2022 / 06 / 21
REQUEST TO CANCEL BOND
receives a request for Cancellation of the bond from you or the Transfer Attorney (“TA”)
| INSTRUCTION TO ATTORNEY Cancellation instructions are issued by the Bank to the TA and a Panel Cancellation Attorney (“PCA”). PCA contacts the TA/client to request FICA, banking details (refund form), a guarantee to settle the existing bond and cancellation cost. BANK RELEASES SECURITY DOCUMENTS Bank releases the original Title Deed and Mortgage Bond to the PCA. The PCA liaises with the TA/Client and receives the clients FICA, Refund sheet, banking details and guarantee to settle the existing bond and cancellation cost. SIGNING OF CONSENT Cancellation documents are signed by the bank or by the PCA, if the PCA is authorised to sign the consent on behalf of the bank. LODGEMENT Cancellation documents, bond registration and transfer documents are lodged in the Deeds Office by the PCA together with the TA and Bond Registration Attorney (“BRA”), if applicable. EXAMINATION IN DEEDS OFFICE Documents are examined by the Deeds Office and may be passed or rejected. DEEDS OFFICE AND PREP FIGURES If passed the documents come up on preparation in the Deeds Office. At this point the PCA requests final settlement figures from the bank. This step is to ensure that the initial settlement figures issued are still sufficient to settle the existing bond. REGISTRATION AND DELIVERY OF DEEDS The cancellation documents, bond registration and transfer documents, if applicable are registered and the bond endorsement on the Title Deed is cancelled. Guarantees are paid out into the existing bond account number within 24 hours. Title Deeds are delivered within 3 months after registration to the PCA. If the property is sold the Title Deed remains in the PCA’s file, as it becomes a dead deed. If it is a private client the Title Deed is delivered to the client by the PCA. The above is a brief guide, not an extensive lay-out of all the steps and time frames. The entire process should take between 30 – 90 days, failing any unforeseen circumstances and depending on the complexity of the cancellation. |