Settlement Date and Payment Questions

Not sure what your frd means by it's different for INV and PPOR....maybe he/she was talking about land tax???

Regards
Michael

My friend meant that since the bank owns the title if you have a mortgage with them, but in my case the house was paid with cash hence, I was told I should recieve the title in the mail, but he was just guessing

Hope Im making sense
 
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 find it hard to believe that UBank can't issue you with a cheque, it's your money. It may be unusual, but they will have a process to do this.

If you can't get a bank cheque, as others have stated, send the money in chunks to your solicitors trust account. Don't hand over a cent prior to settlement.
 
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 :)
or your solicitor. mine holds important documents in their vault FOC.
 
yes, that is absolutely correct, ubank did not offer any form of cheque, no matter how much I tried,

they said they had no branches, and it was not a service they offered, I even offered to go to a NAB branch, but they said it was not possible
 
ok, so since I paid the IP without a mortgage, that means that my documents are floating around in limbo,

I enquired to my conveyancer and the response which I am not too sure what they are referring to is " We also hold all documents that need to be registered with your name on title"

apparently, registering it into my name is an extra fee? is this normal? or is this because no mortgage was involved.

sorry for the numerous questions,

i did warn about being a newbie!
 
Have you said which State you've bought in Truly Exotic, or did I miss it? If QLD, then there isn't a Certificate of Title to worry about as they no longer exist. The conveyancer is probably referring to the Transfer of Title form, which has to be lodged with the appropriate Titles Department of whichever State you are in.

Documents for a property settlement certainly don't float around in limbo.

After settlement the appropriate Property Transfer forms (in QLD form 24) are emailed to the appropriate Local Council to change their information register as well.

There is always a fee to register a Transfer of Title, regardless of whether there is a mortgage involved or not.
Where there is a mortgage involved, the bank is noted on the Transfer document.
Best wishes
 
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 :)

Yep the bank sent me some or the old papper titles, with a letter saying they are obsolete, taking up space, the information is stored electronicaly, they are cleaning ouy the old files and dont want them. . The interesting thing was that the prices recorded for previous sales are much less than the supposed prices paid and there was no CG from 1900 to about 1965. I guess lower figures than actual were submitted to reduce stamp duty or CG tax.
 
If your solicitor/conveyancer does not allow the transfer in small amounts, you could pay the funds to the Agents Trust account before settlement & they can have a bank cheque at settlement. The deposit can be more than 10%.
 
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