If the seller still has a home loan, that bond must be cancelled as part of transfer. A cancellation attorney (often bank-instructed) obtains settlement figures and lodges cancellation documents with the transfer.

Seller checklist

• Tell your conveyancer about the existing bond immediately
• Expect cancellation costs for the attorney and possible bank fees
• Settlement usually comes from sale proceeds on registration day
• Do not cancel a bond early without attorney advice — it can complicate transfer

Related: seller bond cancellation guide and find a conveyancer.