Browse Forums Home Finance Home Title transfer from bank 7Jan 28, 2011 9:07 pm Not 100% positive but would imagine that if the original was destroyed the LTO would be able to verify ownership and then reissue the CT at a cost. There would no doubt be legal requirements they would require eg ID etc prior to handing over CT. Nowadays CTs are a simple A4 piece of paper - not like years ago when they had a chain of ownership written on them. They used to be gorgeous huge documents with all sorts of information written on them. You could have the complete history of the property in one place. Now as ownership is transferred the new CT is printed with only the new details on it. You can go to the LTO and trace the ownership but it can take a while going through all the old books (but oh so much fun!!) Some things are worth waiting for. Home Title transfer from bank 9Jan 29, 2011 10:13 am I thought the other advantage was that if you left it with the bank and subsequent loans would have a cheaper establishment fee if you are borrowing against the house...I could be wrong. mmm....donuts Homer Simpson 1956- Links: Site Costs Ready Reckoner | H1 Addiction Medical Advice | Château TDL: The Backyard Re: Home Title transfer from bank 10Jan 29, 2011 10:40 am Lex I like your summary, kyton, and have a question. Let's say our CT gets lost/destroyed at home and we don't even have a photocopy or anything - doesn't the Land Titles Office have a duplicate anyway? Would it be complicated to get another one issued? How does it work with CTs? I know that, for example, home insurance papers are just that - papers, and the insurance company is the source of data and can always issue you another copy, so losing your insurance papers is not a drama. Well, with the good insurers anyway. Is CT any similar to an insurance policy, or is it more complicated and how? What would be involved in getting another copy of the CT doco? kyton's right. It's a PITA and expensive to replace a CT. There would be stat decs to complete and a pile of paperwork, and most people would employ a conveyancer or solicitor to deal with it (although you don't have to), so extra cost there. It's common sense to keep important documents in your bank's fireproof storage. Whether or not you get the mortgage discharged is up to you, but taking the piece of paper home is insane. Home Title transfer from bank 11Jan 29, 2011 12:54 pm to_do_list I thought the other advantage was that if you left it with the bank and subsequent loans would have a cheaper establishment fee if you are borrowing against the house...I could be wrong. TDL - years ago the main benefit was that the lender could "reuse" the stamp duty from the previous mortgage. I think now there is no stamp duty on mortgages (could be wrong haven't been a lending manager since 2004!) so no benefit there but you may say yourself the mortgage registration costs. Kek - I agree!! Nice to look at once but no real need to have at home. Funny but true story - my (sometimes daft) parents are in process of buying another home. They search everywhere for the CT for their existing home then tell me in a panic they have mislaid it - maybe they left it at the Bank? down they go to the Bank with their pile of papers. Yep stuck in the middle of all their bunch of papers was the CT - it had been sitting in Dad's workshop for the last 6yrs!! ARGH....... Luckily the nice Bank officer pulled it out and told them this was the CT. Not the big old fashioned paper they were thinking of LOL. Some things are worth waiting for. Re: Home Title transfer from bank 12Jan 29, 2011 3:57 pm kyton Funny but true story - my (sometimes daft) parents are in process of buying another home. They search everywhere for the CT for their existing home then tell me in a panic they have mislaid it - maybe they left it at the Bank? down they go to the Bank with their pile of papers. Yep stuck in the middle of all their bunch of papers was the CT - it had been sitting in Dad's workshop for the last 6yrs!! ARGH....... Luckily the nice Bank officer pulled it out and told them this was the CT. Not the big old fashioned paper they were thinking of LOL. We keep our birth certificates, marriage certificate, passports, wills and insurance policy documents in our safe custody packet. If we both cark it, our executor will have no trouble locating everything. More importantly, there's zero chance of our losing something, either through carelessness or in a fire or flood. |