What happens with title deeds after paying off a home?

I don't think they do discharge of mortgages as a matter of course, it is just if requested to discharge by the mortgagor that they do it.

 

So it means that the Certificate that I have received for land purchase is just a copy?

 

Yup

 

Thanks. Yeah I have checked other certificates - they look good but the signature on them is not made with a real pen, so its a copy. I believe you, but I had to check myself.

 

Arhh okies. Didn't realise that - strange practice (from my perspective) especially if the loan is paid off. So am curious, why would a mortgagor who has now paid off the loan not want to discharge the mortgage and ensure his/her title is unencumbered?

 

Asset protection in that fraud is more difficult

 

Also, if going to re borrow against property.....

 

Update to this discussion:- My investment partner and myself bought an unencumbered IP (secured by another property). The title deed is paper and is being posted to our conveyancer.

In Western Australia, title deeds are still paper.

 

I still like paper.

 

congratulations. you made it.

I would prefer not to pay it off that way. offset / redraw etc. but I would keep the loan account open because its a LoC for me and title security as well

 

So it’s safe to leave the deed with the bank? I discharged my home loan and there was no formal letter, the guy had to manually typed the letter for my assurance.

 

I would have not discharged....the only issue may be willingness to produce if you ask for it....

 

Loans and mortgages are two different things.