13 Sep NO MORE PAPER – CANCELLATION OF PAPER CERTIFICATES OF TITLE
If you have a mortgage, chances are there is no longer a paper title deed. What does this mean? Well, your bank probably didn’t tell you, but during the month of September all paper certificates of title will be destroyed and converted to an eCT (electronic certificate of title) by the NSW Land Registry Service. The conversion to eCT’s is part of the move to electronic conveyancing mandated by the State Government. In 2016 the Minister for Finance, Services and Property mandated a timeline for the take-up of electronic conveyancing and included a date of 1 July 2019 for replacement of all paper certificates of title with eCTs.
On the cancellation of a paper certificate of title, a recording on the relevant title will be made to show that an eCT is issued:
“NO CERTIFICATE OF TITLE HAS ISSUED FOR THE CURRENT EDITION OF THIS FOLIO. CONTROL OF THE RIGHT TO DEAL IS HELD BY [mortgagee name]”
Electronic conveyancing actually commenced in October 2013, allowing a mortgage or a discharge of mortgage to be lodged electronically, then expanded to include transfers in late 2014. Since 1 July 2018 you are required to electronically lodge all caveats and standalone transfers, mortgages, and discharges of mortgage. A future sale will likely have to be effected electronically, currently via the PEXA system, with all mainstream property transactions to be lodged electronically by 1 July 2019. All paper certificates of title will be cancelled by this date even if you hold it in your safe at home. At present in NSW, PEXA is owned by the big four banks, Macquarie Bank and the State government.
Read More: Bulk Conversion
If you have any queries please feel free to contact us:
Yvette Essenstam on 9976 0231 or email firstname.lastname@example.org