NSW Government Cancels Certificates of Title – What does that mean for you?
From October 11th, 2021, the NSW Government will no longer be issuing paper Certificates of Title and all existing Certificates of Title will be cancelled as the government transitions conveyancing from paper to digital.
But what does this all mean and how does it affect you?
How will title deed changes affect home owners?
The good news is, not much changes!
As a current property owner, you do not need to do anything as legal ownership details for your property are already in the Torrens Title Register.
This register will continue to be the single source of truth for land ownership in NSW, removing the need for paper certificates of property to settle a property purchase.
When you pay off your mortgage, you will no longer receive a Certificate of Title as you did previously, however, the Torrens Title Register will reflect your ownership of the property.
How will title deed changes affect home buyers?
The process just became a little bit easier. Whilst previously your conveyancer would need to obtain a physical certificate of property to settle your property purchase, it’s now completely digital.
These changes make the process simpler and reduce the risk of settlement delays, errors and fraud in the conveyancing process – however, it does mean that you can no longer act for yourself and will need a lawyer or conveyancer to complete property transactions.
Looking to purchase property?
Whilst now a conveyancer or property lawyer is a necessity, we have always advised our clients to work with a qualified professional when purchasing their property.
If you’re looking to purchase a property, we’re here to help with all of your finance needs and can put you in touch with a number of professional conveyancers and property lawyers who can help you secure your next property.