No more Paper Titles
Although conveyancing in Queensland has been able to slowly filter out the number of paper titles in circulation over the years, up until October 1st there were still plenty of long-lost paper titles burdening the conveyancing process for Sellers and Buyers alike. This was set to change as on 26 March 2019 a Bill was passed in Parliament to amend the Land Title Act 1994 to remove the legal effect of physical paper titles on Queensland properties.
This new Bill took effect on 1 October 2019 and completely eliminated the need for destroying or dispensing any physical Certificates of Title when completing property transfers. This means no more tracking down paper titles from properties being sold for the first time in 25 years. There is no more worry about losing an original CT in the post or having damaged documents preventing the finalization of a conveyancing matter. There are no more moments of panic when you notice the small “yes” on the Title Search indicating that there is, in fact, a Certificate of Title issued for a particular property.
The relatively slow-moving industry of Queensland conveyancing has been making it’s way, bit by bit, towards a more efficient and streamlined model of effecting property transactions- the popularization of electronic settlements playing a major role in this notable change.
We are now exactly 1 month into this new era of strictly paperless titles, and I for one am extremely grateful for the continual modernisation of the conveyancing industry. Times change. People change. Thankfully, legislation changes as well, and we can only expect this progression to persist as the industry continues to grow.
For more information please call our office on 07 5444 1022 to speak with one of our conveyancing team members.