Anyone else a bit uneasy about NSW titles floating in the cloud with no 'control' indicator as is the case in Victoria (where printed on the title search: CT control held by XXX Lawyers), so at least if someone is looking to transact with the title the client's solicitor knows about it?
It's like the deed rooms have been unlocked and all the titles have just floated away into the ether.
I am not comfortable with titles being free-agents, in my humble opinion it's a disaster waiting to happen. If I owned property in NSW outright, I would not be very happy knowing it was just sitting there unchaperoned in the cloud, despite all the assurances that PEXA VOI and Right to Deal protocols in place. Sorry, my job entails a lot of worst case scenario thinking.
I would like my title to be anchored to someone who (like with a deed room) will keep the title "safe" and "out of harms way". I am wondering what the implications will be for a solicitor who previously acted for a party and subsequently something happens to the title - where does the liability lie? Is a caveat required?
I am seriously considering not doing NSW matters for this reason. What is everyone else doing?