Title deeds are legal documents that prove ownership of property. They contain important information about the property and are necessary for selling, transferring or remortgaging it. It's crucial to keep title deeds safe and secure, as losing them can cause significant problems. Therefore, it's essential to know where the best place to keep title deeds is.

There are several options for keeping title deeds safe. One of the most secure options is to store them in a high-quality fire-proof document safe at home. However, not everyone has a safe or may not want to keep such important documents at home. In such cases, banks or building societies can take care of title deeds. Although keeping paper documents in a safe deposit box is a convenient option, it typically incurs rental charges and possibly fees for viewing the deeds.

The Importance of Keeping Title Deeds Safe

When it comes to homeownership, title deeds are one of the most important documents to keep safe. They prove that you are the legal owner of your property and outline the details of your ownership rights. Losing or misplacing your title deeds can cause serious problems, including legal disputes and difficulties selling your property.

What Are Title Deeds?

Title deeds are legal documents that prove ownership of a property. They contain important information such as the owner's name, the property's address, and details of any mortgages or other charges on the property. Title deeds are typically held by the property owner or their solicitor.

Why Are Title Deeds Important?

There are several reasons why title deeds are important:

• Proof of ownership: Title deeds are the legal proof that you own your property. Without them, it can be difficult to prove your ownership rights.
• Selling your property: If you decide to sell your property, you will need to provide your title deeds to the buyer's solicitor. Without them, the sale may be delayed or fall through.
• Mortgage applications: When you apply for a mortgage, your lender will require a copy of your title deeds as part of the application process.
• Legal disputes: If there is a dispute over ownership of a property, title deeds can be used as evidence in court.

Given the importance of title deeds, it's crucial to keep them safe and secure. There are several options for storing title deeds:

• At home: Many people choose to keep their title deeds at home in a safe or secure location. This can be a cost-effective option, but it's important to ensure that the deeds are protected from theft, fire, and other hazards.
• With a solicitor: Some people prefer to store their title deeds with their solicitor. This can provide added security and peace of mind, but it may come with additional costs.
• In a vault: For the ultimate in security, some people choose to store their title deeds in a bank vault or other secure storage facility. This can be expensive, but it provides protection against theft, fire, and other hazards.

Ultimately, the best option for storing title deeds will depend on your personal circumstances and preferences. Whatever option you choose, it's important to ensure that your title deeds are safe, secure, and easily accessible when you need them.

Options for Storing Title Deeds

At Home

Many people choose to keep their title deeds at home, either in a safe or a filing cabinet. While this option can be convenient, it's important to consider the risks. If your home is burgled or damaged in a fire or flood, your title deeds could be lost or destroyed. Additionally, if you pass away unexpectedly, your loved ones may not know where to find your title deeds.

With a Solicitor

Another option is to store your title deeds with a solicitor. This can be a reliable and convenient option, as solicitors are trained to handle legal documents and have secure storage facilities. If you choose this option, make sure to ask your solicitor about their fees and how often you can access your documents.

In a Bank Safe Deposit Box

Many banks offer safe deposit boxes for customers to store important documents, including title deeds. This option can be very secure, as banks have high-tech security systems and 24/7 monitoring. However, it's important to note that there may be fees associated with renting a safe deposit box, and you may not be able to access your documents outside of the bank's business hours.

When deciding where to store your title deeds, it's important to consider your individual circumstances and the level of risk you're comfortable with. No matter which option you choose, make sure to keep your documents up-to-date and inform your loved ones of their location.

Factors to Consider When Choosing a Storage Option

Security

When choosing a storage option for title deeds, security should be a top priority. The storage facility should have measures in place to prevent theft, damage, and loss. Look for storage facilities that have 24/7 security monitoring, alarms, and CCTV cameras. In addition, the storage facility should have fire prevention measures in place, such as fire alarms and sprinkler systems. It is also important to ensure that the storage facility has adequate insurance coverage to protect against any unforeseen events.

Accessibility

Accessibility is another important factor to consider when choosing a storage option for title deeds. The storage facility should be easily accessible whenever needed. Consider the location of the storage facility and whether it is convenient for you to access. Additionally, check the facility's opening hours and whether they offer 24/7 access. It is also important to ensure that the storage facility has a system in place for retrieving your title deeds quickly and easily.

