Lost Title Applications

So you are thinking of selling your property or maybe you are taking out a loan and your bank wants your Certificate of Title as security, but you don’t know where your Title is. What do you do?

1. Have one last look for your Title. You never know where it could be hiding!
2. If your property is subject to a mortgage than your Title will almost certainly be held by the bank.
3. If you do not have a mortgage, make sure you have a thorough search of all your personal papers at home and check with your lawyer as they may hold the Title for you in their deeds room. Also, it is worth checking with any bank that once had a mortgage registered on the Title, as even though you may have paid out your loan there is a chance that the mortgage was never discharged and therefore the bank may still hold the Title.

If you are unable to locate your Title and your Title is not electronic (the conversion of paper Titles to electronic Titles is currently underway in Victoria), you will need to lodge a Lost Title Application at Land Victoria in order to get a replacement. You will also need to pay the fee charged by Land Victoria plus an assurance fund contribution which is dependent upon the value of the property.

You may be thinking it all sounds too difficult and possibly too expensive. You don’t have any plans to move in the future so you don’t need to worry about it right? However what happens if your circumstances were to suddenly change and you did need to move, or if you were to unfortunately pass away the Lost Title Application would be much more difficult for your loved ones to complete then it would be for you to do. Therefore it is important that you address the issue sooner rather than later.

If you'd like some assistance in this area, call one of our Conveyanincg team on 03 5445 1000.