The Queensland Government has recently passed laws which will effectively end the legal effect and status of Certificates of Title (title deeds) issued with respect to land in Queensland.
Queensland has operated an electronic titling system for many years now, however, a paper title deed could still be sought for various purposes if the proprietor requested that one be issued.
The primary purpose associated with obtaining a paper Certificate of Title was to prevent further dealings with the land from being lodged (such as a transfer of title, and registration of leases, mortgages and certain charges) without the paper Certificate being deposited with that dealing.
A secondary purpose was that the paper Certificate of Title could be held by a lender or charge holder as a type of security to ensure that a proprietor of land complied with its obligations (such as repayment of a debt).
From 1 October 2019, the paper Certificate of Title will no longer need to be lodged to enable dealings with land to be lodged and registered, effectively ending the legal status of the documents. We would, therefore, expect that reference to a paper Certificate of Title having been issued will be removed from the Titles Register altogether.
Parties who hold paper Certificates of Title as a form of security should urgently seek legal advice as holding the certificate as security will no longer have any effect from 1 October 2019.
Certificates of Title will not be issued by the Titles Office after 1 October 2019.
If you have a paper Certificate of Title, you will be able to keep it for historical or sentimental reasons if you wish.
Should you have any queries or wish to obtain legal advice, please do not hesitate to contact the solicitors at ABKJ Lawyers.