Bond Registration Process

By Sarah Nordien | Associate Director

Home-loan funds flow only after the bond is registered. Our bond team synchronises loan conditions, guarantees, and lodgement so money reaches the seller on schedule.

Where there is a linked transfer and bond cancellation

1. Bond Attorneys Instructed

• The bond attorney is instructed directly by the financial institution that is providing the home loan to the client.
• The bond attorney needs to be on the financial institution’s panel to receive instructions.

2. Bond Attorney Contacts the Client and the Transfer Attorney

• The bond attorney contacts the client to obtain additional information they require, specifically who the transfer attorney is.
• The bond attorney will make the client aware of any special conditions the bank has included in the instruction.
• It is possible for one attorney or attorney firm to attend to both the transfer, bond and bond cancellation registration.
• The bond attorney makes contact with the transfer attorney so that they can share the financial and other important information about the property with each other.

3. The Transfer Attorney has Provided he Bond Attorney with the Necessary Information (The Draft Deed and Guarantee Requirements)

• Once the above is received from the transfer attorney, the bond attorney has what they require to draft the bond documents.
• Once the bond documents have been drafted, the bond attorney will contact the client to arrange an appointment for signature.

4. Bond Documents have been Signed by Client

• The bond attorney will get the bond documents co-signed by the bank. A director at the law firm is usually authorised to sign on the bank’s behalf.
• Bank guarantee will be issued for the amount available and sent to the transfer attorney.
• Typically, a bank guarantee will be issued for settlement of the existing bond registered over the property (see bond cancellation process)
• The documents will be vetted and submitted to the bank for the bank’s approval referred to as a “proceed to lodge.”

5. Bond Attorneys have Received the “Proceed to Lodge” from the Bank

• Once the above has been received, the bond attorneys are ready to lodge the bond at the Deeds Office.
• Bond attorneys will notify the transfer attorney that they are ready to lodge.
• Transfer attorney will arrange simultaneous lodgement of the transfer, bond and any other linked transactions at the Deeds Office.

Need your bond registered without delays? Speak to Sarah on 083 461 9430 and secure your funds sooner.