The Queensland (Labour) Government recently decided to amend the Land Titles Act with the result that your Certificate of Title will no longer have any legal effect, from 1st October, 2019. A consequence of this is that you will no longer have complete control over and protection for your own real estate in Queensland, (but this Government will!)
Of further note on this very topic, was a December 2018 report by a Manhattan Supreme Court grand jury which found there was an “epidemic” of fraudulent property transfers in New York City and its Office of the Sheriff had received 2000 complaints since 2014.
So here’s where it gets really scary…Anyone can go onto the internet, search through DERM’s website and look at any Title Deed. Each Title shows if there is any money owing on it. Therefore, it is easy for scammers to search Titles over the net and see which have no money owing on them – the scammers could then borrow money against these Deeds!!! (It’s been done before).
Our current client advice for title security is that you do not fully payout your mortgage, so that the mortgage will prevent unauthorised dealings with your property.
For assistance with any property or business, please call Jacelyn or Kim at our office.