It is important that the Seller lets his bank know that he will be cancelling his bond 90 days before the actual registration takes place in order not to incur a financial penalty.

If the Seller hasn’t already done so, the transfer attorney will place his bond on cancellation as early as possible to minimise any penalty.

Once the bond is placed on cancellation, any flexi or access facility is frozen, so the Seller is advised to draw any money he needs from his access or flexi facility first before placing the bond on cancellation.