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Who has paid off their mortgage?

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I lost a title once.
My conveyencer arranged another original
cost $500
 
Bill M said:
I got all the mortgage discharge papers and went down to the Land and Titles office in downtown Sydney and got a print out of my title showing mine and my wifes name on it. It was a very good feeling.
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Is that all a solicitor would do (get a print out)? Is there really any need for one to discharge a mortgage?
 
Not quite yet, but seriously looking forward to paying it off. 6-8 months to go
It's under 20K now.
 
Hi ROE,

I have a line of credit on my house, that was setup years ago.

I can use it for any purpose and it is the cheapest form of debt available.

Having paid it down to the minimum $500, I see few reasons to close it, even thought the bank want me to, as there is no annual charge, so costs no more than basic Mastercard, with $500 @ 7% ( if you go below it will close)

If for any reason you wish to utilise an amount of cash that is not readily spare, but you know you can payback fairly quick, like a reno, big purchase, or emergency, they are very convenient.

If you close it and EVER want another facility, they charge a bucket of fees to set one up.

(This does means the bank retains the mortgage papers for my own home.)

In the instance of another property, I have the Original Land Titles document, after paying off the mortgage. Mine is on embossed style paper

With regards to Original Land Title Certificate, it is possible to obtain an urgent replacement if you lose one, as I personally travelled to Sydney and walked out with mine the same day, much to the astonishment of my solicitor, after having misplaced one, and needing it to finalise a sale.

I dont know if you could still do that.

I suspect banks and solicitors will need to tighten procedures, they might have

As someone else pointed out, they can be used for share trading, with careful record keeping, and are much cheaper than a margin loan.

All depends on your expenditure/cashflow/investment patterns at a given time in life

I would add that your Land Title Certs are critical documents, and you should know where they are, have their locations recorded for your estate, and most especially take care that you are not in a position to have them missappropriated.

Having said all that, simplicity sounds nice, just I got so many account doodas, one less wont do it
 
Great points AWG.

I do exactly the same.
For very similar reasoning.

No need to be afraid of debt after all if its costing you 7%
and you can returne greater---there is no problem.
 
Sir Burr said:
Is that all a solicitor would do (get a print out)? Is there really any need for one to discharge a mortgage?
Click to expand...

At the time I just wanted to make sure no bank had their name on my title so that's why I made the effort to get it. Just wanted the title in my hands with our names on it.

The title for the property I live in now is held in safe storage at my Solicitors. Is there any disadvantage of them looking after it for me, anyone?
 

I query this incident (Where a Perth property was sold when the owners were away).
If its that easy then you could probably have your house sold under you while your in it with your title at your solicitors.

It appears that the con was more about having authority to act for the owner than the title.
The title would show the home owner.
Someone would have to sign the contracts.
And have the funds sent to an account.

Just beggars belief!
 
Thanks tech, I think I better go pick it up to be on the safe side, cheers.
 
After using my last mortgage as an inexpensive line of credit for approximately one decade, I decided to redeem the title as there is now little likelihood of me needing access to the equity. It was an empowering feeling, holding that final title in my hands and knowing that the bank no longer has any hold over my real estate assets.

The question of security of real estate is a valid one as I can readily attest. I have been the subject of at least two attempts at identity theft (including the attempted sale of one of my investment properties in 2005). Fortunately, both attempts failed, however, the incident concerning my IP was very nearly successful (one of the relevant State Government departments even produced a report stating that the property had actually been sold!!!)

Upon discovering how close I had come to having a house stolen without my knowledge, I made numerous enquiries of relevant Government authorities. The results of my enquiries did precious little to allay my fears with regard to the vulnerability of my real estate holdings.

A couple of years later, I was further alarmed by the ease with which I was able to subsequently sell my IP despite not having any photographic identification, whatsoever. Throughout the process of listing, sale and settlement, no effort was taken by any mortgagees, estate agents or conveyancers to confirm my identity as the owner of the property! I could have been anyone!!!

I am very happy that the titles are out of the hands of the banks, as I have reservations about the integrity of the financial industry, particularly with regard to the custody and management of assets and personal information.
 
