Title documents held by a bank or anyone else have no legal or security significance.
Wow, imagine the savings they could make getting rid of this level of inefficiency- employing people and repositories for this useless meaningless paperwork.
WHAT WOULD EDDIE DO? MAAAATE! Share a cot with Milton?
Wow, imagine the savings they could make getting rid of this level of inefficiency- employing people and repositories for this useless meaningless paperwork.
I have the original from my last place and it looks a lot more ornate than that. Fancy envelope and everything.
So you have the original title documents for a place you no longer own? I would have thought there would have been a record that you had them and they would need to be passed onto the new owner.
Either a BS story or proof that title documents aren't worth the paper they are written on.
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
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.
Not the end of the world, but a world of pain. In any system where right to transact is ultimately determined by possession of a physical token, there have to be protocols for the replacement of that physical token if it is destroyed or otherwise lost.
Many places still require physical tokens for legal transactions. Taiwan is one example. Every legal person has a registered chop which most people keep in a fireproof safe, because losing the chop means you effectively cease to be a legal person until you go through the very onerous process of getting a replacement registered.
In China, it is impossible to perform an online transaction above about 500RMB without a physical token that identifies you to the bank and the bank to you connected to your computer. Until very recently, that was any amount but this year it was loosened slightly to allow small transactions if you went through a process to unlock that capability. There is a protocol to replace that physical token if you lose it which is not *too* onerous. Because the token is electronic, it is easy to make the old token useless, which is the major stumbling block behind replacing chops and deeds - how do you ensure there are not now two valid physical tokens out there running around?
The Torrens system is in concept an improvement, but it seems to have ignored the problem of identity which makes it fundamentally flawed as it currently stands. It works for banks, because it is hard to steal the identity of a bank, but it does not work for deed holders, whose identity can be stolen relatively easily without their knowledge. There needs to be a system whereby I can go to the titles office and say "lock this title until I either come back and unlock it, or I die." Banks can do this, so why can't ordinary people?
The truth will set you free. But first, it will piss you off. --Gloria Steinem AREPS™
So you have the original title documents for a place you no longer own? I would have thought there would have been a record that you had them and they would need to be passed onto the new owner.
Either a BS story or proof that title documents aren't worth the paper they are written on.
The settlement agent didn't ask for my title. They get that from landgate.
If you read my posts properly, you would see that I stated that the paper itself was not required to transact.
I had the title in my possession because I paid cash for the house and it was sent to me via the settlement agent on completion of my purchase.
I have still got it because it wasn't needed to complete my sale and the settlement agent can't process the sale just because I hand them a title deed anyway. They have to get a copy from Landgate.
You wouldn't understand this, because you don't actually own anything.
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.
Not the end of the world, but a world of pain. In any system where right to transact is ultimately determined by possession of a physical token, there have to be protocols for the replacement of that physical token if it is destroyed or otherwise lost.
Many places still require physical tokens for legal transactions. Taiwan is one example. Every legal person has a registered chop which most people keep in a fireproof safe, because losing the chop means you effectively cease to be a legal person until you go through the very onerous process of getting a replacement registered.
In China, it is impossible to perform an online transaction above about 500RMB without a physical token that identifies you to the bank and the bank to you connected to your computer. Until very recently, that was any amount but this year it was loosened slightly to allow small transactions if you went through a process to unlock that capability. There is a protocol to replace that physical token if you lose it which is not *too* onerous. Because the token is electronic, it is easy to make the old token useless, which is the major stumbling block behind replacing chops and deeds - how do you ensure there are not now two valid physical tokens out there running around?
The Torrens system is in concept an improvement, but it seems to have ignored the problem of identity which makes it fundamentally flawed as it currently stands. It works for banks, because it is hard to steal the identity of a bank, but it does not work for deed holders, whose identity can be stolen relatively easily without their knowledge. There needs to be a system whereby I can go to the titles office and say "lock this title until I either come back and unlock it, or I die." Banks can do this, so why can't ordinary people?
I agree entirely but I'm willing to forgive Samuel Torrens for not foreseeing this computerised variation of his system and it's flaws.
It's now up to current legislators to grapple with that. Your plan of always owing $100 on every property you own is indeed a sensible insurance policy. With rates around 5% then a cost of $5 per annum per property is a cheap premium.
Any expressed market opinion is my own and is not to be taken as financial advice
Golly, out of interest where do you keep the original "stamped up" wet ink copy of your rental lease?
My solicitor has a notorised copy.
peter fraser
10 Sep 2014, 06:00 PM
I agree entirely but I'm willing to forgive Samuel Torrens for not foreseeing this computerised variation of his system and it's flaws.
It's now up to current legislators to grapple with that. Your plan of always owing $100 on every property you own is indeed a sensible insurance policy. With rates around 5% then a cost of $5 per annum per property is a cheap premium.
The last physical paper type title deed I had issued on property bought debt free in QLD was back in the early 90s. It was lodged with a bank for 'safe keeping'. I wasn't required to produce the deed when I sold the property in the mid naughties. And the purchaser/purchaser's solicitor didn't enquire about its whereabouts (is my recollection). I'd doubt the bank still has that physical deed; Though they could I guess? Don't specifically recall if the bank charged me a minimal fee pa to keep it in safe storage; Maybe? If pushed on it I'd opine I have some vague recollection they did and it was maybe even about $7.50 pa?????? But they surely aren't still charging me any such fee; Or I would have done something about it.
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