Is there actually a certificate of title on each property that is stamped if there is a mortgage or are certificates of title actually electronic and stored in the titles office or something like that.
In other words if I have paid out the loan on my PPOR, could I request the bank to return the certificate of title to me. My wife has some vision of being able to frame the certificate of title if we have paid out the loan our PPOR outright.
I beleive they are moving towards an electronic system, but is is still early days. Last year i receved the actual physical title for one of my properties from the bank. If it is an old proeprty then there would be one.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
when you get the title Yack..frame a copy..dont laminate it..
Put the original in one of those Fireproof safe’s, or a hidden safe in the house..losing it in any form would be a problem.
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorA little off the topic,but why is it such a drama if the certificate is lost.I would have thought that the appropriate department holds details of the property and who owns it,and if you can prove your identity and it matches that in their records,there should be no drama.Why is this not the case?
Tools
Hi Yack.
Yes, we got our certificate of title from our PPoR about 2 years ago- it was so good to see and hold it!
But then when we organised our LOC, it was snatched back from us- sigh.Celivia
Hi Celivia,
In fact it is safer for the bank to safe keep it (ie mortgage it) then to keep it yourself. There are incidents in the past that a unencumbranced property were ‘stolen’ by crooks, by applying to the Registrar General for new CTs to be issued and on sell it to an unsuspecting buyers.I was under the impression there were two copies of the certificate of title – the Original and the Duplicate.
The Original is always kept at the Titles Office and you never have access to it. The Original deed never leaves the Titles office.
What you receive if you own your PPoR outright is the ‘Duplicate’…although confusion sets in as people refer to this document as the ‘original title deed’. Its not really, but when I hear this said I just let people run with it ‘cos it just creates confusion and people get so deflated when they don’t get the “Original”.
The ‘Duplicate’ is the document that the Bank holds when it holds a mortgage over your property.
If you lose the ‘Duplicate’, you’ll need to jump through quite a few hoops, including signing a stat dec. signed by a JP and resubmit to the Titles Office with a fee.
They’ll check all relevant details against the Original Title Deed and re-issue another ‘Duplicate’ certificate to you.
I must admit some of the older ‘Duplicates’ on A3 or so parchment look really snazzy, especially with all of the fancy handwriting and the history of previous owners, but really, the best place for it is to be fully paid off, and then remortgaged to the hilt and sitting in the banks vault.
We took ours to Snap Printing and got a full size coloured copy all framed up for about $ 65. Looks pretty nice, and serves the purpose that your wife intends for it, without putting the ‘Duplicate’ copy at risk.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Thanks Dazzling..your a wealth of knowledge..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorIf you lose the ‘Duplicate’, you’ll need to jump through quite a few hoops, including signing a stat dec. signed by a JP and resubmit to the Titles Office with a fee.
…
I must admit some of the older ‘Duplicates’ on A3 or so parchment look really snazzy, especially with all of the fancy handwriting and the history of previous owners, but really, the best place for it is to be fully paid off, and then remortgaged to the hilt and sitting in the banks vault.At least until you want the certificate released and then find out that the bank has lost it and you can’t settle on time!! GRRRRR! That took a trip to the banking ombudsman to sort out.
Do not be despaired if you still have a mortgage on your property and wanted badly to have a copy of your CT. In NSW for a cost of $10.50, you can always obtain a copy of computer folio printout of your title from Land and Property Information (previously Land Title Office), if you have the time to do it yourself. Alternatively, you can always request your surveyor or solicitor to carried out the search for you.
The printout contains all the information and dealings a your original title, except it is printed on a normal A4 paper. I kept a copy for all my IPs (as well as PROP) just to make sure that all the information are entered correctly and no other dealings have been inserted without my knowledge.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
