Further to our post from 12 June (below), the Registrar General of NSW has declared that 11 October 2021 will be the date in which all certificate of titles will be abolished. This date will be known as ‘cessation day’.
From cessation day, all current certificate of titles will have no legal effect and the Registrar General will no longer issue certificates of title.
The Registrar General has also declared that from 11 October 2021 paper dealings will no longer be accepted for lodgement and only electronic dealings will be accepted.
With the final steps being taken to move land dealings to an electronic process, we anticipate that many other technological applications, such as online Verification of Identity, will increase.
For now until 11 October 2021, a number of changes will be made to various rules and legislation. Individuals will not need to take any steps for the abolition of certificate of titles. They will simply have no legal relevance after the cessation date.
If you have any questions in relation to the abolition of certificate of titles or the move to electronic dealings, the Origin Lawyers team is always here to assist.
On 11 May 2021, the Real Property Amendment (Certificates of Title) Bill 2021 was passed in NSW Parliament. This Bill allows for the cancellation of paper titles and allows for 100% electronic lodgement of land transactions. This move is unsurprising as we have slowly moved away from paper-based processes since the introduction of PEXA in NSW in 2013 and it becoming mandatory for all conveyancing transactions in NSW since 1 July 2019.
The plan is to completely remove paper titles by the end of 2021 and for all existing Certificates of Titles to be cancelled, with paper versions no longer being issued by NSW Land Registry Services. It might be that Certificates of Title, as we know them today, become part of our Torrens Title history and might make a nice memento or keepsake.
More information is slowly becoming available as steps unfold to move toward being 100% digital. Watch this space for further updates and further information relating to the obligations for lawyers holding certificates of title on behalf of their clients together with what you or your bank might need to do as that information comes to hand.