- Rule 63 of the High Court Rules together with The Hague Convention of 5 October 1961 regulates the signature of documents outside of South Africa to be used inside the Republic of South Africa.
- The most common route to follow is for documentation to be signed at a South African Embassy or South African Consulate.
- This causes a lot of administration for and a financial burden on the clients and we therefor suggest that your client signs a Power of Attorney BEFORE they leave the country.
Clients that still have a registered bond over their property are required to give 90 days’ notice if they intend to cancel the bond or sell their home. By not providing 90 days’ notice, the client will be liable for an early termination fee up to a maximum of three months’ interest. Should the bond be cancelled before 90 days, a pro-rata interest amount will be charged. If the home loan is paid up (zero outstanding balance), no fee is charged.
The reason why we need this period of time is because section 125 of the National Credit Act entitles the bank to charge an early termination fee of three months interest on the outstanding balance, or the difference between the notice period given and three months.
Clients that still have a registered bond over their property are required to give 90 days’ notice if they intend to cancel the bond or sell their home. By not providing 90 days’ notice, the client will be liable for an early termination fee up to a maximum of three months’ interest. Should the bond be cancelled before 90 days, a pro-rata interest amount will be charged. If the home loan is paid up (zero outstanding balance), no fee is charged.
The reason why we need this period of time is because section 125 of the National Credit Act entitles the bank to charge an early termination fee of three months interest on the outstanding balance, or the difference between the notice period given and three months.
