08
CANCELLATION ATTORNEYS ARE APPOINTED
THE PROCESS
The bank appoints attorneys on their panel to attend to the cancellation.
The bank issues figures for what is outstanding on the bond, the cancellation attorneys send these to the transfer attorney, the transfer attorney requests guarantees from the bond attorney to cover the outstanding amount plus interest and returns the guarantees to the bond cancellation attorney.
After registration, any overpayment on the bond is refunded to the Seller by the bank directly.
ROLE PLAYERS
SELLER
BANK
BOND
CANCELLATION ATTORNEY
TRANSFER
ATTORNEY
BOND
ATTORNEY
THE
SELLER
POTENTIAL DELAYS
The bank misplacing a title deed or bond to be cancelled or internal process delays. An error on the bond cancellation, transfer attorney or bond attorney side in interpretating the guarantee requirements.