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News and Articles
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Written by Melanie Toye

A title search is a safety net that you are placing underneath yourself when you decide to jump into the property market. You fish around for the best property for your needs, and then find the perfect property is right there within your grasp. One of the many aspects of purchasing the property is to organise a title search. A title search lists the current owners of the property, description, easements, mortgages, caveats and covenants.

You have the financials organised, all you need is a title search and a building inspection. But is there much relevance to a title search? Should you really pay for this service?

If you do decide not to perform a title search, there is a risk that when you complete the purchase of the property it may unearth some uncontrollable issues. Liens, i.e. outstanding debts held on the property, may now be a debt you will have to pay. These debts do not move from owner to owner, rather they stay with the property. Sometimes these debts could be worth more than the property, leaving you stranded to pay them without many options.

Other problems arise when a title search is completed by someone who is not a professional. High costs can result to the property owner when you try to sell or mortgage the property. Paying a fee and organising a professional to complete the title search from the beginning can cost a lot less than if a problem down the track occurred.

If you do proceed with a title search, the bank will have a copy of the title and will hold it until the mortgage is paid in full. Once this occurs your title will be updated and you will receive a paper certificate of the title. If the certificate of title is lost or if changes are required, you may require a licensed conveyancer to prepare an application for you to receive a replacement.

It is best to always seek out a professional when organising a property title search or certificate of title to ensure you receive all the relevant details in relation to the property. With our licensed property conveyancers you can rest assured your future property is being reviewed by a professional.