Property ownership laws are complicated. Thus, understanding property title documents and procedures can help any potential owner avoid the danger of a faulty transaction, fraud, or unreported property problem.
"A property title is a legal document that proves ownership. Although many first-time homebuyers may not be familiar with the procedure, a title search is one of the phases in the home-buying process. A title search is carried out to verify that the title is unambiguous and free of any setbacks. While most property transactions go well, there are a few that encounter title concerns. While most of these issues are small and readily resolved, it is vital to know what to anticipate," advised title search specialists from Property Registry.
Understand these critical facts concerning property titles before transferring property rights or ownership through any transaction.
What Is A Property Title?
In Australia, a property's title is legal paperwork that provides details about a property and who owns it. It is a collection of rights about the property's ownership. Each title comes with its own unique rules that you must follow if you want to stay compliant as a real estate developer, investor, or property owner.
Property titles, including freehold and Torrens title, cover many properties. The Torrens title, for example, includes almost all residential and a large portion of commercial titles in the country.
At the same time, property titles can be helpful when purchasing or building a property. You need to run a title search to learn more about a potential property you're looking for.
What's The Purpose Of A Property Title?
Ownership is established through a title. A property title is an authentic record of property ownership unless there is a justified legal challenge. The legal system does not recognise unregistered deeds and informal contracts unless they have the proper title.
What's The Difference Between A Property Title And A Deed?
Deeds are legal documents that transfer property ownership from one person to another. The deed lays forth the transfer details, including who is involved and what property is being transferred. The registrar's office must obtain a formally enforceable copy of the deed to finalise the property ownership rights transfer. The title will be updated to reflect the change of ownership after the deed is recorded. The deed and the title are both essential documents in real estate ownership.
What Should You Do With A Property Title?
While property owners may get a duplicate of the original certificate of title for a charge from the registrar's office or third party online platforms, many tend to keep their property title documents in a secure location such as a safety deposit box or safe. Having a copy of the title on hand can help property negotiations and avoid disagreements.
What Happens To The Title When You Sell The Property?
Upon the sale of your property, the buyer receives the title to the property in your name. When the new owner obtains a copy of a new title, you will no longer have any rights or claims to the property since the other party will own it. Therefore, your current title is no longer valid.
What Should You Do If You Lose Your Title?
There's no need to be concerned about losing your property title. You may get a copy from the registrar's office at the statehouse where the property is situated. Your mortgage lender should have a copy on file if you've had a mortgage on the property.
Where To Find Help With Your Property Title?
There are several ways to undertake basic due diligence on a property, including visiting the courthouse, using an internet database, or hiring a lawyer or real estate specialist.
Real Estate Uno’s real estate professionals understand that property titles are essential for safeguarding ownership rights and minimising risks connected with property transactions. So the next time you think about buying land or signing a contract with a landowner contact our property specialists to do the legwork for you. We’re here to help you with every step of your property buying journey.