Browse Forums Home Finance 1 Apr 22, 2009 4:29 pm I heard from my broker that I must submit the original title of land to the bank so that the mortgage will be generated. The bank will keep this original copy until I pay off the loan. Is every bank the same? I feel very upset, because I thought it's my own right to keep the original one. Re: the bank requires original title of land 3Apr 22, 2009 4:49 pm Mango-lover I heard from my broker that I must submit the original title of land to the bank so that the mortgage will be generated. The bank will keep this original copy until I pay off the loan. Is every bank the same? I feel very upset, because I thought it's my own right to keep the original one. nope.. the bank hold your land as security now... Re: the bank requires original title of land 4Apr 22, 2009 4:51 pm wakeboardandy Mango-lover I heard from my broker that I must submit the original title of land to the bank so that the mortgage will be generated. The bank will keep this original copy until I pay off the loan. Is every bank the same? I feel very upset, because I thought it's my own right to keep the original one. nope.. the bank hold your land as security now... they could have asked for a certified copy....... Well, I understand this is a trust issue. west sydney mortgage broker 5Apr 22, 2009 4:53 pm Mango-lover I heard from my broker that I must submit the original title of land to the bank so that the mortgage will be generated. The bank will keep this original copy until I pay off the loan. Is every bank the same? I feel very upset, because I thought it's my own right to keep the original one. I am afraid that is the case. When you mortgage your land, the Certificate of Title gets stored in the bank, as this is their security. Solicitors usually explain this. What is interesting is that when people finally finish off their mortgage, they don't always apply to the bank to collect their title. Re: west sydney mortgage broker 6Apr 22, 2009 4:58 pm thlo Mango-lover I heard from my broker that I must submit the original title of land to the bank so that the mortgage will be generated. The bank will keep this original copy until I pay off the loan. Is every bank the same? I feel very upset, because I thought it's my own right to keep the original one. I am afraid that is the case. When you mortgage your land, the Certificate of Title gets stored in the bank, as this is their security. Solicitors usually explain this. What is interesting is that when people finally finish off their mortgage, they don't always apply to the bank to collect their title. it's such a long time. people might simply forget it.... Re: west sydney mortgage broker 7Apr 22, 2009 5:05 pm thlo What is interesting is that when people finally finish off their mortgage, they don't always apply to the bank to collect their title. Wow! People finish a mortgage? 'A bottle of wine contains more philosophy than all the books in the world.' Louis Pasteur Vegie garden: viewtopic.php?f=19&t=27637&start=0 My Backyard Adventure Re: the bank requires original title of land 8Apr 22, 2009 5:06 pm "Technically" they own the land as they are the ones who actually paid for it. Hence they hold it for security reasons. Re: the bank requires original title of land 9Apr 22, 2009 5:44 pm the bank keeps the title until you pay off the mortgage, and technically they are the ones who paid for it so you dont own the property until it is paid off. if it comes to a foreclosure the banks would want to have it in their possession. I think the reason a lot of people dont get the title at the end of the mortgage is because the bank charges a few hundred dollars to give it to you, they still have ours and we've asked friends also and they've also left their with the banks because they dont want to lose it. We'll probably get ours eventually when I have that few hundred dollars just ****** around In the meant time it seems pretty safe with the bank Re: the bank requires original title of land 10Apr 22, 2009 6:15 pm Everyone I know has their title held by the bank, including myself. After my mum had paid off her mortgages she had to physically collect the original title from the bank. Built with Commodore Homes - The Fusion completed April 2009 (with modifications) Yes I have moved! Will update as soon as I can...no internet at home right now!!! Sooty's House - viewtopic.php?f=31&t=19462 Re: the bank requires original title of land 11Apr 22, 2009 8:07 pm Look at it this way: if the bank didn't hold your title, what would stop you from selling the property, handing the title over to the new "owner", and leaving the country with a big debt owing? Just to be pedantic, it's not the original anyway. The Titles Office holds the original, you just get the copy.... Also, if you lose it, there's a big song and dance (not to mention the cost) to get a replacement. Keeping it at home is never a good idea, that's why banks have fireproof safe custody facilities - it's a really good idea to use them; the cost is pretty minimal. Re: the bank requires original title of land 12Apr 22, 2009 8:12 pm yes the case is the bank keeps it until pay for in full finished building 40 square home on 5 acres with perry homes.working on the landscaping just finished pool deck with ://forum.homeone.com.au/viewtopic.php?f=31&t=2217 Re: the bank requires original title of land 13Apr 23, 2009 1:41 am kek Just to be pedantic, it's not the original anyway. The Titles Office holds the original, you just get the copy.... Also, if you lose it, there's a big song and dance (not to mention the cost) to get a replacement. Keeping it at home is never a good idea, that's why banks have fireproof safe custody facilities - it's a really good idea to use them; the cost is pretty minimal. kek, you used to work in banks. I have a question for you. How do you know what you have at home is the copy Titles Office gave you? I mean what would distinguish it from a photocopy let's say. Is it marked, certified or stamped by them? Re: the bank requires original title of land 14Apr 23, 2009 9:21 am thlo kek Just to be pedantic, it's not the original anyway. The Titles Office holds the original, you just get the copy.... Also, if you lose it, there's a big song and dance (not to mention the cost) to get a replacement. Keeping it at home is never a good idea, that's why banks have fireproof safe custody facilities - it's a really good idea to use them; the cost is pretty minimal. kek, you used to work in banks. I have a question for you. How do you know what you have at home is the copy Titles Office gave you? I mean what would distinguish it from a photocopy let's say. Is it marked, certified or stamped by them? The CT would look like a "real" certificate (thick paper cardboard) with embossed Stamp/emblem (this is from memory as i can't be bothered to get our CT out). It is not certified. It's hard to explain, but it looks and