The Personal Property Securities Register came into effect in the year 2012. With its emergence, it superseded several former national, state, and territory registry to centralise vital personal property ownership data in a unified database.
Several tangible assets that you may register are boats, crops, shares, art, and vehicles. Meanwhile, intangible assets that are possible to record are intellectual property, bank accounts, and licenses.
In any case, when it comes to purchasing a used vehicle, running a PPSR search is essential since it will provide you crucial information that will contribute to your move if you’ll push thru with the purchase or not. Let’s look at how the registry can help you before making that purchase.
Why is the registry important?
Basically, the registry is a database of personal assets that individuals signify their security interests. In case you are purchasing a personal asset, conducting a registry search will allow you to verify if the property or asset has a related security interest in it.
Additionally, when it comes to companies, these entities can also signify its interest in a debtor’s personal asset. One scenario is when an auto dealer register its security interest in a car that it sold based on a loan. If it happens that the debtor defaults or files bankruptcy, then the registry can alleviate the business in its claims.
How does the registry protect individuals?
Running a PPSR search will allow you to verify if anyone has a stake in the used vehicle you are planning to purchase. Take note that conducting a search is considerably straightforward especially if you are accessing a legitimate site. You can run a search in two ways first is thru the car registration number, and second is by verifying thru its VIN or vehicle identification number.
When you conduct a registry search, information such as unpaid amount by the seller will be provided to you. This will save you substantial time, effort, and money plus help you to avoid having the vehicle repossessed since the seller lapsed in the payment.
When is the best time to perform a registry search?
It is highly recommended that a search is conducted a day before or the exact day you are planning to purchase the used vehicle. In this manner, you will be presented with the latest information in the database.
You may have possibly been given already a registry certificate, however, bear in mind this result is based on the date it was generated. It is possible that new data may have come up between that date and the day you are purchasing the vehicle. Thus, to secure your purchase conduct your search on the recommended dates.