Understanding the bond registration process is an essential part of becoming a successful homeowner.
Being aware of the main steps involved and the different parties concerned with the process can help make bond registration much less stressful.
In our continued effort to assist you in climbing the property ladder with confidence, Bardale Village brings you your bond registration guide.
Parties Involved in the Property Buying Process
- Property Seller
- Home Buyer
- Transferring Attorney (selected by seller)
- Bond Attorney (selected by bank)
- Cancellation Attorney
1. Home Buying
Once the property seller and buyer have both signed the Offer to Purchase, the buyer will apply for a bond with a bank.
2. Bond Approval
The bank will assess your affordability and decide whether to approve your bond or not.
You can calculate your affordability using the Bardale Village affordability calculator.
Once the loan approval is complete, the bank will advise the Bond Attorney to register the bond.
3. Property Transfer
After bond approval, the seller will advise the Transferring Attorney to transfer the property into the buyer’s name.
The bank will then request the title deed and cancellation figures of the current bond on the property.
A rates and taxes statement will also be requested from your local municipality.
4. Draft Deed of Transfer
The Bond Attorney identifies the amount available for guarantees, requesting the draft deed of sale and guarantee requirements from the Transferring Attorney.
5. Cancellation Attorney
Once a receipt of guarantee for the amount owing is received, the Cancellation Attorney will be requested to cancel the seller’s bond.
6. Transfer Documents
The buyer and seller signs the transfer documents – the buyer pays the transfer costs.
7. Deeds Office
Once the buyer has signed the bond documentation and paid the relevant costs, the necessary documents are prepared for lodgement in the Deeds Office.
The Deeds Office typically takes between 2 to 3 weeks to approve the documentation for registration.
8. Bank Pays Loan
Once registered by the Deeds Office, the bank will pay out the loan based on the guarantees issued.
It typically takes a minimum of 3 months for the registration and transfer of the bond.
Affordable Homes at Bardale Village
The affordable and well-established Blue Downs homes at Bardale Village are perfect for first time home buyers and seasoned homeowners alike.
To find out more about the home buying process, please visit the Bardale Village Home Buyers Guide.
Do not hesitate to Contact Us for more information.
You can also connect with Bardale Village on Facebook – where one of our friendly agents will be able to assist you.