The “Torrens Title” system is a system of registration of title, designed in the 1850s by Robert Richard Torrens for the South Australian land title registry. NSW has been using the “Torrens” system since 1863.
A single register is created for each land holding. All details and interests affecting the land such as easements and covenants are then recorded on the register.
Each property in NSW is given a unique computerised reference number – a Folio Identifier consisting of the lot number in either a Deposited Plan or Strata Plan.
Contrary to a popular belief a “strata title” is a Torrens Title.
No, as the settlement is all done electronically.
The NSW Land Registry Services requires us to provide information in order the local Council, water authority and the Valuer General are advised of the purchase. We advise the strata manager if you have purchased a strata property.
A Contract for the purchase of a block of land in a larger parcel of land that is yet to be subdivided or an apartment in a building yet to be built or is in the course of construction.
The Contract is conditional upon registration of the plan of subdivision or strata plan.
It is very important you are able to identify the block of land or the apartment in the proposed plan to ensure you purchase the correct property.
“Off the Plan” transactions usually span a long period of time, from the date of exchange of the Contract to the date of settlement.
Your Lender (known as a “Mortgagee”), such as a Bank or Credit Union. The Lender “holds” a Mortgage secured over the title to your property. The Borrower is known as a “Mortgagor”. The Lender holds the right to deal with a Certificate of Title for the property as security for repayment of the loan.