• The Kaplan Team

THOUGHT OF THE WEEK Your current bond over a home you are selling

When immovable property is sold, it is in most instances the purchaser that is liable for the costs of the transaction, ie to register transfer of ownership into his name.


However, where the seller has a bond over the property that was sold, the seller is liable for the costs of the separate, but related, transaction to cancel the current bond over the property.


The bond cancellation fee is payable to the conveyancing attorney that was instructed by the seller’s bank to attend to cancellation of the current bond. The formal registration of cancellation is necessary even if the bond has a nil balance.


Contact our offices for guidance with respect to the costs associated with a property transaction.


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This article is not intended to constitute legal advice and is produced for information purposes only and to provide a general understanding of the legal position relating to the topic. It is recommended that advice relating to the specific circumstances of your situation be sought from our attorneys before acting upon the content of this article. This article was written at a particular point in time and accordingly may not always reflect the most recent legal developments, if any, applicable to the relevant topic. Kaplan Blumberg and its partners and/or employees, are not responsible for any consequences which may follow upon any decision taken to act upon the information provided in this article.