When must I notify my current Bank that I intend selling my property and/or cancelling my bond?

Author

Kruger Attorneys & Conveyancers Inc

It is crucial to give notice to your Bank as soon as you have decided to put your property on the market for sale and/or cancel your existing mortgage bond.

This is just to avoid the 90-day penalty interest that the mortgage bondholder is entitled to charge the Seller on the bond cancellation figures.

If the transfer of the property then occurs after 60 days of the 90 days’ notice then the Seller will only be liable for 30 days of penalty interest over and above the cancellation amount with the Bank.

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