No more paper Certificates of Title
Historically, a Certificate of Title was a document which provided written evidence of a person’s right to ownership of a property.
In 1994, the Titles Office became “electronic” and a “CT” no longer automatically issued but could be provided on application for one. In an effort to push towards an electronic conveyancing system, from 1 October 2019, hard copy CT’s will be redundant.
On March 26, 2019, the Queensland Government passed an amendment to The Land Title Act 1994 (QLD) which will see the electronic title maintained by the Titles Registry as the only record of ownership. There will be no requirement to lodge existing paper certificates to the Titles Office during a property transaction.
What if I have a paper Certificate of Title?
Keep it somewhere safe until 1 October 2019 until the changes take place. After that you can do what you like with it and many people may keep them for sentimental reasons.
If SPM Law hold your CT in our safe custody please be assured that it will remain there until you request otherwise (or the property is sold by you).
Another impact of the amendment will be for some transactions where the paper CT’s were held as security (as there could be no dealing registered on title without it). This was sometimes the case where it was used as security for repayment of loans rather than register a mortgage. In future this will no longer be sufficient to secure repayment under the loan as the title can be dealt with without the need for production of the CT.
If you would like further advice regarding these changes, please call our team at SPM Law 5440 4800
According to the Property Council of Australia, in 2014, there were more than 2300 retirement villages in Australia and around 184,000 seniors living in retirement villages. However that figure is expected to double with some predicting as many as 382,000 people will be living in retirement villages by 2025.View All News