From 1 October 2019, the Queensland Government will abolish Paper Certificates of Title. The change in legislation was passed in parliament in March 2019 to amend the Land Titles Act 1994. The amendments mean that from 1 October 2019, paper Certificates of Title will no longer have any legal effect.
The electronic title held in the Titles Registry will be the sole record for the ownership and the recording of interest in land in Queensland. The paper Certificate of Title will no longer be required to be presented at the Titles Registry when recording a transaction involving land.
However, in the past, the physical Certificate of Title was held as a form of security over a particular interest in land. From 1 October 2019, unless there is a mortgage recorded on the title then the holding of a paper certificate of title as security will have no effect.
If you hold a paper certificate of title as security, then you should review this by 1 October 2019. You might need to register a mortgage or arrange a security interest and/or personal guarantees.
Please contact our commercial team here at Creevey Russell Lawyers to discuss your options to protect your interests.