What is the bond cancellation process?

This is the cancellation of what you owe on your home loan, and occurs when you want to sell a home.

As the seller, you must pay the bond cancellation fees. You must give the bank 90 days written notice.

This doesn’t mean the bond will be automatically cancelled after 90 days. It only gets cancelled once the bank receives a request from the conveyancing attorney (the attorney responsible for transferring the bond to the buyer’s name).

If the property does not sell within 90 days, you have to write a new letter to start the process again.

Bond cancellation process

1. Request to cancel.
2. 90-day early termination notice.
3. Settlement figure.
4. Attorney cancellation fee.