The bond registration process | SA Home Loans (2024)

Now that your bond is approved, what’s next?

The bond registration process

So, your bond application with SA Home Loans has been approved and you want to know what happens next? We’ve broken down the process into 8 steps:

Step 1

A Bond Attorney appointed by the financial lender that is registering your bond will request the draft deed and guarantee requirements from the transfer attorney. The Transfer Attorney gets this from the Cancellation Attorney, appointed by the bank cancelling the seller’s bond. This is forwarded to the bond attorney to draft the bond documents.

Step 2

The transfer documents are signed by the buyer and 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 to be signed by the buyer and the guarantees are forwarded to the Transfer Attorneys, who in turn forward 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 the documents have been signed and the costs paid, the transfer, bond, and cancellation attorneys lodge the documents.

Step 7

Once lodged, the deeds office takes approximately 7 – 10 working days to process the documents before registration.

Step 8

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

NOTE: the same Attorney could be appointed Transfer Attorney, Bond Attorney and Cancellation Attorney.

The registration process typically takes between 8 and 12 weeks to complete. However, delays are possible if information is incomplete.

Delays are caused by:

• The seller and/or buyer not providing the correct personal information
• The seller not providing details of the bank holding the existing bond
• The existing bondholder not providing cancellation figures and title deeds to the transferring attorney
• Not receiving rates figures from the local authority and/or clearance certificates
• The buyer not paying a deposit (if required), transfer fees and/or bond costs on time
• The buyer or seller delaying the signing of transfer documents and/or bond documents