Property Conveyancing – What is a Personal Property Securities Register
If you purchase items on hire purchase, such as fridges, washing machines, electrical goods, motor vehicles, boats, caravans or utilise any type of credit to complete your purchase you will probably find your details have been registered by the secure part on the Personal Property Securities Register (PPSR).
The details registered will include your name, date of birth, address and a description of the purchase of goods.
Please note that the PPSR record does not record the financial details of the transaction such as the amount borrowed or the value of the item/s.
When your information has been registered by either the Lender, Finance Company or Bank you must be sent a copy of the statement unless you waived this right at the time of signing your agreement. So it is always important to read the fine print in any Contract you enter into.
If you notice that any of the details are incorrect you have the right to ask them to be corrected. If you owe money on the items you wish to sell you should not sell them without the written permission of the company you owe the money to as they may require to the debt to be repaid from the sale proceeds. If you do not you risk the person you sold the goods to of a possible repossession by the Creditor.
When an Agreement for Sale and Purchase is completed and the chattels are listed in the Agreement your Conveyancing Practitioner must complete a Personal Property Securities Register Search to ensure the chattels are not subject to any hire purchase agreement. The last thing you want is to have your property conveyancing completed and then discover someone is knocking on the door to repossess items.
For more information visit us @ https://www.propertyconveyancingservices.com or connect with our facebook @ https://www.facebook.com/conveyancingservices.
To your success Cheers Kim 
