To enable an attorney to apply for the cancellation of a seller’s existing bond with FNB, the bank now requires a copy of the Home Loan Bank statement together with a copy of the deed of sale and FICA documentation BEFORE they will release their cancellation instructions.
It is therefore advisable for estate agents to advise their sellers to have a copy of the Home Loan Bank statement ready and available for the transferring attorney. Once the bond cancellation attorneys receive cancellation figures they have to arrange for guarantees etc, all of which will be delayed if the Home Loan Bank statement is not available.
The other banks are expected to follow FNB shortly.
For more information, feel free to contact one of our property professionals at STBB