Today the Land Titles Amendment Bill 2022 has passed the Parliament.
Minister for Parks, Roger Jaensch, said the Bill enhanced Tasmania's current paper-based processes and supported our transition to the National Electronic Conveyancing System.
"The Rockliff Liberal Government is committed to introducing a single national electronic conveyancing system, with Tasmania being a signatory to the Council of Australian Governments Intergovernmental Agreement for Electronic Conveyancing National Law," Minister Jaensch said.
"This Agreement supports a new single national electronic system for settling real estate property transactions in all Australian States and Territories."
The process provides a convenient electronic way for legal practitioners, conveyancers, financial institutions and mortgage processors to:
- Prepare dealings and instruments to register changes in land ownership and interests;
- Settle financial transactions, including the ability to pay disbursements, duties and tax;
- Comply with State or Territory Revenue Office requirements;
- Lodge dealings and instruments with the relevant State or Territory Land Registry; and
- Receive confirmation of the lodgement of dealings and instruments.
Importantly, the Bill allows the Recorder of Titles to improve the integrity of conveyancing processes and provides the Land Titles Office with the agility to drive continual business improvement by making changes that reflect progressive and ongoing developments in other jurisdictions," Minister Jaensch said.
"This will improve the integrity of conveyancing processes, including the Register, and provide the Land Titles Office with the agility to drive continual business improvement by making changes that reflect progressive and ongoing developments in other jurisdictions," Minister Jaensch said.
Introducing these changes will allow the Recorder of Titles to mitigate fraud risk which will increase public confidence in the safety and integrity of Tasmania's land transactions.
