澳洲Australia property Where do you Store your Title Deeds? | Sy


在澳大利亚 I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo


Our relatives are about to move and we have our title deeds to the properties stored within their safe.

As this option is about to be lost, I thought that is be a good time to review a more permanent arrangement.

I have looked at the bank storage or with conveyancer options and need to check with the accountant if their associated costs can be deducted.

Alternatively, do I purchase a safe as I do not want to leave them in a drawer - asked a friend about hers and that was the reply.:eek:

I would love to hear what you guys do.  

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We use a bank safe deposit box. Quite cheap ($125 per year).


The Y-man  

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Our lawyer stores all our clear titles in their safe. No cost.  

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chilliblue said: ↑
..... we have our title deeds to the properties stored ......Click to expand...
This means that you own the properties free and clear. This (to my mind) is completely unacceptable.:eek:

chilliblue said: ↑
I would love to hear what you guys do.Click to expand...
Give them back to the bank in exchange for a mortgage. Use the money for investments. I can't believe that you have properties paid off - and all that cash is sitting there un-used and without any kind of leverage being applied.

You are not really trying - go sit in the corner :p  

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Mine are in a bank safe deposit box. Only cost $40 per year. Y- Man is getting ripped off!!  

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chilliblue said: ↑
Our relatives are about to move and we have our title deeds to the properties stored within their safe.

As this option is about to be lost, I thought that is be a good time to review a more permanent arrangement.

I have looked at the bank storage or with conveyancer options and need to check with the accountant if their associated costs can be deducted.

Alternatively, do I purchase a safe as I do not want to leave them in a drawer - asked a friend about hers and that was the reply.:eek:

I would love to hear what you guys do.Click to expand...
I suspect you have been paying your friend a holding cost for this service, as then this is more money you can claim at end of year as a tax deduction (if investment property)

F  

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We just fling 'em in the bottom drawer amongst all the gold and diamonds....  

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Propertunity said: ↑
Give them back to the bank in exchange for a mortgage. Use the money for investments.Click to expand...
Actually come to think of it, Banks lose titles all the time (you discover when you pay off your loan or sell a property) so might as well keep it in the bottom drawer! :p

The Y-man  

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INVSTOR said: ↑
Mine are in a bank safe deposit box. Only cost $40 per year. Y- Man is getting ripped off!!Click to expand...
Bugger! :(

The Y-man  

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The Y-man said: ↑
Actually come to think of it, Banks lose titles all the time (you discover when you pay off your loan or sell a property) so might as well keep it in the bottom drawer! :p The Y-manClick to expand...
Yes, I have to agree with Dazz - chuck 'em in the bottom drawer with the gold & diamonds.

I suppose when banks lose them, they have to get them replaced at their own expense. If you lose them yourself, it costs about $100 and a stat dec. stating the circumstances that led to you needing a replacement, to get one issued to you.;)  

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Dazz said: ↑
We just fling 'em in the bottom drawer amongst all the gold and diamonds....Click to expand...
and this would be exactly what location.....  

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Just keep em in a filing cabinet with all the other mountains of bloody paper work.  

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INVSTOR said: ↑
Mine are in a bank safe deposit box. Only cost $40 per year. Y- Man is getting ripped off!!Click to expand...
Which bank would that be. The ones that I contacted are asking over $100 a year?  

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Yep

evand said: ↑
Just keep em in a filing cabinet with all the other mountains of bloody paper work.Click to expand...
Agreed - No burglar will look amongst all your mouldy old papers in the filing cabinet when theirs a nice shiny safe to try and carry off, and everyone knows things that aren’t clothing that are in drawers must be valuable so take them to sort out after the robbery.

Disclaimer: Should a smart thief break in and rob your filing cabinet and subsequently steal your identity, sell your properties and run up a massive debt in your name I am in no way liable - in reading this you have agreed :)  

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Solicitor has mine - at no cost

Chris  

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..in the filing cabinet.  

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Propertunity said: ↑
If you lose them yourself, it costs about $100Click to expand...
Then why pay $125 every year to store it in a safety deposit box?
I'd keep it at home in a safe together with the passports and other important papers.

Just get a fireproof safe from officeworks and bolt it underneath the bed.
Unless they steal your bed it will be safe there.

Anyway, why do we need to store title docs?
We let the banks store them for us (in exchange for OPM :D )  

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BV said: ↑
Then why pay $125 every year to store it in a safety deposit box?
I'd keep it at home in a safe together with the passports and other important papers.Click to expand...
I just figure the bank has less chance of burnning down and testing the fireproofness of our little safe, so we keep the passports, trust deeds, data backups for the computer, etc etc in the bank box :)

We keep certified copies of all documents as well as weekly/daily computer file backups at home in a fireproof safe (in case something happens at the bank! :eek: - but also for ease of access).

The Y-man  

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FormerLurker said: ↑
Agreed - No burglar will look amongst all your mouldy old papers in the filing cabinet when theirs a nice shiny safe to try and carry off.Click to expand...
If you go to the trouble of having a safe, you try and conceal it and you dyna bolt it into the concrete floor!, also have them fire rated for 12 hours.

Robbers would have to go on a treasure hunt to find my safe.:)

F  

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The Y-man said: ↑
We keep certified copies of all documents as well as weekly/daily computer file backups at home in a fireproof safe (in case something happens at the bank! :eek: - but also for ease of access).

The Y-manClick to expand...
Hopefully your electronic backups don't get corrupted with your safe. Some electronic / magnetic ones I have heard can corrupt memory sticks, etc.

I would'nt know??

F  

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