- The NSW Government intends to set 11 October 2021 as the date on which paper Certificates of Title (‘CT’s) are abolished.
- This move is part of the transition to 100 per cent eConveyancing, which is a faster, more efficient and more accurate way to deal with property transactions.
- The Office of the Registrar General will provide comprehensive guidance and assistance to help practitioners manage the change.
The Real Property Amendment (Certificates of Title) Act 2021 received assent on 24 May 2021, enabling the NSW Government to move forward with its plans to abolish Certificates of Title (‘CTs‘). Control of the Right to Deal (‘CoRD’) notifications given to first registered mortgagees will also be abolished.
Cessation day: setting a date for change
Section 33AAA of the Real Property Act 1900 (‘the Act’) gives the Registrar General power to declare a day on which CTs will cease to be issued – known as ‘cessation day’. The declaration must be made at least three months before the cessation day, which means practitioners and industry will have time to prepare for any changes.
On and from cessation day, CTs will have no legal effect. Once the Real Property Amendment (Certificates of Title) Act 2021 is proclaimed, it will amend the Act so the Registrar General will no longer be required to issue CTs, or issue CoRD to an Authorised Deposit Taking Institution on the registration of a first mortgage. CTs will also no longer have to be produced to enable the registration of a dealing.
Current timelines identify 11 October 2021 as the proposed cessation day and proclamation, however practitioners should check for updates at:
100 per cent eConveyancing: the final step
The clearly stated goal of the NSW Government is to transition to a wholly electronic system for conveyancing.
eConveyancing already accounts for nearly 95 per cent of all conveyancing transactions being settled and lodged. While the cessation of CTs and CoRD is an important part of this transition, the final step is to mandate the remaining dealings to be lodged electronically.