Paper Certificates of Title – The world as we know it is changing
The way in which the Titles Registry deals with paper certificates of title (paper CTs) will change before the end of 2019.
On 26 March 2019, a Bill was passed in Parliament to amend the Land Title Act 1994. The amendments mean that from 1 October 2019, paper CTS will no longer have any legal effect. The electronic title held in the Titles Registry will continue to be conclusive of ownership and other interests in land in Queensland. The Titles Registry advises that only about 11% of titles in Queensland still have a paper CT in existence.
From 1 October 2019, a paper CT will become an item of historic or sentimental value only and will no longer need to be deposited with the Titles Registry when a dealing is ledged over the title. From that date, there will be no requirement for disposing of any existing paper CT, they will not need to be destroyed or brought into the Titles Registry, nor will they need to be dispensed with for a transaction to proceed.
Sometimes a paper CT is held as a form of security. In those circumstances clients need to act quickly to ensure they have adequate security.
Until 1 October 2019, the current legislative provisions that govern paper CTs remain in place. This means that transactions, where there is a paper CT, will generally still need that paper CT to be deposited or a process to dispense with the paper CT is undertaken. The only exceptions to this will be those currently provided for by the Land Title Act.
If you need further clarification, please call us.
Disclaimer: Reliance on content.
The material distributed is general information only. The information supplied is not and is not intended to be, legal or other professional advice, nor should it be relied upon as such. You should seek legal or professional advice in relation to your specific situation.