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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.

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Ooba home loans services are simply the best. My Consultant Bianca Dancer was so hands on and helpful from the get go. She guided me through the entire process and put me at ease being a first time buyer. I highly recommend their services.

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Estelle Vorster was really helpful in securing the best deal for my home loan, she not only negotiated a lower interest rate she went as far as securing 50% discount on the transfer costs.

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