Larry is the owner of an old system property in Glebe, New South Wales. He plans to travel for a three-month period. He locks his documents that form his chain of title and establish the good root of title securely in his desk drawer; however, while he is away, his flatmate, Boris breaks the drawer open and steals the documents.

Boris then pretends to be Larry and sells the property to Shawn who is innocent as to what has happened with the stolen title documents. Boris prepares a Deed of Conveyance from Larry to Shawn and forges Larry's signature on the Conveyance. He notes himself as witness to the Deed and hands this over to Shawn in return for the full purchase price of $450,000. He then disappears with the money and Shawn registers his Deed of Conveyance in the General Registry of Deeds. Larry returns from his travels to find Shawn living in his house and no sign of Boris or the money.

Who owns the property? Why?