Hello! Welcome to my blog. My name is Col. I live in Perth and I have a passion for construction. I am pretty useless when it comes to construction work so I tend to leave it to the experts. However, I find that there is nothing more pleasing than seeing a team of construction workers complete a job. Over the years, I have hired many different types of construction worker and they have all taken the time to chat with me. During these conversations, I have learnt so pretty interesting things which I will be exploring on this blog. Enjoy!
Torrens titles were invented in the southern part of the country. They are the best way to ensure that land ownership is properly recorded and registered. When a property changes hands, the parties involved are supposed to record the transfer of ownership at the local land office. The Torrens titles are supposed to ascertain that a particular person owns the land in question. If you are starting new construction, you need the title as proof that you own the title to the land. Here are a few things to understand about these titles and land divisions.
1. The Information Contained in the Torrens Title
The Torrens title contains the most important information about a piece of property. It includes the full name of the current owner, their civil status, name of their spouse if they are married, their nationality and their post office address. The title also contains a detailed, technical description of the land in question. Other information contained in the title includes all annotations of any transactions that could have been made by the owner of the land and other crucial information.
2. Limitations on the Torrens Certificate of Title
Torrens titles have many advantages in land ownership verification. However, they also have their limitations. For instance, if a mortgage had been taken out on land that has a Torrens title, and the lender was paid in full, the records still linger on the annotations. If the lender is still in business, it would be easy to call them and delete that record. However, if the lender went out of business, there will be close to no way to determine whether the debt was settled in full. Other issues that tend to linger on Torrens titles include liens and interests. These pose difficulties when a new owner needs insurance, but it does not necessarily mean the situation is impossible to resolve.
3. Reconstitution and Replacement
If a Torrens title had been issued and it got lost, you would have to get it reconstituted. The reconstitution can be done either administratively or judicially. If a duplicate of the title got lost, you could always locate the original at the regional courts.
These are some of the most crucial things you should know about buying a new property to avoid getting into unnecessary headaches. Always ensure that you have copies of all papers and if you have doubts about a process, ensure that you ask for the right guidance from competent land contractors.