Morning all,
Settled on my first property 3 weeks ago. All I have received is an accounts statement from the conveyancer and a loan statement from the bank.. nothing to say that those bricks and the soil underneath them are now mine?! What official documents should I be getting hold of?
1. Registered transfer of land form (which needs to be attached to the FHOG application I am about to lodge)
2. Certificate of title
3. Title insurance policy that my conveyancer applied for on my behalf
4. Anything else?
Who should I chase for the above – conveyancer, bank, authorities?
Certificate of title.
You can order one online for $0-14 depending which state.
Mick C | Shape Home Loans
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Ring the LTO before you order one. Because it can take 3-4 weeks for the change in name on the title to occur. Don't want to end up with the old owners name on it still.
Chase your conveyancer – they should be able to advise and order the documents that you require. Otherwise ask your mortgage broker/bank.
Thanks all, I was able to get the land transfer/cert of title from landata.vic.gov.au. Under $10 to get it emailed to me instantly.
The title insurance policy I had to get off my conveyancer.
You'd think that these things would be sent to the purchaser automatically…
just wondering if these documents are required….I've filled out the 'Transfer of Land' document during the settlement but not received anything about it and my conveyancer advised that bank's name will appear on 'Certificate of Title' until i finish paying off the mortgage…..am i missing something here….all i've is 'Contract of Sale'….
yes your bank will be on your certificate of title. it will be under a heading called Mortgagee. Basically to prevent you from selling the property without the banks authority or finding out.
wilko1 wrote:yes your bank will be on your certificate of title. it will be under a heading called Mortgagee. Basically to prevent you from selling the property without the banks authority or finding out.[/quotewilko, so do i require any of these docs….currently i don't have anything like 'certificate of title' 'land transfer' or something…..this thread got me thinking that i don't have any docs apart from 'Contract of sale' to say I am in process of owning this property…..
If you have a bank loan on the property you will not every get your certificate of title till you have paid off your loan. It stays in the Banks Vault, because its the proof of ownership. if your block of land is worth 200k You could say its a 200k piece of paper. They keep electronic records now of all titles as a back up.
2-3 days before you settle you will receive a settlement statement saying your costs, conveyances fees, your half of the searches, allocations for the percentage of year remaining for council rates water sewage etc.
title insurance – is paid to ensure you are receiving a title that is clear of all caveats, encumbrances or existing loans.
Contract of sale is all you will and need at this stage.
unless you are applying independently for a FHOG or something. then the FHOG people will want you to show a copy of the certificate of title with you name on it (as i said before takes 3-4 weeks after you settle)
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