Queensland Bills Explanatory Notes

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LAND TITLE AMENDMENT BILL 1996

                                       1
                            Land Title Amendment


   LAND TITLE AMENDMENT BILL 1996

                      EXPLANATORY NOTE


GENERAL OUTLINE


Objectives of the Legislation
  The principal objective of the legislation is to allow for the issuing of
certificates of title on request even where the title is encumbered by a
mortgage.


The Reasons for the Bill
    The Land Title Act 1994 makes provision for the issue of certificates of
title on written request of owners whose land is not mortgaged. A certificate
of title is the owner's copy of the information held by the Registrar of
Titles. This legislation extends the ability of obtaining a certificate of title
and will enable those who feel more comfortable with a printed certificate of
title to be held by their bank. Currently they can not.


Estimated Cost for Government Implementation
   ATS modifications should be less than $1,000. Currently some 40% of
the individuals capable of obtaining a certificate title do so. If the same
proportion of owners request a certificate title when the land is encumbered
by a mortgage it will result in approximately 6,075 additional certificates
being printed each month. This will equate to approximately $1,050 per
month in printing consumables. If a large public acceptance of this
amendment occurs and requests for certificates of title are made by an
expected 20 to 40% of clients, the land title system would have to deal with
approximately 64,000 to 128,000 such requests. Depending on the rate of
application this could result in increased workloads and possible need for
overtime. There are no other estimated costs for the introduction of this
legislation.
 
 
                                       2
                            Land Title Amendment


Consultation
  The following groups have been advised in relation to the Bill.
     ·    The Australian Bankers Association
     ·    The Finance Conference of Australia
     ·    The Queensland Law Society


Fundamental Legislative Principles
  This Bill does not breach any fundamental legislative principles.


NOTES ON PROVISIONS


  Clause 1 contains the short title.
  Clause 2 indicates this Bill amends the Land Title Act 1994.
  Clause 3 The previous Section 42 has been altered in sub-clause 2 which
prevented the Registrar from printing a title when a mortgage was on the
property. It has been amended to indicate that the Registrar may issue a
certificate of title when there is a mortgage on the property but only if the
mortgagee consents to the issue of the certificate. Sub-clause 4 of Section
42 has also been amended to simplify the words that indicate that the
Registrar must give the Certificate of Title to the person stated in the
owner's request.



                            © The State of Queensland 1996

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