澳洲Australia property noob question - owners certificate? | Syd


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


Hi all,

My dads PPOR has its mortgage fully paid off and he has been asking me to get the "owners certificate" back from the bank??
He calims its a certificate stamped by the government proving the block of land is his and the bank holds on to it whilst the mortgage is being repaid...

Is there such a thing? Ive never come across this at all and I tried googling it but to no avail...

does anyone know what this is? does it exist in NSW???

many thanks  

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Newbieatlife said: ↑
Hi all,

My dads PPOR has its mortgage fully paid off and he has been asking me to get the "owners certificate" back from the bank??
He calims its a certificate stamped by the government proving the block of land is his and the bank holds on to it whilst the mortgage is being repaid...

Is there such a thing? Ive never come across this at all and I tried googling it but to no avail...

does anyone know what this is? does it exist in NSW???

many thanksClick to expand...
The term you are after is title deed.

Regards.

Jason  

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jrc77 said: ↑
The term you are after is title deed.

Regards.

JasonClick to expand...
Thanks

Didnt know the correct term. is it held with the bank or the government?

somehow he is paranoid the bank will seize the property for some unforeseen reason if he doesnt have this magical sheet of paper event though the mortgage is fully repaid *sigh - very old fashioned.  

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Newbieatlife said: ↑
Thanks

Didnt know the correct term. is it held with the bank or the government?

somehow he is paranoid the bank will seize the property for some unforeseen reason if he doesnt have this magical sheet of paper event though the mortgage is fully repaid *sigh - very old fashioned.Click to expand...
Where paper titled deeds are used then the bank would hold it while they have a mortgage on the place. You can get it off them when the mortgage is discharged. People who I know who have discharged their mortgage pay a bank or a lawyer to store it for safe keeping.

I believe I read somewhere that some states are moving to electronic title deeds ..?? Have also read stories of banks losing title deeds regularly as well.

Regards,

Jason  

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These days title deeds are just print-outs of the electronic database held at your local State's land titles office.  

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Newbieatlife said: ↑
Hi all,

My dads PPOR has its mortgage fully paid off and he has been asking me to get the "owners certificate" back from the bank??
He calims its a certificate stamped by the government proving the block of land is his and the bank holds on to it whilst the mortgage is being repaid...

Is there such a thing? Ive never come across this at all and I tried googling it but to no avail...

does anyone know what this is? does it exist in NSW???

many thanksClick to expand...
it sounds like he will not be happy if you get the deed for him.

why not produce a "owners certificate" on your pc and send it to him from the government. make sure you do a wax seal. include a paragraph on the certificate that is in latin. just look up a few latin medical or legal terms and string them together. perhaps a congratulatory letter from the PM or queen as well. that should keep him happy.  

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The title is probably safer in the bank's hands than in his. They'll have registered with the titles office that they're holding it and have a paper trail that's easily auditable.

Many people who collect their own title leave it with their solicitor (for a fee). The alternative is keeping it in your sock draw, where it can be stollen and used for fraud purposes (unlikely but it can happen).

Getting the title back from the bank will also incur a fee, although it's kind of nice to have the title to your own home.  

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yes i tried to explain that to him but he is super old fashioned with a horrible distrust for anybody or any institution but himself

this was further pronounced when he read that article about the bloke who lost his home for $1000 - completely different circumstance i know, but my dad is one of those old stubborn types who will not listen to anything or anybody

PT_Bear - how would somebody use it for fraud purposes?  

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Newbieatlife said: ↑
yes i tried to explain that to him but he is super old fashioned with a horrible distrust for anybody or any institution but himself

this was further pronounced when he read that article about the bloke who lost his home for $1000 - completely different circumstance i know, but my dad is one of those old stubborn types who will not listen to anything or anybody

PT_Bear - how would somebody use it for fraud purposes?Click to expand...
They could sell the house. Happened in Perth recently.

One example:
http://au.news.yahoo.com/thewest/a/-/breaking/10012887/probe-into-scammers-alleged-house-sale/

Or use the title as security for a loan, then run off with the money.  

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Much safer to have a line of credit over it and have the bank's title on the deed. Prevents a lot of fraud as things require the bank's authorisation.  

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I've heard of a story where a clerk in the solicitors office stole a bunch of titles the proceeded to sell the properties and run with the cash.  

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PT_Bear said: ↑
I've heard of a story where a clerk in the solicitors office stole a bunch of titles the proceeded to sell the properties and run with the cash.Click to expand...
At least the landowners would be compensated from the property fund...  

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