Congratulations on taking a major step towards homeownership! Securing a bond is a crucial part of the process, and understanding how it gets registered can feel overwhelming. At Polaris Real Estate, we’re here to guide you through it all. Here’s a simplified breakdown of the bond registration process:

1. Preparing the Paperwork:

• Bank Instructions: The bank will electronically send instructions on how to proceed with registration.
• Title Deed & FICA Documents: If your purchase involves a transfer, the transferring attorney will obtain the title deed and FICA documents (proof of identity and residence) for both you and the seller. They’ll also check for any outstanding issues on the property.
• Advance Registration: For an advance bond (used for construction or renovations), the bank will provide the title deed, and the bond documents will be prepared for signing.

2. Signing the Documents:

• Once the paperwork is ready, you’ll be contacted by your bond attorney to schedule a convenient time for signing the bond documents.

3. Final Checks and Lodgment:

• The bond attorney will confirm everything is signed and in order, ensuring compliance with FICA regulations.
• The bond documents will be lodged with the Deeds Office. This process may involve coordinating with the transferring attorney if a property transfer is happening simultaneously.
• The Deeds Office examines the documents, which usually takes 7-10 working days. Once approved, the bond attorney has five days to register the bond.

4. Registration and Payment:

• On the registration day, the bond attorney will arrange with the bank for the bond payment.
• The transferring attorney will receive a cheque for the bond proceeds.
• For an additional bond, the proceeds will be distributed as per your instructions.

5. Final Steps:

• Once registered, the bond will be microfilmed and returned to the bond attorney (this can take up to three months).
• The bond attorney will obtain the title deed from the transferring attorney (if applicable) and present it to the bank.

We understand that navigating the legalities of property purchase can be complex. At Polaris Real Estate, we have a team of experienced professionals dedicated to making your journey smooth and stress-free. Contact us today and let us guide you through every step of the process!