Registering a New Purchase Bond

Step 1

The Bond Attorneys (appointed by the bank registering the bond) request the draft deed and guarantee requirements from the Transfer Attorney (appointed by the Seller to transfer the property to the Buyer’s name) who obtains this from the Cancellation Attorney (appointed by the bank cancelling the Seller’s bond).  This information is forwarded to the Bond Attorneys to draft bond documents.

Step 2

The Transfer documents are signed by the Buyer & Seller.

Step 3

The Buyer pays transfer costs and the Transfer Attorney pays the rates & taxes, which allows them to obtain a rates clearance certificate. The Transfer Attorney also pays the Transfer Duty. Both of these are legal requirements for registration to take place.

Step 4

Bond documents are drafted, signed by the Buyer and the guarantees are forwarded to the Transfer Attorneys, who in turn forwards the guarantees to the Cancellation Attorneys to obtain consent for cancellation from the Seller’s bank.

Step 5

The Buyer pays the bond costs to the Bond Attorneys.

Step 6

Once all documents have been signed and the costs paid, the Transfer, Bond & Cancellation Attorneys arrange for simultaneous lodgment of the documents.

Step 7

Once lodged, the Deeds Office takes approximately 7 – 10 working days to process the documents before registration takes place.

Step 8

Payment of the guarantees is made on date of registration of the bond.

Note: The same attorney could be appointed Transfer Attorney, Bond Attorney & Cancellation Attorney.
The registration process typically takes between 8 and 12 weeks to complete. However delays are possible if some information is not provided.

Delays could be caused by:

  • Failure by the Seller and/or Buyer to provide personal information.
  • Failure by the Seller to provide details of the bank holding the existing bond.
  • The existing bondholder not providing cancellation figures and title deeds to the Transferring Attorney.
  • Failure to receive rates figures from the local authority and/or clearance certificates.
  • Failure by the Buyer to pay a deposit (if required), transfer and/or bond costs on time.
  • The Seller/Buyer delays the signing of transfer documents and/or bond documents.