Title Searches

#1

Good afternoon all,

Something a group of us are currently debating:

Do you do a title search for every new property management you bring on??

Regards Russ

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#2

@russell.kirby my take on this is that you need to confirm ownership of the property. A title search is the best option, however, also the most expensive. You could ask for the latest rates notice from your new LL or check an industry database for the same details.

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#3

Hi Russell

We don’t do a title search however we do check the ownership details through RPNZ. If there are any discrepancies in names we query

Warmly

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#4

We used to (when we were able to do ownership confirmation searches at no cost). Now we request a rates notice or settlement statement to confirm the ownership name. If owners overlook this step or don’t provide it, we advise we are doing a title search at their cost. This is to not only to ensure the correct name / person has authorised but to confirm all names on the title are signing the paperwork; and for owners that have properties in company names, they sometimes overlook all those details.

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#5

We do. RPData and Rates notices are not accepted because they could be out of date. I was told by OFT (QLD) this is the only form of property ID they would accept if audit

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#6

Hey thanks Colleen. That actually makes sense.

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#7

Hi Russell, we think it is critical to get the correct ownership details as other members have said. In South Australia, we are able to do an ownership report through the Lands Titles Office subscription. It used tobe free and now they are charging $3.30 for each search. Still cheaper than a full Title search, but a small charge for complete peace ofmind.

Regards
Kevin Hodges

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#8

That certainly seems to be the consensus Kevin.
Thanks for your input, much appreciated. I will look into the Lands Titles office approach.

Regards Russ

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