The South Australian title register
South Australian land is registered under the Real Property Act 1886, the original Torrens title legislation. Land Services SA delivers land registration services for the state. Land Services SA explains that a certificate of title is the official record of land ownership, and that a copy can be obtained online through SAILIS. Its Register Search Plus provides the register search together with the plan and associated dealings, which is the level of detail a lawyer usually needs to assess a property offered as security.
Ask your conveyancer for a current Register Search Plus of every property in the loan. South Australia has a long tradition of registered conveyancers handling settlements, so confirm whether a conveyancer or lawyer is acting for you and which documents they will review.
Caveats and priority notices in SA
Land Services SA publishes guidance for Form C1, the form used for noting a caveat. The guidance says a caveat over a freehold or Crown leasehold estate uses a prefix of X, while one over a subsidiary interest such as a registered lease uses X2, and it states that Land Services SA does not give legal advice about the claim. South Australia also uses priority notices, which can be lodged, extended and withdrawn through SAILIS, to protect an upcoming dealing. Ask your lawyer whether a caveat or priority notice is involved and how each will be removed at settlement. This page does not set out a lapsing period for SA caveats.
Land tax and duty in SA
RevenueSA administers land tax and stamp duty. South Australian land tax is assessed on the land you own at midnight on 30 June each year, with your principal place of residence generally exempt. Investment, vacant and commercial land held as security, or held across 30 June during a bridging overlap, can therefore attract land tax. RevenueSA also asks owners to notify it about new trusts and trust changes. See RevenueSA's land tax page and the SA stamp duty page.
Adelaide and regional South Australia
Adelaide holds most of the state's population. Regional centres include Mount Gambier, Whyalla, Port Augusta and the Barossa and Riverland districts. Lenders may want more evidence of saleability for rural or smaller-town property.
Two South Australian illustrations
Example only, not a real client. An Adelaide owner is offered a short private loan against a rental property. The conveyancer obtains a Register Search Plus, checks the existing mortgage and any priority notice, and confirms how the security will be released.
Example only, not a real client. A Mount Gambier business owner considers bridging finance to buy premises before selling a house. The accountant checks the trust's land tax position at 30 June. Neither example claims a lender would accept the security.
First mortgage checks specific to South Australia
A private first mortgage in South Australia is registered with Land Services SA. If an existing mortgage is being refinanced, the discharge and the new registration need to happen together at settlement. Ask for the current payout figure in writing, and ask RevenueSA about any land tax position if the security is not your home.