Bond Registration
Bond Registration Process Explained
The bond registration process should be handled by an experienced conveyancing attorney as available at Bert Smith Incorporated. The bond registration process is briefly described below to give some insight into what it entails.
The buyer makes a loan application at a bank or financial institution for the purchasing of the fixed property as stated in the deed of sale between buyer and seller. The buyer must provide details regarding assets and liabilities for the loan process. Once the bank is satisfied that all conditions are met, a loan is approved for a specific amount at a particular interest rate. The conveyancing attorney must then attend to further details of the registration. This includes the letter of grant and the request for security for the loan in favour of the bank regarding the property.
The lawyer representing the bank will then contact the conveyancing lawyer for the draft of the title deed. Once done, the mortgagor is contacted by the bank attorney regarding identification documents. The bank lawyer will then draft the required bond registration documents and the purchaser will be asked to sign and make payments for the registration thereof. The lawyers will upon receipt of proof of payments prepare guarantees for the purchase price which will be sent to the conveyancing lawyers.
A power of attorney is submitted to the Deeds Office and the required documents will then be investigated according to specific procedures and registered. The conveyancing lawyer will give the guarantees to the bank and payment of the required sum will then be made by the bank.
We have years of experience in dealing with bonds and conveyancing. We are also on the panel of several banks ensuring professional and fast service. Contact us at Bert Smith Incorporated for bond registration assistance.