Where to keep the property deed/title?

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

Join Australia's most dynamic and respected property investment community
Tags:
  1. virgo

    virgo Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    441
    Location:
    Sydney
    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!
     
    virgo, 17th May, 2020
    #1
  2. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    14,000
    Location:
    Brisbane
    Why not keep a small loan balance so the bank holds it?
     
    wylie, 17th May, 2020
    #2
    Joynz likes this.
  3. virgo

    virgo Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    441
    Location:
    Sydney
    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)...
     
    virgo, 17th May, 2020
    #3
  4. Terry_w

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

    Joined:
    18th Jun, 2015
    Posts:
    41,917
    Location:
    Australia wide
    Hasn't it been converted to an electronic deed?
     
    Terry_w, 17th May, 2020
    #4
  5. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    14,000
    Location:
    Brisbane
    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.
     
    wylie, 17th May, 2020
    #5
  6. virgo

    virgo Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    441
    Location:
    Sydney
    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:))
     
    virgo, 17th May, 2020
    #6
  7. Terry_w

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

    Joined:
    18th Jun, 2015
    Posts:
    41,917
    Location:
    Australia wide
    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.
     
    Terry_w, 17th May, 2020
    #7
  8. datto

    datto Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    6,675
    Location:
    Mt Druuiitt
    You can access certificate of title online but it costs about $30 if I remember right. That was about 10 years ago.
     
    datto, 17th May, 2020
    #8
  9. bmc

    bmc Well-Known Member

    Joined:
    18th Oct, 2015
    Posts:
    1,123
    Location:
    Sydney
    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.
     
    bmc, 17th May, 2020
    #9
  10. jaydee

    jaydee Well-Known Member

    Joined:
    25th Mar, 2016
    Posts:
    921
    Location:
    Perth
    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.
     
    jaydee, 17th May, 2020
    #10
  11. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

    Joined:
    6th Jun, 2017
    Posts:
    1,451
    Location:
    Sydney
    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.
     
    Mel Morgan, 17th May, 2020
    #11
  12. KateAshmor

    KateAshmor Victorian Conveyancing Lawyer Business Member

    Joined:
    25th Jun, 2015
    Posts:
    711
    Location:
    Melbourne
    All titles are now electronic.

    Nothing wrong with framing a copy, Kerry Packer style :p
     
    KateAshmor, 18th May, 2020
    #12
  13. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,504
    Location:
    Sydney
    Copies are not valid. Like copying a marriage cert. Doesn't mean you are a polygamist
     
    Paul@PAS, 19th May, 2020
    #13
  14. Fargo

    Fargo Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    1,304
    Location:
    Vic
    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.
     
    Fargo, 19th May, 2020
    #14
    iloveqld likes this.
  15. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    10,323
    Location:
    Australia
    Copy presumes its the same names on the certificates? Unless you marry multiple partners with the same name.....
     
    Trainee, 20th May, 2020
    #15
  16. Terry_w

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

    Joined:
    18th Jun, 2015
    Posts:
    41,917
    Location:
    Australia wide
    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.
     
    Terry_w, 20th May, 2020
    #16
Build Passive Income WITHOUT Buyers Agents!

Build Passive Income WITHOUT Dropping $15K On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia