Paper Certificates of Title – The world as we know it is changing

The way in which the Titles Registrydeals with paper certificates of title (paper CTs) will change before the endof 2019.

On 26 March 2019, a Bill was passed inParliament to amend the Land Title Act1994.  The amendments mean that from1 October 2019, paper CTS will no longer have any legal effect.  The electronic title held in the TitlesRegistry will continue to be conclusive of ownership and other interests inland in Queensland.  The Titles Registryadvises that only about 11% of titles in Queensland still have a paper CT inexistence.

From 1 October 2019, a paper CT willbecome an item of historic or sentimental value only and will no longer need tobe deposited with the Titles Registry when a dealing is ledged over thetitle.  From that date, there will be norequirement for disposing of any existing paper CT, they will not need to bedestroyed or brought into the Titles Registry, nor will they need to bedispensed with for a transaction to proceed.

Sometimes a paper CT is held as a formof security.  In those circumstancesclients need to act quickly to ensure they have adequate security.

Until 1 October 2019, the currentlegislative provisions that govern paper CTs remain in place.  This means that transactions, where there isa paper CT, will generally still need that paper CT to be deposited or aprocess to dispense with the paper CT is undertaken.  The only exceptions to this will be thosecurrently provided for by the Land TitleAct.

If you need further clarification, please call us.

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