What does a possessory title mean?

What does a possessory title mean?

The term possessory title simply means that the applicant did not have all the necessary documentation to meet the Land Registry’s criteria for absolute title. There is nothing wrong with a property only having a possessory title, as there are plenty of legitimate reasons why documents might be missing.

What is a limited title NSW?

Limited Title is given to a property that has not been verified by the NSW Registrar General. This means the boundaries of the property have not been verified. Things that affect the property such as an easement or right of way may not be confirmed.

What does Torrens title mean in NSW?

The Torrens Title register is the primary register for land held in NSW under the Real Property Act 1900. The Torrens Title system is one of title by registration, meaning that registration is paramount. The greatest advantage of the system is that it is a single document guaranteed by the NSW Government.

What does indefeasible payment mean?

Indefeasibly Paid means (a) with respect to the making of any payment on or in respect of the Indebtedness, that such payment of such Indebtedness has been paid in full in cash (or that such payment of such Indebtedness has been otherwise satisfied in a manner acceptable to the holders of the Indebtedness in their sole …

What does indefeasible interest mean?

This title is ‘indefeasible’, meaning that it cannot be overturned or put aside by competing claims for your land. If your interest in the land is registered, then you are protected against adverse claims to ownership or usage of the land made by other parties without a registered interest.

How do you get a possessory title?

Possessory title tends to be granted where an owner is unable to provide documentary evidence of their title to the land – for example, where deeds have been lost in a fire or simply lost over time.

What does possessory title indemnity cover?

It insures areas of unregistered land which have been enclosed and used to the exclusion of others for a number of years. It compensates you if the paper title owner tries to claim the land and/or if a third party exercised adverse legal rights over the land, for example, rights of way.

Is Torrens title better than Strata?

Great things about strata titles include: Strata properties can be easier to sell as demand is consistent. Strata properties usually cost less than Torrens title properties, because you’re not actually buying the land.

Is Torrens title same as freehold?

Torrens title simply means the purchaser owns the land and building. This can also be known as ‘freehold. ‘ Strata title simply means that there are multiple owners of properties on one piece of land where all owners are responsible for the areas that are shared known as ‘common areas.

What is indefeasibility of title NSW?

Indefeasibility. If your title is indefeasible it means there is an inability to challenge a claim over your land. The immediate indefeasibility of your title occurs when you have registered your title with the NSW Land Registry. This title has the highest priority of ownership above all others.

What are the exceptions to the indefeasibility of a title?

There are two major exceptions to the indefeasibility of your land title: Your property can lose Indefeasibility through fraud. This may occur prior to or during the registration of your interest.

What does the High Court say about immediate indefeasibility?

The High Court in Breskvar v Wall accepted the principle of immediate indefeasibility. Conveyancing practice point: As Gibbs v Messer has not been over-ruled, ensure that vendor is not a fictitious person. Black v Garnock It follows that indefeasibility, as used in s 42 of the RPA,means immediate indefeasibility.