Torrens Title for the terminally dim please

[BuddysMum]

I keep browsing the Real Estate sites, just to get a grip on house prices in various suburbs as we consider and plan our move.

 

I sometimes see the term "Torrens Title" and had assumed it was something undesirable and kept forgetting to look it up.

 

So, just now I have and I have found a huge amount of info on the wonderful wiki, but I don't understand a word of it (I thought I was quite bright, but I obviously don't have a clue about Real Estate!).

 

So please - could someone explain it to me in words of two syllables or less. In particular what effect such title has on the buyer/owner of the property.

 

Am I correct in thinking that it makes the property less desirable?

[Guest austibeach]

I cannot give you as accurate a description of Torrens Title as you may well receive from someone who truly understands it.....Gollywobbler possibly, but I can say that as far as I understand it, there is no need to fear it. It is in fact a widely used system of registering property throughout the world and I doubt very much that it would make any property less desirable.

 

Eric.

[Petals]

Torrens title is good it replaced Old land titles however there is still old law land around here in Melbourne in fact just down the road from me there is old law land. Old law land requires a chain of title which is a collection of the documents which can be traced back establishing the ownership of the land. Most land has been converted to Torrens now the original titles of which are retained by the Titles Office. Old law land chains are held by the current owner of the land or their solicitors.

 

Chains are a pain and it costs more for conveyancing costs. Its highly unlikely you will come accross a chain buying an ordinary property these days, most chains are for properties that have stayed in the same family for many many years and vacant land which has also stayed in families. Often there are many beneficiaries of an estate and they each hold an interest and therefore its never transferred to Torrens until agreement is arrived at between the owners.

 

in a nutshell "Torrens Title (Certificate of title)

A system of registering land ownership in which ownership occurs when the document that transfers the property is registered at the Land Titles Office."

[BuddysMum]

Thanks for those very helpful replies. I will now start looking at properties described as Torrens Title.

 

However I am still a bit confused about why so few properties are described as TT. If it is becoming the norm, ten why mention it at all?

 

Any ideas about that?

[Petals]

Where are you looking they don't advertise them as Torrens here in Melbourne they would only advertise if old land chain. Its a bit like units and flats, the norm now is for them to be under the Subdivision Act here in Victoria but there are others who are covered by what is called Stratum title and some company share ones and these are usually in the inner areas of Melbourne and South Yarra, Prahran have some of these and other inner areas. They are more expensive for conveyancing and there is more to be done with the bank/lender with these sorts of titles. Often this reflects in the unit/flat being cheaper for this reason.

[Bobcat]

I keep browsing the Real Estate sites, just to get a grip on house prices in various suburbs as we consider and plan our move.

 

I sometimes see the term "Torrens Title" and had assumed it was something undesirable and kept forgetting to look it up.

 

So, just now I have and I have found a huge amount of info on the wonderful wiki, but I don't understand a word of it (I thought I was quite bright, but I obviously don't have a clue about Real Estate!).

 

So please - could someone explain it to me in words of two syllables or less. In particular what effect such title has on the buyer/owner of the property.

 

Am I correct in thinking that it makes the property less desirable?

 

Nothing to fear ............. it's certainly not undesirable. Some would go as far as to say, "It's the best thing since sliced bread.'

 

Torrens Title is a South Australian invention that revolutionised the method of recording and registering land ownership. It is a system where land ownership occurs when the document that transfers ownership of the property is filed at the local Land Titles Office. The purpose of the Torrens system is to provide certainty of title to land.

 

The Torrens Title System was first introduced in SA in 1858 and subsequently used in other Australian states and around the world. Torrens Title is named after its inventor, Sir Robert Richard Torrens, who was instrumental in the implementation of this unique and efficient system of dealing with land. The system resulted from Sir Torrens' desire to improve on the old English land law system which was very complex, time consuming and expensive.

 

The main object of the Torrens Title System is to make the register conclusive. Once your name is registered on the Torrens Title register, you become the owner of the property to the exclusion of all others. You therefore obtain ‘title by registration', which is a pivotal concept of Torrens Title.

 

Under the system, a Certificate of Title exists for every separate piece of land. The certificate contains a reference that includes a volume and folio number, ownership details, easements and/or rights of way affecting the land and any encumbrances including mortgages, leases and other interests in the land.

 

Torrens Title is useful because it eliminates grounds for most dispute litigation, avoids the consequences of lost certificates and greatly reduces the costs of land sale and transfer. People can change the Torrens Register through lodging and registering a ‘dealing'.

 

Normally, the person who is recorded as the owner of a parcel of land cannot have their title challenged or overturned. This concept is known as 'indefeasibility' of title. There are, however, a few exceptions to this general rule such as if the land was registered fraudulently.