What is the PPSR?
PPSR stands for Personal Property Security Register. The PPSR commenced 30 January 2012, and replaced the Motor Vehicle Security Register (MVSR).
What Does It Do?
Here's the best summary I've seen: The PPS Register is a notice board which allows individuals and organisations to search and register security interests in personal property.
Effectively, the PPSR is used to record all interests on personal property (e.g. Finance), so you can check the property you are buying is not under finance, or being used as a security for any other purpose (e.g. personal loan).
If you're not buying property from a licenced supplier (e.g. car dealer), always check the PPSR first, to ensure no interest is registered on the property. Remember, a 'registered interest' isn't just Finance - it could mean the property is used as security for a company or personal loan.
Why Did It Replace the MVSR?
The MVSR only listed vehicles, whereas the PPSR lists all peronal property, including vehicles, boats, etc.
How Do You Check the PPSR?
Go to the website http://www.ppsr.gov.au/Pages/ppsr.aspx.
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Tags:Mortgages and Finance |
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