In Australia there is an online register for personal property available called PPSR or Personal Property Securities register. This helps consumers by providing information regarding personal properties like cars and boats which they are looking to buy. This register does not include either land or buildings.
It is recommended for consumers to check PPS Register before they decide to buy a property. They must check for security interest against that property which will be available in PPSR. If a person buys a property with security interest then the property may get repossessed by entity holding the security interest.
Just for affordable fee, it is possible to do search and get search certificate in PPS Register. The search results in detailed information about that vehicle. Every year there will be millions of searches and meantime registrations are happening in PPS Register.
Verify a search:
It is possible to get the original search certificate through search number. This helps in
- Viewing the search results online
- Issue one more copy of search certificate
- To cross check for information
If one needs to check for existing results, then no need to pay fee again. One must remember that they will receive same information as the first search conducted. In case of motor vehicle, the search results even include NEVDIS. This is nothing but National Exchange of Vehicle and Driver Information. It is always recommended to perform the PPSR search just before buying the property or vehicle. This will ensure the latest information about that property.
Owning an account:
Even without having an account, it is possible to conduct searches as casual user. But in case if consumer has
- Plans to perform regular searches
- Want complete details and reports about their use
- Need more payment options
Then it is better to have an account. In case if the person wants to register on PPS register then they must have an account. Having an account includes both create and manage the SPG or secured party group along with amending, creating, and even discharging registrations. Along with these other time saving benefits of having an account are
- It allows viewing the recent searches
- Favorite grantors and SPGs
- One can create the registration templates
In case when a consumer decides to buy a valuable goods from a private party, offer a credit to an organization, decides to invest to an organization it is better to check for security interest which already exists by using PPSR.