Selling a house - bond freeze?

Dolby

Honorary Master
Joined
Jan 31, 2005
Messages
28,386
So after 14 months of hell with tenants, then selling and a slow property market, plus deeds office continually closing due to Covid cases... We've sold our property and the money should be deposited in a few days.

My question is - when is the bond frozen with the process? Does it matter if you're direct with the bank, or SA Homeloans?

The bond has come off continually (even this morning - a day after a transfer) so I'm wondering what happens?

Estate agent is pretty shitty, but we've asked. I just wanted to check here as well
 

Jehosefat

Expert Member
Joined
May 8, 2012
Messages
1,577
Bonds generally aren't frozen when selling a property. The transferring attorney will get a settlement amount from the bank and you will keep paying right up until transfer. Anything that you have paid in over and above the settlement amount (minus interest) will be refunded to you by the bank after they have received the settlement amount from the attorneys.
 

muisnes

Senior Member
Joined
Mar 27, 2018
Messages
502
Bonds generally aren't frozen when selling a property. The transferring attorney will get a settlement amount from the bank and you will keep paying right up until transfer. Anything that you have paid in over and above the settlement amount (minus interest) will be refunded to you by the bank after they have received the settlement amount from the attorneys.
This is also what we experienced on selling.

And don't forget to cancel the property insurance after transfer. We also received a refund from Guardrisk (OOBA).
 
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