Hi Reader 👋

This week's edition of Law in a Coffeeshop is Sponsored by BKD AUDITORS. (More on them at the end.)

Recently I got into a few interesting discussions on my TikTok-channel. People were up in arms when they learnt and realised that you have to pay to cancel your bond.

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When you have paid all the money you owe to the bank, the bond / home loan has to be cancelled at some point in time. That account will have to be paid by you, the owner.

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A few general comments made me realise that there are even more common misconceptions regarding this process. Let's have a look at a few:

• People kept asking me whether the property will then be transferred into their name when the bond is cancelled.
• Must they pay transfer fees again?
• Lots of others were enraged that there is a cost to cancel the bond.

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The most important aspect of this is:

YOU OWN YOUR PROPERTY!!!

even if there is a home loan.

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Have a look at the video here:

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The crux of the matter:

• The Title Deed is in your name.
• The bank keeps it in their possession as security for their home loan.
• When the bond is cancelled, you get your Title Deed.

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I hope this brings a little clarity.

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Let us know what you think and if you have any questions.

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Thanks for reading!

Have a great week!

~Francois ☕

Sponsored by BKD AUDITORS

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BKD Auditors is a multidisciplinary audit/accounting/tax/advisory firm. They seek to add value to their clients through building long-term relationships allowing them to design tailored solutions while giving them the peace of mind that their financial compliance needs are taken care of.

Use this link to contact them now: https://www.bkdo.co.za/​

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