Did You Know? Cost in involved to cancel a bond.
Category General News
When a seller's property is bonded, they usually know, that they need to give the Bank 90 days' notice to avoid bond penalties.
What most seller's however don't always realise, is that they are still liable for the attorney's bond cancellation fees.
The costs are worked out per bond registered over a property and not the value of the bond or the amount outstanding at the financial institution.
E.g. One bond cancellation = R 4 742,00 and three bond cancellations = R 5 969,00.
Herewith the table of costs for the attorney's bond cancellation fees:
BOND CANCELLATION FEES 2022:
# BC's FEE VAT (15%) P&PETTIES VAT (15%) D/O FEE ELEC INST. VAT (15%) TOTAL (R)
1 2 800,00 420,00 600,00 90,00 142,00 600,00 90,00 4 742,00
2 3 210,00 481,50 600,00 90,00 284,00 600,00 90,00 5 355,50
3 3 620,00 543,00 600,00 90,00 426,00 600,00 90,00 5 969,00
4 4 030,00 604,50 600,00 90,00 568,00 600,00 90,00 6 582,50
5 4 440,00 666,00 600,00 90,00 710,00 600,00 90,00 7 196,00
6 4 850,00 727,50 600,00 90,00 852,00 600,00 90,00 7 809,50
7 5 260,00 789,00 600,00 90,00 994,00 600,00 90,00 8 423,00
8 5 670,00 850,50 600,00 90,00 1 136,00 600,00 90,00 9 036,50
9 6 080,00 912,00 600,00 90,00 1 278,00 600,00 90,00 9 650,00
10 6 490,00 973,50 600,00 90,00 1 420,00 600,00 90,00 10 263,50
Author: Dykes van Heerden
