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What's this "registration" you speak of? Guns are not registered in this state.no, its my understanding thats when the registration takes place.
Also, the 4473 is not complete until the background check is complete and the gun is physically transferred to the 4473 applicant. At that time the buyer signs the final line on the 4473. If the background check fails, the gun is not transferred.
Also, if the buyer fails the background check, it's still the seller's gun. I believe if it's left at the FFL, then the owner is subject to his own background check.
This whole "system" is deeply flawed, but that's another story.