PPSR for Individuals
Use the PPSR to Your Advantage When You Buy and Sell
PPSR for Individuals – What Is It?
PPSR for Individuals makes it easier to identify if personal property is used for security interest before you buy. If you are going to buy a used car, you need to run a PPSR search to find out the details of the car before you buy.
The Personal Property Security Register (PPSR) is the government-maintained database that protects consumers buying personal property. PPSR covers personal items such as cars, boats, motorbikes, artwork, and other types of personal property.
How Does the PPSR Check Work for Individuals?
PPSR is designed to protect individual buyers and sellers. Also,PPSR check allows them to find the information they need.
You should search the PPSR before you buy valuable goods. So, if you’re planning on buying a used car, you definitely should run a PPSR search. You can search the PPSR using the registration number. With this, you get information on the registration details, stolen vehicle check, and more.
You should register an encumbered personal property on the PPSR if: you are selling personal property on credit; using property as collateral for a loan; or giving out goods on consignment. When you do this, if the person tries to sell before the debt is cleared, the potential buyer can see the secured interest details and perhaps work out a debt clearance with the seller.
Registering also helps that if the party goes bankrupt, your goods can be returned to you because your security interest is noted as the primary one.
When can you use the PPSR Search?
Searching the PPSR is regulated by the PPS Act. The searches can only be done by someone for an authorized purpose. As an individual, you can search the PPSR if:
- You want to know if a personal property (such as a used car) has an existing security interest
- You have been given a person’s consent to do the search
- You want to decide whether to give someone credit
Understanding your PPSR Certificate
The PPSR Certificate will outline the PPSR registration details on the personal property.
If it shows no security interest, this means that the asset was not used as collateral for debt for the owner.
If the certificate details one or more registrations it means the property was used to secure a debt. If it’s for a car, then it’s considered a secured interest. You should work out a repayment with the seller before agreeing to buy, or your new car could be repossessed if the previous owner didn’t pay the debt.
What is in the PPSR Report on a Used Car?
A PPSR search gives you information in an easy to read PPSR Report on written off records, stolen car check, and car encumbrance details.
- Registration Details
- Finance Owing
- Stolen Vehicle Check
- Written Off Check
Get a PPSR Certificate
Run a PPSR Search before buying a used car