Zenariah Martin obtained her LLB from the University of the Western Cape in 2016. She commenced her two-year practical vocational training with STBB in 2017 during which time she acquired practical experience in the areas of general litigation as well as property law and conveyancing. Zenariah was admitted as an Attorney in February 2019 and currently practices as an Associate in the area of property law – dealing with retail conveyancing, correspondence as well as bond cancellations. Zenariah’s aptitude for public speaking has contributed richly towards the experience she has gained in facilitating legal updates and training for both estate agents and banks.

Thought of the Week | Seller’s current bond over property

When immovable property is sold, it is in most instances the purchaser that is liable for the costs of the transaction, ie to register transfer of ownership into his name.

However, in the typical transfer transaction where the seller has a bond over the property that was sold, the seller is liable for the costs of the separate, but related, transaction to cancel the current bond over the property.

The bond cancellation fee is a standard fee payable to the conveyancing attorney that was instructed by the seller’s bank to attend to cancellation of the current bond. The formal registration of cancellation is necessary even if the bond has a nil balance.

View here for an explanation of which party is liable for which costs in a transaction or contact us at STBB for more information.