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Not sure what your frd means by it's different for INV and PPOR....maybe he/she was talking about land tax???
Regards
Michael
or your solicitor. mine holds important documents in their vault FOC.If it's cash settlement then yes you do get the title deed, either via registered mail or via your lawyers.
Once you get these deed; you will need to keep it in a fire proof vault ( preferably not in the same house hold...normally in a bank vault etc.)
- So cost of holding the deed
- Scared it might get damage in a house fire
- Costly to get a new one written up
My parents has a few property that are paid out;i told them to let the bank hold the title deed in their vault- it's free of charge that way + bank will cover any cost if the deed is lost etc...+ they have no need for the deed at this point in time.
So in most case, i would tell clients to apply for a small mortgage with an offset; offset the cash against the mortgage and in 2-3 years time pay it out IF you really want too; that way the bank gets to hold the deed in their vault
I think in Victoria they are planning to roll out full electronic conveyancing in the next few years which will definitely make those old titles obsolete. Although as we know with the Victorian government it'll probably cost $4bn and take 10 years to implement