What is the PPSR?
The Personal Property Securities Register (PPSR) is a national online register which offers information to help out consumer for their protection when they are purchasing any personal property like cars, boats or artworks (land or building is not included). Making online PPSR search is easy.
One can check PPSR prior to buying any personal property; he or she can find that any personal property before buying has a security interest attached to it. It is very important as if any person purchases any property subjected to a security interest, it is possible that a person or entity having security interest will repossess the same. By giving just normal fee amount, a person can make a PPSR search that will offer him or her search certificate which will provide details of results of the search. There are millions of searches and registrations are performed every year on PPSR. Few popular search topics are as given below-
- Buying a car?
- Buying a motorcycle, trailer, caravan or other motor vehicles?
- Buying a boat?
- Other search options
- Verification of a search certificate
- Need of account
PPSR Search for Buying a Car
If a person is buying a car privately, there is need to perform a PPSR search for checking whether any amount of money owing on the car. In case, when search shows that there is any debt registered on the PPSR for car which one is going to buy and then he or she chooses to buy or lease the vehicle, seller stops making payments, then there exists little chance that finance company listed on PPSR can reach to the door of buyer and take the car away.
Kind of Protection Offered by PPSR Search Provider
In case, when PPSR search shows that there is no debt registered against the vehicle which one is going to buy, then he or she can choose either to buy or lease the vehicle on the same day of search or on next day. Usually, a person prefers to buy or lease the vehicle which is free from encumbrances or debt. A person can complete his or her PPSR search on the day or the day before making a purchase of a car to ensure that he or she has received protection provided by PPSR search.
Checking the Correctness of PPSR Search
If someone else has performed a search and offers a copy of the certificate, the details can be easily verified online. Getting a search requires no cost and also provides details according to initial search. When update version of search is required, there is need to perform a new search. A PPSR search also provides useful vehicle information from NEVDIS. It includes the details like car description, registration (plate) information, stolen and written off status.