Question:
Why must I pay bond cancellation costs on my bond which I have settled in full some time ago?

Answer:
Although the bond is settled with the bank, the bond endorsement still remains on the Title Deed. The Deeds Registries Act stipulates that the consent of the bondholder is needed to cancel the bond on the Title Deed and have the records of the Deeds office updated. Bond cancellation costs are payable by the seller. Currently, the going rate is approximately R3 500.00-R4 000.00, depending on how many bonds are being cancelled.