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Unformatted text preview: rtgage accompanied by the Certificate of Title with the state Land Titles Office. The borrower remains
the registered proprietor at all times.
Because there is no transfer of the land to the mortgagee, it is legally possible for the registered proprietor to grant more than one mortgage and for them all to be registered. It is therefore possible to have
more than one legal mortgage of land under the Torrens system.
It can be seen from this brief comparison of the two systems of title that registration goes to the core of
the Torrens system. It is often referred to as ‘title by registration’. In keeping with this emphasis on registration, title doesn’t pass from the vendor to the purchaser until registration of a notice of transfer accompanied
by the Certificate of Title, both of which are lodged with the state Land Titles Office. This is in contrast with
the common law system, where title passes on delivery of the deed of conveyance, registration being optional. RISK MANAGEMENT ALERT Title by registration is the core of the Torrens system.
Why use Torrens? business tip BUSINESS ORGANISATIONS AND THE L...
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This document was uploaded on 04/23/2012.
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