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NSW is Privatising that Land and Titles Registry; $1000 in title insurance may now be required
Topic Started: 5 Dec 2016, 07:43 AM (1,995 Views)
DragonGM
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Another bad idea coming out of Macquarie St.

http://www.smh.com.au/nsw/law-council-of-australia-speaks-out-against-baird-governments-land-titles-registry-sale-20161202-gt2gl9.html

[The Baird Government] has no support from the property industry for the lease, with developers, real estate agents and property professionals, such as surveyors, expressing fears about higher costs and fraud risks.

"The registry is a precious asset of the state and its real value lies in its sustained integrity and the role it has in supporting the property market and the wider economy," he said.
I invest in USA real estate. Last week, I saw an Australian investor who purchased a rental property in Kansas City, discover that the US attorney did not properly register his new title with the county. So he paid his money and he does not have ownership. Events like this are common, so the purchasers often take out title insurance to have recourse against such fraud and malpractice.

This is the last thing we need in Australia. We do not want to sell off or loosen the reigns on OUR Land Titles Registry.
Edited by DragonGM, 5 Dec 2016, 07:50 AM.
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herbie
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DragonGM
5 Dec 2016, 07:43 AM
Another bad idea coming out of Macquarie St.

http://www.smh.com.au/nsw/law-council-of-australia-speaks-out-against-baird-governments-land-titles-registry-sale-20161202-gt2gl9.html

[The Baird Government] has no support from the property industry for the lease, with developers, real estate agents and property professionals, such as surveyors, expressing fears about higher costs and fraud risks.

"The registry is a precious asset of the state and its real value lies in its sustained integrity and the role it has in supporting the property market and the wider economy," he said.
Maybe there's some Chinese company out there that would be keen ta take on tha job? ... :)
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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Ex BP Golly
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Well I've got my paper titles secured.
Good luck to the rest of you.

Well I've got my paper titles secured.
Good luck to the rest of you.
Edited by Ex BP Golly, 5 Dec 2016, 10:37 AM.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Trollie
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Ex BP Golly
5 Dec 2016, 09:57 AM
Well I've got my paper titles secured.
Good luck to the rest of you.

Well I've got my paper titles secured.
Good luck to the rest of you.
You've got a paper copy of the title you mean.
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Ex BP Golly
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Trollie
5 Dec 2016, 10:40 AM
You've got a paper copy of the title you mean.
It's so cool how you show you're an idiot like that.
Edited by Ex BP Golly, 5 Dec 2016, 04:40 PM.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Khaderbhai
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Wealthy Suburbanite

Ex BP Golly
5 Dec 2016, 12:43 PM
your an idiot
The correct word is you're. It's a contraction of the two words you are.

Your is a possessive adjective.

So you're in possession of a printout of your Title. Big deal. :re:
Edited by Khaderbhai, 5 Dec 2016, 01:33 PM.
Banks can't repossess your home simply because the market value falls. Australia's Consumer Credit Code says consumers aren't liable for things ordinarily outside their control and can't be held to obligations that could only be met by selling their home. Click for details.

"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
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Trollie
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Ex BP Golly
5 Dec 2016, 12:43 PM
It's so cool how you show your an idiot like that.
So it's not a paper copy? did they move to plastic or something?
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Ex BP Golly
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Trollie
5 Dec 2016, 01:51 PM
So it's not a paper copy? did they move to plastic or something?
I'm very pleased I have a paper certificate of title where any transaction without it is illegal.

You are more than welcome to entrust 'the cloud' that operates solely to save the banks a couple of bucks.


Edited by Ex BP Golly, 5 Dec 2016, 05:08 PM.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Trollie
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Ex BP Golly
5 Dec 2016, 04:53 PM
I'm very pleased I have a paper certificate of title where any transaction without it is illegal.

You are more than welcome to entrust 'the cloud'.

Stupid people usually are very pleased with themselves.

Where did anyone mention "the cloud"?
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Ex BP Golly
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Trollie
5 Dec 2016, 04:57 PM

Stupid people usually are very pleased with themselves.

Where did anyone mention "the cloud"?
Why do you think the Law Council is fighting this you nong?

f***ing steeple! Biggest investments of their lives, and they are to stupid to spend a few dollars just the once, getting legal advice lol.

Maybe you could ask about this at the next property seminar you attend.
"The registry is a precious asset of the state and its real value lies in its sustained integrity and the role it has in supporting the property market and the wider economy," he said. The UK government saw the light. It realised there were IT risk, risk of fraud, risk of corruption, and it didn't make good economic sense to have a one-off cash grab."
Khaderbhai
5 Dec 2016, 01:30 PM
So you're in possession of a printout of your Title. Big deal. :re:
It is a big deal. I'm in possession of the only edition of the certificate of title (4 of them) where any transaction without them is illegal and fraudulent, and thereby bypasses the problems this gentleman raises here when he describes the system of recompense:

"Anybody who loses a title has to make a claim on the TAF after having exhausted their legal rights, meaning they're going to have to first expend enormous amounts of money," he said.

"The TAF is a fund of last resort."

I know I keep suggesting it to you Shadow, but really dude, a few hundred bucks spent on a solicitor will help you understand you risks, remedies and obligations.

And it's tax deductible you tight prick! :re:
Edited by Ex BP Golly, 5 Dec 2016, 05:28 PM.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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