feel like a certificate and definitely not a coloured photocopy, nor does it have any stamps on it indicating it's a copy etc... Re: the bank requires original title of land 15Apr 23, 2009 8:24 pm Quote: What is interesting is that when people finally finish off their mortgage, they don't always apply to the bank to collect their title thlo, what would be the point in doing this??? The title is perfectly safe at the bank, why pay to discharge the mortgage just to keep it at home??? We actually did get our old house paid off at one point but we just left title at the credit union, didn't bother discharging the mortgage. Also once its discharged you cant re-draw on it without paying application fees again Re: the bank requires original title of land 16Apr 24, 2009 1:19 am Helyn Quote: What is interesting is that when people finally finish off their mortgage, they don't always apply to the bank to collect their title thlo, what would be the point in doing this??? The title is perfectly safe at the bank, why pay to discharge the mortgage just to keep it at home??? We actually did get our old house paid off at one point but we just left title at the credit union, didn't bother discharging the mortgage. Also once its discharged you cant re-draw on it without paying application fees again There is no doubt it is safer undischarged. But you can also discharge it and keep in safe deposit box which is also safe. Why would people do it? If you needed your CT for any reason, the bank takes ages to recover it from archives and discharge it for you. Re: the bank requires original title of land 17Apr 24, 2009 8:16 am Quote: There is no doubt it is safer undischarged. But you can also discharge it and keep in safe deposit box which is also safe. Why would people do it? If you needed your CT for any reason, the bank takes ages to recover it from archives and discharge it for you. Thlo, what reason would people have for needing it? Using the property as collateral for borrowing with another lender, I suppose? My logic was that it seemed pointless to pay to discharge the loan and then pay ongoing fees for a safety deposit box (we dont have one for anything else) instead of just stopping payments and not discharging it. Not sure if this is the same with all financial institutions, but by not discharging it, it was still open to re-draw from if we wanted to - which we did to buy our land for new house and start the whole process all over again I expect this would be so for other credit unions, banks etc with which you had an ongoing relationship other than the discharged loan - ie an everyday account etc but not for non banks like Virgin, Aussie Home Loans and the like?? Re: the bank requires original title of land 18Apr 24, 2009 11:21 am thlo kek Just to be pedantic, it's not the original anyway. The Titles Office holds the original, you just get the copy.... Also, if you lose it, there's a big song and dance (not to mention the cost) to get a replacement. Keeping it at home is never a good idea, that's why banks have fireproof safe custody facilities - it's a really good idea to use them; the cost is pretty minimal. kek, you used to work in banks. I have a question for you. How do you know what you have at home is the copy Titles Office gave you? I mean what would distinguish it from a photocopy let's say. Is it marked, certified or stamped by them? It used to be that the originals were held in huge bound books at the Titles Office (hence the Volume and Folio references). You could physically go do a title search by looking up the volume and leafing through to find the folio you wanted. The copy looked the same, and was a very official and old-fashioned looking document. A photocopy was obviously different and easy to distinguish. But things have changed, and they've moved into the computerised world. I'm pretty sure that these days CTs are boring A4 pieces of paper, not the thick parchment-type A3 certificates they used to be. I know that the TOs in various states have been gradually moving their records to computerised files, and I really don't know if they even have paper copies of new titles issued now. I do know that you can do online searches if you have the appropriate access and pay the fee. It varies from state to state though. Since the bank has mine, I can't go look at it to see how it's different to a photocopy. Actually, I've never seen it - I have held my old CT in my hands, since it was kept in the safe at the bank branch where I worked. I got to hold it for a very brief moment before it was locked away.... It'd be an interesting excursion to go to the Titles Office and find out how it all works now. Well, interesting if you're the nerdy type. Re: the bank requires original title of land 19Apr 24, 2009 11:33 am Re the discharge question, you can get your title back, WITH the original mortgage document, and the discharge of mortgage document too, then simply not register the discharge. You put all three documents in a safe custody lodgement, which costs the grand sum of about $30 per year, and then you're free to lodge the discharge at any future time - most likely if you sold the property, you'd just hand the lot over to your conveyancer and the purchaser's conveyancer would lodge the discharge with the transfer of land. The fee would be factored into your conveyancing costs or adjustments. Or you have the option of taking the lot back to the financial institution you originally borrowed from if you want to set up a new loan at any time, without paying all the fees involved in establishing a new mortgage. If you don't collect the documents, most banks will eventually start charging you safe custody fees anyway. They don't do anything for free.... As for the value of safe custody lodgements, we keep all our birth certificates, our marriage certificate, passports, wills and life insurance policies in ours. It costs us nothing to take any documents out if we need them, and we're never in danger of misplacing them or losing them in a fire. That's about $1000 worth of documents we don't have to pay to replace in the event of a fire or flood or whatever, and if one partner dies, the other (and our executor) knows exactly where to find wills, life policies etc. A bit less stress in my life is a good thing. Re: the bank requires original title of land 20Apr 24, 2009 11:37 am Kek - the LTO is very fascinating to go and look at. My parents home was built in 1880 and so we went down a couple of times to check out who owned the land and also to see if there was ever a mention of any house names on the titles. Was a good experience for a lending manager. Some things are worth waiting for. No. It's not original. Circa early to mid 90s would be my guess and maybe even as late as early 2000s 1 6627 Hi, I am planning to select San Selmo reclaimed original for the fascade of my build. 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