TORRENS
TITLE
The
name given to a system of title by registration to record ownership
of land. It is by far the most common land title and it is the
cheapest title to buy and sell. Once you are registered on the title
you are the guaranteed owner. Torrens Title is a system of title by
registration. The register records all dealings with the land such
as transfers, mortgages and leases.
Where
the Buyer becomes registered as a proprietor in good faith your
interest is subject only to those other interests notified in the
register as having priority over yours. That security lasts as long
as you remain registered as proprietor without having been guilty of
any fraud.
Torrens
title is a land title introduced in NSW in 1863 and is a central
system of registration. After its introduction in all states crown
grants were under this system. The owner of Torrens land is the
registered owner (registered proprietor) whose name is on the
register kept by the Registrar General. Ownership vests in the
registered proprietor under the LTA.
Basic
to the system is the concept of
indefeasibility
of title.
Compare
with old system title. Torrens title is free from any
unregistered interest. Torrens title simplifies conveyancing as any
prior defects of title are cured upon registration. The owner in fee
simple is the registered proprietor and that interest is noted on the
certificate of title.
Transfer
is made with a memorandum
of transfer
registered
by the Registrar General. Upon receipt of the memorandum the previous
owner's name is deleted ,and the name of the new proprietor noted on
the certificate of title.