for the wife... a push present.... etc)

The fees aint really bond related, but just a legal process to cancel the bond at the deeds office.

 

[joker08]

I have a bond of R0 balance for 11 years!

Why pay thousands for a piece of peper to see you own it?

Keep a bond open (if you need a holiday, new car... diamond for the wife... a push present.... etc)

The fees aint really bond related, but just a legal process to cancel the bond at the deeds office.

Good advice for a person with self control.
I would stay away from this.
My bank called me to ask if I would like to activate access bond, I said no.

 

[zerocool2009]

Good advice for a person with self control.
I would stay away from this.
My bank called me to ask if I would like to activate access bond, I said no.

Totally true! It taught me to work smartly with money! 8 bar later!

Its really the most powerful vehicle if you use it right!

 

[Napalm2880]

Totally true! It taught me to work smartly with money! 8 bar later!

Its really the most powerful vehicle if you use it right!

I only have 1 bar but it's got beer on tap.

 

[geezer]

Thanks for all the replies, it's given me some food for thought. My wife and I are taking a week's break at a place close to the Hartbeespoort dam from this Friday onwards, and will use this time to consider my options.

 

[Tman543]

My attorney's bill.

View attachment 1151810

F*k. 9k for a copy and paste job. Theses attorneys are committing daylight robbery.

Question, do you still pay the fees once the bond period is complete. Example. Bond paid up and 30 years have passed?

 

[zerocool2009]

F*k. 9k for a copy and paste job. Theses attorneys are committing daylight robbery.

Question, do you still pay the fees once the bond period is complete. Example. Bond paid up and 30 years have passed?

Yes, if you keep it open!

One thing to consider, its the cheapest money you will get to borrow ever, if needed

 

[Priapus]

Always keep the bond open. I’ll never close mine. Even after paying off.

 

[dualmeister]

Mine was R 3990.00

 

[dualmeister]

Always keep the bond open. I’ll never close mine. Even after paying off.

This!!!
Biggest mistake I ever made. Not keeping it open

 

[Arthur]

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.

Not quite. That's a common misconception. You are the legal owner on transfer. As per the title deeds. You can't bond a property that you don't already own.

A mortgage bond is essentially a separate legal contract between you and the lender where, in return for the loan, you put up the fixed property that you own as a guarantee such that, should you default, they can sell off the underlying property to recover their loan.

By law, mortgage bonds must be registered by the deeds office. Lawyers are required to draw up the bond contract, lodge it with the deeds office, and then again to cancel the contract and have it removed at the deeds office.

 

[ShaunyCT]

My attorney's bill.

View attachment 1151810

R9800 for cancellation fee after a bond has been paid off sounds excessive. If you already have a R0.00 balance owing on the bond, then cancellation should be between R3k and R5k.

 

[Thor]

Any downside in keeping the bond open?

Also can you buy a seperate house B with a bond associated with house A?

 

[Speedster]

Any downside in keeping the bond open?

Also can you buy a seperate house B with a bond associated with house A?

Downside to keeping the bond open is the monthly fee.

You can buy anything you want with the money you've paid into the account (assuming access bond), as long as you're able to keep up with the monthly repayments.

 

[zerocool2009]

Any downside in keeping the bond open?

Also can you buy a seperate house B with a bond associated with house A?

No downside at all. I always say you paid thousands to get it... why close it?

I wouldnt personally buy another house with your “primary” resident bond. If you start to think rentals ... Sars might ask alot of questions. You can do it if you want.

Thats the cheapest money you can borrow against and use it wisely (re-using of a bind). From cars, holidays... you name it

 

[^^vampire^^]

Sold property in 2020

To cancel bond at Deeds office was R4310
There may be some other line items applicable to your circumstances. I would budget R7500 at the to pend although it's likely to be around the R4500-R5500 mark