Thinking out of the swuare

Why couldn't you place a caveat On your property once freeholded ( in fact you could do it to any value up to the mortgaged amount)

Caveats have to be discharged upon sale.
Scammers would leave these alone.
Your then supplying your own protection mechanism.
 

I'm pretty sure that caveats only last for 90 days or so per application, so perhaps not practical as a protection measure.
 
starwars_guy456 said:
I'm pretty sure that caveats only last for 90 days or so per application, so perhaps not practical as a protection measure.
Click to expand...

Not sure
But I know I was snaffled when bankrupting a debtor.
I won the bankruptcy and wound her up only to have mother with a caveat reviewers on the mortgage to the value of the difference of mortgage to sale price.
Effectively blocking funds.

Any solicitors out there.?
 
having the line of credit meant handing back my title deeds, so it wasnt something I did lightly

however keeping it open at the minimum balance, means that not only do I have free secure document storage, (saves me losing it like I did with another one) but also some protection against fraudulent sale.

I actually had a solicitor underpay me by about $10k upon settlement of several property transactions, it was hard to notice, as they was seperate amounts, and when I went back and told them, they said they would have eventually reconcilled it from their trust fund

got to keep your eyes open
 
awg said:
however keeping it open at the minimum balance, means that not only do I have free secure document storage, (saves me losing it like I did with another one) but also some protection against fraudulent sale.
Click to expand...

cynic said:
I am very happy that the titles are out of the hands of the banks, as I have reservations about the integrity of the financial industry, particularly with regard to the custody and management of assets and personal information.
Click to expand...

Now I'm confused!
...and scary about these "fraudulent sales".

I've been thinking to close our mortgage account for ages (3 years) and has cost us nothing to keep it open with zero balance over that time. Decided to close it this past week and too late to change now.

The reason why is because the interest rate is well above 9%, don't need money that expensive! Was cheap when we did have a balance but since then has gone up in comparison to others. Also, the mortgage manager recently advised Pepper Australia PTY LTD is taking over from the previous non-bank lender.

Just seems like a good time to get rid of it.

Have got a solicitor to do it for us but thinking to keep the papers ourselves rather that letting this solicitor keep them. Free for him to store them but from experience can cost when you want them back.

Might dig a hole in the backyard
 
Sir Burr said:
...got a solicitor to do it
Click to expand...

Just about done, waiting for the piece of paper - Certificate of Title.

~$1400 later.

Includes $500 for the bank + $330 for their solicitor + $330 for my solicitor + some search and LPI lodgment fee.
 

Unless the mother has a valid reason for the caveat it can easily be removed. About $1200 for a decent solicitor to lift it.
 

It depends on which State you are in as to the validity of the caveat. In Western Australia it is allowable.

The Registered Proprietor of land may lodge a Caveat against land registered in his or her own name. Such Caveats are usually lodged in the following circumstances:

• the Caveator/Registered Proprietor has lost possession of the duplicate Certificate of Title either by fraud, theft or misplacement;
• the Caveator/Registered Proprietor has revoked a Power of Attorney but has been unable to contact the attorney to give advice of the revocation;
• the Caveator has lost possession of a signed instrument (eg Transfer of Land) and has not been paid.

The evidence to support such a Caveat would be a Statutory Declaration by the Caveator setting out the facts and repeating the claim of the Caveator. A Caveat lodged by a Registered Proprietor against his or her land would be accepted by the Registrar.
 

This look like a good idea, I just Google search and found I can do it here too


I/We forbid the registration of any instrument affecting the land as required in item 5 unless this caveat:
ƒ Is withdrawn by me/us or by order of the court; or
ƒ Lapses fully or partially in order to allow registration of an instrument. REFER WARNING OVERLEAF


5. ACTION REQUIRED BY THIS CAVEAT (Tick appropriate box or boxes)
(a) Prevention of all instruments with the land (refer to statutory exceptions overleaf).

(b) Prevention of all instruments with the land other than those dealings as identified at S104(5) Land Titles Act 1925

(c) Prevention of instruments as follows (refer overleaf)
 
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