Paper Certificates of Title are soon to become a thing of the past. Earlier this year, the Queensland Government passed legislation which will mean as of 1 October 2019, paper Certificate of Titles will no longer have any legal effect.
Many homeowners may have a paper Certificate of Title stored away for safekeeping. A paper Certificate of Title is a paper record which evidences land ownership and the particulars of a property.
Up until 1994, every property in Queensland had a paper Certificate of Title issued. The primary purpose of obtaining a paper Certificate of Title was to prevent further dealings with the land from being lodged (such as a transfer of title, registration of mortgage or otherwise) without the paper Certificate being deposited with that dealing.
Paper Certificates have also been held by lenders as a type of security to ensure that a registered owner of the land repaid a loan or debt. Parties who hold paper Titles as a form of security should urgently make alternative arrangements before the legislative changes come into effect.
Since 1994, the Land Titles Registry have transferred the paper system to an electronic system in which Certificates of Title have not been automatically issued unless requested by the owners.
From 1 October 2019, paper Certificates of Title will be of sentimental and historical value only and will no longer need to be deposited when a property dealing is lodged. This will avoid the difficulties that arise from lost or misplaced paper Certificates of Title during a property conveyance. The Land Titles Registry electronic titling system will now be the sole point of reference for ownership and other interests in land in Queensland.
Source: Mcrossan & Amiet
From a broken chain sitting in a drawer to a bold statement piece in the window, Airlie Beach Gold Buyers welcomes customers with a straightforward approach to buying and selling gold. The locally owned business specialises in buying silver and gold, while also offering a carefully selected range of jewellery and bullion. At its core … […]
Regional luxury gets discussed as one market. A vineyard in the Barossa and a beachfront in Palm Cove fall under the same umbrella, but the buyers, the demand drivers and, over the past decade, the results are not uniform. Australia’s regional luxury housing market is often discussed as though it were a single market. In … […]