Section 121. Before such bond is approved, the defendant, or a person in his behalf, shall make application in writing to the magistrate, specifying therein the names and residences of the proposed sureties and, except in case the proposed surety is a surety company qualified to do business in the commonwealth, therein setting forth the property with which each of said sureties proposes to qualify, and in case said property, as so set forth, be realty, then giving the name of the town where the same is located. Notice of the time and place of the hearing, containing a copy of the application to the magistrate shall be served upon the plaintiff in accordance with the applicable rules of court; but the plaintiff or his attorney may in writing waive such notice or may approve the bond at any time.