Bank hasn't lodged mortgage, should I tell them?

[VaSSagO]

My most recent purchase settled 2 weeks ago. The title shows the property has been transferred into my name but no mortgage from the bank. We signed the mortgage documents prior to settlement so looks like they have stuffed up and forgot to lodge them.

I wasn't going to do anything about it, there problem in my opinion. I am not planning on selling for quite a while and even if I did want to they still hold the original title anyway.

Is this common? Should I tell them?

 

[D.T.]

No, you should take your title to another bank and score another 80% in released funds

 

[Spades]

Should I tell them?

Huh?What?Tell them you have a loan with them and you have mortgage?

Ps.Vassago,good site name...Looks to bag it

 

[Peter_Tersteeg]

Registration of mortgage isn't an instant process. In some cases it can take up to 6 weeks.

The bank already has the title, so you can't really take it somewhere else in the meantime.

 

[Spades]

DT says otherwise PT

 

[Peter_Tersteeg]

DT says otherwise PT

By all means, give it a shot. It'll make for an amusing post.

 

[Paul@PFI]

The have the title deed. They can register it at any time. Typically it takes weeks. Most people haven't a clue unless you do a search.

Its also not uncommon to get a council rates notice addressed to the former owners as the relevant change of owner process gets lost etc.

 

[Marty McDonald]

By all means, give it a shot. It'll make for an amusing post.

Yes would love to see what would happen, have often wondered about that. There must be some safeguards surely.

 

[VaSSagO]

First time the settlement agent has not seen it done at the same time as the transfer but wasn't very surprised considering which bank it was.

Can't sell it anyway as they hold the title.

 

[PrimeCommercial]

I have seen recently with a sale of a commercial unit and car space on two separate titles. The bank registered the mortgage over the car space only.

 

[Rolf Latham]

I have had clients with unsecured loc for a mill ...

It's not as uncommon as one would think

Ta
Rolf

 

[Peter_Tersteeg]

Yes would love to see what would happen, have often wondered about that. There must be some safeguards surely.

It'll probably go all the way to settlement with the other lender, where it will fall over because the first bank has the title.

Many people will be unimpressed. Possible behind the scenes fraud investigation. Hilarity ensues.

 

[Marty McDonald]

Will the move to fully electronic titles make this more or less common

Westpac has lost the physical title on an property that I needed for security with another lender this week. The old chestnut...the loan was paid out years ago.

 

[Terry_w]

many years ago I went to sesell a property that I had purchased about a year ago only to find the title wasn't in my name. A bank (A...) person told me that someone in the office had not been doing their job of lodging the transfers and mortgagges to the land titles office. When they resigne there was a pile of files found in their office.

 

[Rolf Latham]

many years ago I went to sesell a property .

u now doin seashells on the seashore type thing

ta
rolf