Cancellation of certificates of title
The Office of the Registrar General is pleased to announce the release of the position paper in response to the discussion paper entitled Certificates of title: the next evolution. The position paper outlines a plan for the future of certificates of title.
The discussion paper and position paper are available here:
The discussion paper outlined three potential models for the future of certificates of title.
Model 1 is to retain the status quo, where paper certificates of title (paper CTs) are retained for registered proprietors with unencumbered titles and non-Authorised Deposit-Taking Institutions (ADIs) listed as first mortgagees, and electronic certificates of titles (eCTs) are issued to ADIs with registered first mortgagees.
Model 2 is to convert all remaining paper CTs to eCTs, and retain consents for both registered mortgagees and registered proprietors with unencumbered titles.
Model 3 is to cancel all paper CTs and eCTs and remove the requirement to lodge consents.
After considering the feedback provided on the discussion paper, the Office of the Registrar General plans to proceed with Model 3. This model will provide the greatest efficiency within a secure and reliable electronic environment that includes strong requirements for verification of identity, right to deal and retention of proper evidence.
Legislative amendments will be required to implement Model 3.