From today, 1 October 2019, paper Certificates of Title will no longer have any legal effect and will not be required to be deposited with the Titles Registry when dealing with property. A paper Certificate of Title will simply now become an item of historic or sentimental value. Any existing paper Certificate will not need to be destroyed or deposited with the Titles Registry, nor will they need to be dispensed with for a transaction to proceed.
If you hold a paper certificate of title as security for a debt you might consider registering a mortgage against a debtors property as a new form of security. You should seek further legal advice in relation to protecting your interests.
If you have any questions or concerns about these changes feel free to contact our Property team on (07) 4617 8777 or (07) 3009 6555.