Where to keep the property deed/title?

Discussion in 'Legal Issues' started by virgo, 17th May, 2020.

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  1. virgo

    virgo Well-Known Member

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    I will have an investment property paid off very soon; if i obtain the deed/title , where do you suggest i store it?

    Can i do a backup like make a copy and Justice of Peace witness it just in case i lose it physically?

    thanks!
     
  2. wylie

    wylie Moderator Staff Member

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    Why not keep a small loan balance so the bank holds it?
     
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  3. virgo

    virgo Well-Known Member

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    Good idea BUT this loan is with CBA and i half suspect it will port over to P&I soon...which means it will be paid out soon (monies almost fully offset)...
     
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    Hasn't it been converted to an electronic deed?
     
  5. wylie

    wylie Moderator Staff Member

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    If you have capacity for redraw, you could pay rates and utilities and any maintenance via redraw, keep the loan active with minimum repayments. I'll be doing this as our loans get close to paid off.
     
  6. virgo

    virgo Well-Known Member

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    Huh? You mean i access MY OWN PROPERTY DEED online? With my own password....

    just like my own cash in my Wesucks bank..??

    ( and here i was thinking of hugging it to sleep:))
     
  7. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    all deeds are being transferred to electronic versions now. They don't come with passwords though. I don't really know how it works as I don't do conveyancing but I had one property unencumbered with the electronic access held by my lawyer.
     
  8. datto

    datto Well-Known Member

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    You can access certificate of title online but it costs about $30 if I remember right. That was about 10 years ago.
     
  9. bmc

    bmc Well-Known Member

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    if you don't discharge the mortgage some banks will keep the original stored.
    its probably the safest place anyway.
    and you might want to invest again with them.
     
  10. jaydee

    jaydee Well-Known Member

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    Install a home safe (preferably hidden) and keep the title and all other important documents and valuables in it. Minimise who knows about safe or combo.
     
  11. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

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    Most titles are electronic now, so there's no physical piece of paper 'deed'. When I held the physical deed for a while on one of my properties it was a nice novelty, but I'm pretty sure LRS hold the ownership info regardless.
     
  12. KateAshmor

    KateAshmor Victorian Conveyancing Lawyer Business Member

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    All titles are now electronic.

    Nothing wrong with framing a copy, Kerry Packer style :p
     
  13. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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    Copies are not valid. Like copying a marriage cert. Doesn't mean you are a polygamist
     
  14. Fargo

    Fargo Well-Known Member

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    Are you sure they have it, probably been burnt. The bank asked me about 4 years ago if I wanted mine as they had become obsolete and junk to be disposed off. I got some may have been when I refinanced.
     
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  15. Trainee

    Trainee Well-Known Member

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    Copy presumes its the same names on the certificates? Unless you marry multiple partners with the same name.....
     
  16. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    There are not certificates of title anymore - they are just pieces of paper than have nothing but a historical or emotional significance for the owner. As such you could keep the former Certificate of Title anywhere - on the frig, or in the cocky cage, or framed on the wall.