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Buying a bike - PPSR and VicRoads Checks

Discussion in 'Bike Reviews, Questions and Suggestions' at netrider.net.au started by Crispin, Jun 5, 2012.

  1. Hey one and all, I hope this is the most suitable forum for this discussion.

    So the story goes that I've been looking for Honda CB400s for a while and found one at a good price for what it is and the seller seems very genuine (met his whole family and turns out I'm probably related to his mother, but that's another story.)

    I checked the rego on VicRoads and it checks out, but wanted to check the Personal Property Securities Register (PPSR) to see if the bike was financed or has any money owing. I submitted 2 searches with the VIN & Chassis number (worst $7.40 I've ever spent) only to get these results:

    "As this search was performed during the transitional period, not all registrations may be on the register.

    Please note that during the transitional period there may be existing transitional security interests which are not on the register. For further information, please see Glossary - transitional registrations.

    No registration exists on the PPSR for the entered search criteria."

    In true style, any useful information on what a 'transitional registration' is was very vague.



    At the end of the day, I'm not sure if this means that the bike is clean and isn't on the PPSR because there's no money owing, or if it means that it's registration is in hiatus and maybe being transferred to a new owner?

    Has anyone else encountered this before?
     
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  2. I believe that 'No registartion exists' means that it's NOT on the register i.e not encumbered.
     
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  3. Well that's positive.
     
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  4. "As this search was performed during the transitional period, not all registrations may be on the register."

    This basically means that financiers have a grace period to allow them to register security interest in assets in the new system. If there is no encumbrance shown on the Vicroads site (old system) or PPSR (new) then you'll be safe to buy.

    The transitional period (which I believe ends 30/01/14) allows existing registered security, such as ASIC charges, results shown by VICRoads, old caveats etc. to remain valid so there isn't a mad rush to register everything on the PPSR.

    After the transitional period every valid security will be shown on the same register.
     
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  5. Ah ok, I think I understand. So bottom line, if there's no results at this time, it's unencumbered.
     
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  6. The whole PPSR process is a debacle.
    It's been up and running since Feb but it's a friggin nightmare to register.
    We have over 2500 entries in the backlog waiting for our credit agency to load. The story from what I understand is that the old retention of title still holds true. (nb not legal advice just my understanding which could be wrong)

    Buy it and transfer it same day that can reduce the chance of you being stung even though I think its probably a minuscule risk anyway.
     
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  7. So the PPSR is like some database that retains records of ownership, similarly like the state registry, but contains financials as well? I wasn't even really sure what the PPSR was, I remember doing some check when I bought my last car for financial encumberances, but it must have been the old system.
     
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  8. Yes it a database.
    PPSR is new to Aus stolen from NZ.
    It registers your security interest on any item.
    It replaces the retention of title clauses
     
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    • Like Like x 1
  9. The timing of transfer won't impact securities.

    Retention of title clauses are still valid during the transitional period. This does not relate to motor vehicles as they previously required registration on the Motor vehicles Security Register. ROT mostly applies to stock sold on trade terms (i.e. 30day payment terms) so it's not something to worry about with bikes/cars.

    The register only holds information for personal property (hence the name Personal Property Securities Register). It does not include land and certain rights.

    It is currently a bit of a mess but will eventually make things MUCH easier.
    As far as buying cars/bikes goes, check vicroads database, check the PPSR, if no encumbrance results are displayed then you're good to go.

    If you want to know anything specific about the PPSA send me a PM.
     
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  10. #11 Crispin, Jun 6, 2012
    Last edited by a moderator: Oct 24, 2015
    Thanks mate, didn't realise it tied ownership of so many things into one database.

    Good to know the bike is clean, will share the roads with you soon!

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