Duplicate Mortgage Document

[dantab]

Does anyone know why banks insist on having us sign two copies of the mortgage? I get that they will lodge one and want to keep a copy, but why do they insist on that copy also being an original? Surely a photocopy would be sufficient for their records. Do they think they may need to lodge the copy sometime in the future?

Also, why do banks (or at lease the bank I'm dealing with) think it is OK to send me a blank mortgage (as the title hadn't been issued when they sent the loan docs), ask me to sign it and then they will replace/fill out the front page with the title details afterwards? What they end up lodging isn't the document I signed. Surely there has to be some question marks over the legitimacy of this practice, and what is stopping them including the title details over any property I own on the front page and then lodging that?

I'm in WA to the extent practice differs between states.

 

[Aaron_C]

They need two copies because that is the requirement of the Titles Office.

As for sending you the blank mortgage, it would not be blank. The Volume/Folio number would've been provided which means that the mortgage simply can't be lodged on any other property you own.

 

[dantab]

No, the form they sent me to sign is actually blank, There is no volume/folio details on the form. They said they would fill these details in after I have signed the blank form.

Where does the requirement for two copies come from? There isn't any mention of it on the actual mortgage form: http://www.landgate.wa.gov.au/docvault.nsf/web/FOR_DLI_M1/$FILE/FOR_DLI_M1.pdf

 

[Aaron_C]

The bank can't simply lodge a mortgage over any property you own because they need consent of the first mortgagee to do so. Your concern is unfounded, relax.

 

[Marty McDonald]

Some states need two copies some one. I have no idea why.

As to the blank property identifiers on the mortgage is it off the plan by any chance? If so it is likely because the strata tile hasn't been registered yet.

Apart from that unless you have some unencumbered WA property I would t worry!