Legislative timeframes to lodge Title Transfer documentation

Can anybody advise if there are legislative timeframes for Mortgagees to lodge Title Transfer Documentation?

Thanks

 

I don't think so. I once sold a property about 2 years after I purchased it and it hadn't been transferred into my name, it was still in the name of the person I purchased it from. ANZ said they found a pile of files hidden in the office of a staff member who never actioned them.

 

Many private lenders may hold a unregistered mortgage. The avoids fees and all the signed paperwork is held in the bottom drawer until required and lodged at a later time. Care has to be taken that a second mortgage is not sought as when registered it may act as a first mortgage. More common with a related party perhaps. Possibly dangerous for defences in bankruptcy etc I saw it happen for a short term loan to avoid the mortgage registration fees to register a charge and then discharge it. Instead when it was repaid the documents were surrendured to the borrower to destroy. Also wont show as a registered borrowing for a later finance issue. ie it is private.

I have always questioned if it fails the personal property security registry rules as nothing is registered ? Something to ask a solicitor

 

PPS Act doesn't cover charges over real property these fall under the relevant conveyancing or real property acts

 

Thanks terry.