As part of its progression to 100% eConveyancing, the New South Wales Government has recently announced new changes to the land titles system, which will take effect from 11 October 2021.
Significantly, the Real Property Amendment (Certificates of Title) Act 2021 makes several changes to legislation, which allows for the cancellation of Certificates of Title (CTs) and changes the Right of Control to Deal (CoRD) framework, as well as the electronic lodgement of all land dealings.
This means that from 11 October 2021, existing CTs will be cancelled. CTs will no longer be issued to those who pay off their mortgage, purchase a property without a mortgage or for new parcels of land created upon registration of a plan of subdivision. The changes also extend to Authorised Deposit-Taking Institutions, such as banks, as they will not be issued with CoRD, which is the electronic equivalent of a CT.
In its move away from CTs and CoRD, the NSW Land Registry Services will issue an Information Notice for all land dealings. The Information Notice will include the title details, the dealing(s) that were registered, including their registration number(s), the subscriber’s preference, and the registration date. The registration of these dealings will be updated on the Torrens Title Register.
The Torrens Title Register that NSW Land Registry Services maintain will continue to be the single source of truth regarding property ownership. A Title Search may be obtained from NSW Land Registry Services, which will provide the most accurate and up to date title information regarding the property.
There is nothing that you must do prior to 11 October 2021. After this date, the CTs will be cancelled and no longer be a legal document.