Changes to the land title system and its impact on landowners
The NSW Government is introducing changes to transition the conveyancing process from paper to digital.
The Real Property Amendment (Certificates of Title) Act 2021 makes several changes to legislation, importantly allowing for the cancellation of certificates of title and progressing NSW to 100% electronic lodgement of land transactions (100% eConveyancing).
From 11 October 2021, paper Certificates of Title (CT) will no longer be issued, and existing Certificates of Title will be cancelled.
Removing the need for paper Certificates of Title to settle a property purchase will:
• simplify the conveyancing process
• reduce the risk of settlement delays
• reduce the risk of errors and fraud in the conveyancing process.
There are three main changes from the current practice for landowners:
- Those who pay off their mortgage will not receive a CT as was traditionally the case.
- A purchaser of property without the need for a mortgage (aka “cash-buyer”) will not receive a CT.
- When a plan of subdivision is registered, and new parcels of land created, CTs (or CoRD) will no longer be issued for those parcels.
In all instances an Information Notice will issue, which will confirm the dealings registered and date of registration.
Visit the Office of the Registrar General’s website for more information and contact us if you have any questions.
