Title registration: Here’s everything you need to know
Title registration for your lot is approaching, and with it comes a set of important steps to prepare for settlement. This guide explains what title registration means, what happens once titles are issued and what you need to do to be ready, so you can approach settlement day with confidence.
What does title registration mean?
Title registration is the process by which Land Use Victoria creates the title for your lot, following registration of the Plan of Subdivision. It is an important legal milestone, but it’s worth understanding what it does and doesn’t mean for you as a purchaser. Title registration does not transfer ownership to you; it transfers following settlement.
There are two key steps in the registration process:
- Plan of Subdivision is registered: Land Use Victoria registers the Plan of Subdivision for your stage following completion of civil works and lodgement of the survey plan.
- Individual lot titles created: Once the Plan of Subdivision is registered, Land Use Victoria issues the title for your individual lot. This creates the title as a legal record, but ownership does not transfer at this point. That happens at settlement.
What happens once titles are issued?
Once titles are issued, you will be formally notified of your confirmed settlement date. Under your contract, settlement is required within 10 days of the title date, so this is the time to get your finances in order, make sure your conveyancer is ready and you know what to expect on settlement day.
However, there are some things you can do now to ensure you’re ready for settlement as soon as titles are issued. Here’s our checklist to get everything in place for a smooth settlement.
How to prepare for settlement
- STEP 1. Contact your broker or lender
Get in touch with your bank or mortgage broker as soon as possible to let them know title registration is approaching. Financial pre-approvals have expiry dates, and if yours is nearing its end, you might want to refresh it. Giving your lender a heads up ensures your final finance approval is processed without any last-minute scrambles.
- STEP 2. Confirm your solicitor or conveyancer is ready
Your legal representative is the person who will handle the official transfer of the land into your name. Let them know land titling is approaching so they can prepare your file. Once titles are issued, Harlow’s solicitors will send a formal settlement notice directly to your conveyancer, who will then coordinate the exact settlement date on your behalf.
- STEP 3. Stay in touch with your builder
During the process, we encourage you to stay in regular contact with your builder as title registration approaches. Your builder will be able to advise on any timelines or next steps relevant to your building contract following settlement.
- STEP 4. Prepare for settlement costs
Settlement involves costs in addition to your land purchase price. These will vary depending on your individual circumstances, so speak with your conveyancer to understand specific settlement requirements and ensure you have the right funds available.
- STEP 5. Watch for communication from Harlow
The moment the Plan of Subdivision is officially registered, our team will reach out to you directly with your settlement date. So, keep an eye on your inbox and check out the Harlow Hub for the most up-to-date notifications on your stage.
What happens on settlement day
Settlement is the final legal step in the purchase process, where the balance of the purchase funds is paid and ownership of the land transfers to you. This is coordinated between Harlow’s solicitors and your conveyancer. At Harlow, you will be given a 10-day settlement period, so stay in close contact with your lender and conveyancer to make sure they have everything they need to finalise the transaction.
Where to go for help
If you have questions about the title registration or settlement process, our sales and customer care teams are here to help. SIG Group has guided many buyers through this process, and our team is on hand to support you every step of the way.
Any questions? Our team is ready to assist with any questions about title registration, settlement or next steps. Get in touch with us today or visit the Harlow Hub for the latest updates on your stage.