Land & Property Information (LPI) has commissioned an extensive study into the role of the Certificate of Title in conveyancing. The result of the study is a series of reports expected to inform and facilitate a national solution that can be applied in both electronic and paper-based conveyancing transactions.
The NSW Certificate of Title Solution for Concurrent & Paper-based Conveyancing reports published here are therefore not reflective of an agreed national solution but are intended for sharing with all stakeholders including other jurisdictions as part of a broad consultation process.
The published CT Solution reports are:
The traditional paper CT is a physical document that is prima facie not compatible with an electronic conveyancing and registration process. This non-compatibility arises from the administrative burden and time delay necessary to accommodate the processing of the traditional CT in the electronic conveyancing process.
While elimination of the CT seemingly reduces the administrative burden for electronic conveyancing, it requires consideration of alternative safeguards that may have significant impacts on risk management for conveyancing generally and for registration of paper-based instruments in particular. The study required the identification of an optimal preferred CT solution for concurrent electronic and paper-based conveyancing and registration processes. A comprehensive determination, evaluation and justification of the CT solution is considered essential to avoid outcomes or perceived outcomes that removing the CT weakens the risk management framework and leads to a higher incidence of fraudulent transactions, especially third-party fraud.
The advice sought required a structured and evidence-based assessment of the risks to be addressed, the efficacy and efficiency of potential solutions and the performance objectives necessary to satisfy stakeholders in determining a preferred CT solution for concurrent electronic and paper-based conveyancing and registration in NSW.
LPI will be conducting follow-up consultation on the CT Solution requirements for NSW. Details of the consultation arrangements will be published as soon as they are finalised. An economic appraisal and a supporting summary brief is also underway and will be published along-side this suite of reports to provide a basic overview.