Regulatory Impact Statement - Draft Real Property Regulation 2019
The Office of the Registrar General (ORG) has released a Regulatory Impact Statement (RIS) and draft Real Property Regulation 2019 which is now available on the ORG website.
What is the purpose of the Real Property Regulation 2019 (the ‘Regulation)?
The proposed Regulation will remake the existing Real Property Regulation 2014 which is tobe repealed on 1 September 2019 under the Subordinate Legislation Act 1989.
The proposed Regulation remakes the current Regulation with only minimal amendments including:
- Confirming the application of the Regulation in addition to the Conveyancing Rules and Lodgment Rules made by the Registrar General under s. 12E and s. 12F of the Real Property Act 1900.
- Increasing the period for the retention of documents (from 12 months to 7 years) where a plan is lodged in electronic form.
What is the purpose of the Regulatory Impact Statement (RIS)?
The RIS sets out in full the details of the proposed amendments as well as a cost/benefit assessment of the proposed amendments. The proposed Regulation has been released with the RIS so that interested parties can review it and provide comments and suggestions.
Submissions will be accepted until Friday 12 July 2019.
Submissions received will be considered and may result in amendments to the proposed Regulation. The Regulation will be finalised and published on the NSW Legislation website to enable it to commence on 1 September 2019.