When is a PPSR Search Essential and How to do It

Before going into the intricacies of conducting a PPSR search, it is necessary to understand the various aspects of the PPSR.

The PPSR (Personal Property Security Registration) system is the official register of a security interest in personal property maintained by the Government of Australia. The interests are primarily related to debts and other obligations such as having a lien on personal property. Anybody can access this online noticeboard 24x7 and carry out a PPSR search related to a particular property.

This register was launched on 30th Jan 2012 and substituted the prevailing registers of several states. Some of the registers that were replaced included the REVS and other vehicle registers, the ASIC Register of Company Charges, and others. These were combined into one national register. To establish your claim and let everybody know that you have a security interest over certain personal property, you are required to register it on the PPSR.



The personal property details which can be got through a PPSR search include cars, company assets, boats, cars, used goods, and intellectual property. However, land or fixtures are excluded from the purview of a PPSR search. Once you get a PPSR Certificate before buying or lending money against personal property, you will know immediately whether any other person or financial institution has registered a security interest over it. These searches are in millions every year in Australia.

Doing a PPSR search is critical when insights are needed about a personal property before investment. It will help you to check whether the goods or property you want to buy are free from debt and do not have a lien on them. You can then have a clear title without encumbrances later over your intended purchases without the fear of repossession. You must also properly register on the PPSR when you are selling on retention of title terms or consignment and even when you are hiring or leasing out goods. If your client goes bankrupt, you can prove your rights over personal property through a PPSR Certificate.

An example of PPSR search for cars, bikes, and caravans, will better explain the process. The search is done with the VIN (Vehicle Identification Number) of the vehicle. It has 17 characters in a mix of alphabets and numbers. Each character in VIN denotes a specific characteristic of the vehicle such as body type, engine number and type, vehicle color, year of manufacture, vehicle make and model, and compliance plate details. The last six numbers denote the serial number of the vehicle. Very like a fingerprint, a VIN is exclusive to a specific car, bike, caravan, and others.

Through a PPSR search, you can know if your intended purchase is a flood-damaged one, has a tampered odometer, or is a stolen vehicle. The last aspect is critical as you can get into a serious legal tangle if you buy one such vehicle.



Location: Australia

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