A look into Corporate fraud in Australia, Stranglehold of Monopolies, Telecommunications Oppression, Biased Law System, Corporate influence in politics, Industrial Relations disadvantaging workers, Outsourcing Australian Jobs, Offshore Banking, Petrochemical company domination, Invisibly Visible.
It's not what you see, it's what goes on behind the scenes.
COMMONWEALTH OF AUSTRALIA (ABN: 122 104 616)
Australia's Prime Minister (CEO) Tony Abbott : "Australia is Open for Business"
Tuesday, November 29, 2016
Australian banks destroy your land title
Let's get to the crux of the situation without bringing in the 'lawful' aspect of the actions of banks with accordance to a piece of law called the 'Australian Constitution'.
Australia's 'Big Four' banks are destroying 'your'(?) land title and replace it with a digital version.
Because they can!
Once you give 'your' money to the bank it's no longer yours but rather the property of the bank.
When it comes to 'your' land title it's a similar matter.
He who holds 'your' title can leverage debt against it.
Fancy that, but that's how the 'law' operates on this British colony called Australia.
Once you give 'your' title to the bank it's no longer yours but rather the property of the bank, therefore they can do with it as they please, the legality of a 'digitised' land title is put aside for the moment.
Do not forget that all the land taken from the indigenous Australians is under firearms, up until today, without any treaty, unlike with the Indigenous population of New Zealand, under the Treaty of Waitangi, where Queen Victoria acknowledged it as a special relationship with the (Māori) people.
See article from 2 November 2016 by smh.com.au of the headline:
Big four banks destroy 1.6 million paper land titles in push to digital versions
Australia's big four banks have quietly destroyed all paper land
titles they hold for 1.6 million Victorian mortgagees, forcing property
owners to use a bank-owned electronic transaction system.
Any future sales of properties whose titles are held by the bank will need to be transacted, at least in part, electronically.
The mass destruction of paper titles and their replacement with
electronic certificates has been questioned by property lawyers who fear
it will compromise security and effectively outsource the 150-year-old
Torrens title system to private operators.
The Law Institute of
Victoria has been an outspoken critic of the electronic system, arguing
it increases costs for consumers, undermines those holding titles for
security against other assets, and adds complexity and legal uncertainty
to a what was once a simple, safe system.
A Certificate of Title is an official land ownership record. Photo: Rob Young
The changes were ushered in by the Registrar of Titles who
declared in a notice in the Victoria Government Gazette that paper based
titles will be void and of no effect from October 22, 2016.
Property owners whose paper land titles are held by major banks were not told their title documents have been destroyed.
The conversion of paper certificates of title to electronic versions
was part of a national push to electronic conveyancing on the PEXA
system, a spokesman for Land Victoria said.
PEXA is owned by state governments, the ANZ, CBA, NAB, Westpac, Macquarie Bank and private equity.
"If landowners wish to get a paper title when their mortgage is paid out, they can do so," the spokesman said.
King from Kirby & Co. Solicitors said he conducted his first
property transaction on the system last week and it was more expensive.
transaction went smoothly but other lawyers encountered difficulties
with banks failing to nominate a controlling entity which meant some
settlements didn't get through, he said.
PEXA chief executive Marcus Price said paper titles were cumbersome to use. "People keep losing them, including banks," he said.
Most property fraud occurs with unencumbered paper titles being taken and used by other family members, he said.
is a long overdue catch-up by property to the two other big assets,
shares and cash, which are exchanged electronically," Mr Price said.
"It is ultimately a much safer system," he said.
was set up in 2010 with federal government support after a meeting of
the Council of Australian Governments urged modernisation of the
antiquated system of paper-based transfers used by land titles offices
The Titles Office in NSW is in the process of being privatised and South Australia is considering similar plans.