Cost

Cost is also an important consideration when choosing a storage option for title deeds. Different storage facilities will have different costs, so it is important to compare prices and find a storage option that fits within your budget. However, it is important to remember that the cheapest option may not always be the best option. Consider the security and accessibility of the storage facility as well as the cost when making your decision.

In summary, when choosing a storage option for title deeds, it is important to consider security, accessibility, and cost. By taking these factors into account, you can find a storage option that provides peace of mind and protects your valuable documents.

Are deeds and titles the same thing in Australia?

In Australia, the terms "deed" and "title" are often used interchangeably, but they have different legal meanings. A title is a legal document that proves ownership of a property, while a deed is a legal document that transfers ownership of a property from one person to another.

In some states, such as New South Wales, the term "title deed" is still used to refer to the legal document that proves ownership of a property. However, in other states, such as Victoria, the term "title" is used instead.

Regardless of the terminology used, the legal requirements for transferring ownership of a property are the same across Australia. A valid deed or title must be signed by both the buyer and the seller, and must be registered with the relevant state or territory land registry.

It's important to keep in mind that while the terms "deed" and "title" may be used interchangeably, they have different legal meanings and should not be confused with one another. Homeowners should ensure they have a valid title or deed for their property and keep it in a safe place.

Who keeps title deeds in NSW?

In New South Wales, title deeds were previously issued in paper form to property owners. However, from 11 October 2021, the NSW land titles system transitioned to electronic conveyancing, and all existing certificates of title (title deeds) for land in NSW were cancelled. As a result, paper Certificates of Title in NSW were abolished under the Real Property Amendment (Certificates of Title) Act 2021.

So, where are title deeds kept now? The answer is that there is no physical document that represents the title to a property. Instead, the ownership of the property is recorded electronically by the NSW Land Registry Services (LRS).

The LRS maintains a register of all property titles in NSW, which includes information about the property owner, any mortgages or encumbrances on the property, and any other relevant details. This information is accessible online to property owners, solicitors, and other authorised parties.

It is important to note that property owners do not need to keep a physical copy of their title deed, as the LRS maintains an accurate and up-to-date record of property ownership. However, property owners may wish to keep a copy of their title search, which provides details of the property ownership and any encumbrances on the property.

Where do you keep title deeds in Victoria?

In Victoria, title deeds are important legal documents that prove ownership of a property. It is crucial to keep them safe and secure to avoid any potential loss or damage. There are several options for storing title deeds in Victoria:

• Home Safe: Installing a home safe is a popular option for keeping important documents, including title deeds, secure. Make sure to choose a high-quality safe that is fireproof and waterproof to protect the documents from any potential damage.
• Banks: Another option is to store the title deeds in a safety deposit box at a bank. This provides an extra layer of security as banks have high-level security systems in place to protect the contents of safety deposit boxes.
• Lawyers: Property owners can also choose to store their title deeds with their lawyer. This can be a good option for those who want to ensure that their documents are in the hands of a trusted professional.
• Online: In recent years, there has been an increase in online storage options for important documents. However, it is important to ensure that the online storage provider has adequate security measures in place to protect the documents from cyber threats.

Regardless of where the title deeds are stored, it is important to ensure that they are easily accessible when needed. Property owners should also consider keeping copies of the title deeds in a separate location as a backup in case the original documents are lost or damaged.

Conclusion

After considering the various options for storing title deeds, it is clear that keeping them in a secure location is of utmost importance. Whether it be in a high-quality safe at home or in a safety deposit box at a bank, the key is to ensure that the deeds are protected from theft, damage, or loss.

It is also important to keep the deeds up to date and to notify the Land Registry of any changes in ownership or other important details. This will help to avoid any potential disputes or legal issues down the line.

While it may be tempting to keep the deeds in a more convenient or accessible location, such as a dresser drawer or under the bed, this is not a wise decision. In the event of a burglary or natural disaster, these locations are likely to be the first places that a thief or disaster will target.

Overall, the best place to keep title deeds is in a secure location that is both fireproof and waterproof. This will ensure that the deeds are protected from all possible threats and will give the owner peace of mind knowing that their valuable documents are safe and secure.