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Speech on Land Titles; The heart of our system of land ownership
Topic Started: 18 Jun 2017, 04:52 PM (6,565 Views)
Ex BP Golly
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A Lurker
19 Jun 2017, 12:12 PM
Not interested in answering the little thought experiment?
Rather than designing experiments, how about you do some simple research to inform yourself?

WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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A Lurker
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Ex BP Golly
19 Jun 2017, 03:33 PM
Rather than designing experiments, how about you do some simple research to inform yourself?
Still chicken I see as a simple scenario destroys your position.

Here it is again:

I'll pose a little thought experiment for you.

You are looking to buy a holiday house up the coast and come across an ad. You go and check it out and like it and the price. You meet the owner. You have the cash available and she has no mortgage and therefore has the certificate of title at the house. She has ample proof of ID that matches the name on the title.

Assuming you don't care or are otherwise satisfied with planning status, flood areas etc, do you:

A. Go get a bank cheque and hand it over for title and a transfer document signed by the lady?

B. Get your lawyer to run a title search to see if the name on the piece of paper she holds matches the official record at the land titles office and then have the lawyers proceed to settle the transaction and arrange for the transaction to be recorded at the land titles office?

C. There is no C.
Edited by A Lurker, 19 Jun 2017, 09:02 PM.
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Rat
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Filthy Rodent

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Like any security system it can be beaten because there is a system of getting a duplicate title issued when they are lost
Yes, and they can also be stolen. Poor Golly is putting too much faith in a printout of his title.
Edited by Rat, 19 Jun 2017, 07:21 PM.
Consumer protection laws extended to small businesses. Banks not permitted to repossess due to non-monetary defaults (for example, a fall in the property value).
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Ex BP Golly
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Rat
19 Jun 2017, 07:21 PM
Yes, and they can also be stolen. Poor Golly is putting too much faith in a printout of his title.
You have print outs. I have Certificates if Title.

I have houses, you have delusions.
A Lurker
19 Jun 2017, 06:25 PM
Still chicken I see as a simple scenario destroys your position.

Here it is again:

I'll pose a little thought experiment for you.

You are looking to buy a holiday house up the coast and come across an ad. You go and check it out and like it and the price. You meet the owner. You have the cash available and she has no mortgage and therefore has the certificate of title at the house. She has ample proof of ID that matches the name on the title.

Assuming you don't care or are otherwise satisfied with planning status, flood areas etc, do you:

A. Go get a bank cheque and hand it over for title and a transfer document signed by the lady?

B. Get your lawyer to run a title search to see if the name on the piece of paper she holds matches the official record at the land titles office and then have the lawyers proceed to settle the transaction and arrange for the transaction to be recorded at the land titles office?

C. There is no C.
There is a C, but you haven't done your research.
Edited by Ex BP Golly, 20 Jun 2017, 12:47 AM.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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A Lurker
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Ex BP Golly
20 Jun 2017, 12:45 AM

There is a C, but you haven't done your research.
I'll take your lack of ability to articulate a response as acknowledgement that your position is destroyed.
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Ex BP Golly
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A Lurker
20 Jun 2017, 11:48 AM
I'll take your lack of ability to articulate a response as acknowledgement that your position is destroyed.
Being a naturally born loser, of course you would.

Now pull your fist out and do some research.

WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Rat
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Filthy Rodent

A Lurker
20 Jun 2017, 11:48 AM
I'll take your lack of ability to articulate a response as acknowledgement that your position is destroyed.
Golly always resorts to hurling abuse when he loses the argument.
Consumer protection laws extended to small businesses. Banks not permitted to repossess due to non-monetary defaults (for example, a fall in the property value).
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Blondie girl
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Rufus
18 Jun 2017, 07:25 PM
To the best of my knowledge the rules in all states that have converted to electronic titles are the same. I don't know if all states have converted yet.
Under the old system, there were two original title deeds, one held by the lands office and one held by the owner, or the mortgagor.

Under the electronic system there is no copy held by the owner or mortgagor. Therefore property ownership can be transferred from the existing owner to someone else without their knowledge or consent, if the perpetrator has the knowledge of how to do this, and they have the trust of some people involved. There have been some cases of fraudulent property transactions, so although it's very unlikely it can happen.

But there is a second system in place, where titles are electronic AND a paper title exists. The state lands office has the electronic title, AND the owner or the mortgagor hold the paper title. In other words this system mimics the old Torrens system.

What that means is no transaction can occur on the property title without the production of that paper title. In simple terms what this means is you can go on a three year European holiday and leave the paper title locked in a safe custody box, and no one can illegally deal in your property unless you give them access to that paper title.

In effect it is one more layer of security to guard against property fraud.

Like any security system it can be beaten because there is a system of getting a duplicate title issued when they are lost, but that takes some time because the process is longwinded, but it would still stop your kids from selling your house from under you when you went away for a long holiday.
What can help also is if the RE agent play astute about red flags in property fraud.

Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$
It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged
Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do.
Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
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Ex BP Golly
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Rat
20 Jun 2017, 03:38 PM
Golly always resorts to hurling abuse when he loses the argument.
It's impossible to change the minds of idiots who think a fraudulent change to the Register defeats Title.

Please go do some research.

It's not difficult.

Try to understand the following sentence "Because of Torrens, registration creates title, and that title is indefeasible."

Spend a few minutes checking the dictionary for the meaning of those words, shred your printouts, and get your Certificate of Title(s) (If you own land, which, increasingly, it appears you don't).

WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Rat
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Filthy Rodent

Ex BP Golly
20 Jun 2017, 04:25 PM
It's impossible to change the minds of idiots who think a fraudulent change to the Register defeats Title.
Golly, you don't seem to understand that the Torrens Title system is based on the 'principle of indefeasibility'. Essentially what this means is that when the scammer steals/counterfeits your title and sells your home, then the new buyer is the legal owner and their new ownership is indefeasible under the law. That's what makes it so hard to get your home back. The new buyer is now the legal and rightful owner, and you are forced to go to court to try and get your home back. There's no guarantee that you'll get it back or be compensated in any way.
Consumer protection laws extended to small businesses. Banks not permitted to repossess due to non-monetary defaults (for example, a fall in the property value).
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