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How do home owners on this forum store their Land Titles
Topic Started: 10 Sep 2014, 11:57 AM (4,142 Views)
stinkbug
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The authoritative data is stored with the government. As far as copies of title deeds go I just leave 'em lodged with the bank. There's no legal implication of having them (or not), and if the bank has a copy it can review it makes re-finance and stuff easier.
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Homeowner
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Mustapha Mond
10 Sep 2014, 12:07 PM
If it is advise you are looking for you could take the following steps.
1) have. A mortgage on the property then a third party has an obligation to provide title security
Good point, its a good idea to keep the mortgage open with just once cent left in it, that way the bank provides title security at no cost!
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Ex BP Golly
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Frank Castle
10 Sep 2014, 02:47 PM
This is what they send you when paid off.
All dull and boring

Posted Image

Not sure what an actual certificate of title would look like but we weren't about to pay the $ to find out given how uninspiring this was.
Yep, I read there that no certificate of title has been issued.

I hope you don't get digitally defiled Frank.
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Jimbo
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Frank Castle
10 Sep 2014, 02:47 PM
This is what they send you when paid off.
All dull and boring

I have the original from my last place and it looks a lot more ornate than that. Fancy envelope and everything.
Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be :?: rising.
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Strindberg
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Homeowner
10 Sep 2014, 02:56 PM
Good point, its a good idea to keep the mortgage open with just once cent left in it, that way the bank provides title security at no cost!
Title documents held by a bank or anyone else have no legal or security significance.
Housing costs to Income broadly unchanged since 1994 - re-ratified here
The People of Australia have the highest median wealth in the World
2002-2012 10 year house price growth the SLOWEST since 1952-1962
"There are two kinds of people in this world: ones that fiddle around wondering whether a thing's right or wrong and guys like us." (Hugo to Gagin in Ride the Pink Horse)
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miw
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Ex BP Golly
10 Sep 2014, 02:26 PM
Banks hold millions of them.
You by the sound of it don't actually have one.
Banks *used* to hold millions of them. Well, they probably still have millions of them because they had this habit of not giving you back the deed when you paid out the mortgage unless you specifically asked. But these days they are historical curiosities with no legal significance.

Once upon a time a transaction could not take place without the paper deed being sighted, and having the deed in a vault somewhere protected you from having the property sold out from under you. I've been told by an actual property lawyer (not just someone on a forum, so by all means go get a second opinion on this) that this is no longer the case. She told me it might be a good idea not to pay out the last $100 on a mortgage so that the lien notice gets left on the title at the titles office until such time as I want to sell it, or at least until a better solution is in place than what is there right now.
The truth will set you free. But first, it will piss you off.
--Gloria Steinem
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Ex BP Golly
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miw
10 Sep 2014, 03:11 PM
Banks *used* to hold millions of them. Well, they probably still have millions of them because they had this habit of not giving you back the deed when you paid out the mortgage unless you specifically asked. But these days they are historical curiosities with no legal significance.

Once upon a time a transaction could not take place without the paper deed being sighted, and having the deed in a vault somewhere protected you from having the property sold out from under you. I've been told by an actual property lawyer (not just someone on a forum, so by all means go get a second opinion on this) that this is no longer the case. She told me it might be a good idea not to pay out the last $100 on a mortgage so that the lien notice gets left on the title at the titles office until such time as I want to sell it, or at least until a better solution is in place than what is there right now.
I find this very interesting.

Frank for example has reams of reciepts and contracts that he uses to illustrate his posts here, yet for the most important things he owns, he trusts some cloud thingy.

I do find that interesting!

WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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miw
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Ex BP Golly
10 Sep 2014, 03:26 PM
I find this very interesting.

Frank for example has reams of reciepts and contracts that he uses to illustrate his posts here, yet for the most important things he owns, he trusts some cloud thingy.

I do find that interesting!
Well, under Torrens title, you *have* to trust this cloud thingy.

I find this scary. There is better protection on the domain names I own than there is on my property titles!
The truth will set you free. But first, it will piss you off.
--Gloria Steinem
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stinkbug
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Ex BP Golly
10 Sep 2014, 03:26 PM
I find this very interesting.

Frank for example has reams of reciepts and contracts that he uses to illustrate his posts here, yet for the most important things he owns, he trusts some cloud thingy.

I do find that interesting!
He doesn't have a choice.

Having a single, authoritate source is a better means of protecting peoples' legitimate transactions.
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While it's true that those who win never quit, and those who quit never win, those who never win and never quit are idiots.

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peter fraser
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Ex BP Golly
10 Sep 2014, 02:26 PM
Banks hold millions of them.
You by the sound of it don't actually have one.
Strindberg is largely correct. In Qld and most states the title is electronic but if the owner wanted a Certificate of Title they would issue one.

I've actually never seen one of those new titles and I'm sure they will be quite different from the old parchment title deed that were once an exact copy of those held at the titles office. They were certainly legal documents, although there was a process to issue a fresh deed if an original was lost.

If a homeowner lost a deed now it would be awkward and it would slow down any transaction, but it wouldn't be the end of the world.

In other countries however, it just about would be the end of the world if you lost your deed. We have a much better system based on an administrative design by Governor Torrens an ex governor or South Australia. Naturally it's called the "Torrens Title System"

He left his mark on not just SA but the nation.


Any expressed market opinion is my own and is not to be taken as financial advice
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