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 and provided protection against the unauthorised dealings with that land.
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. This commences on October 1, 2019.
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. We will contact our safe custody clients by mail or email advising of options relating to your document.
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
A Power of Attorney is an Important tool to have – especially now.
Your Business Checklist… are you ready? Power of Attorney is an Important tool to have – especially now. We are all anxious about the future. The challenges that coronavirus will bring are unprecedented, ever changing and daunting. However, there is something you can do now that could help you and your business if you end up needing to self-isolate or quarantine.View All News