Land Use Victoria is phasing out the use of paper certificates of title. This will come into effect on 3 August 2024. This is part of the state government’s effort to transition to electronic registers. It is an initiative to make transactions faster, simpler, and more secure. An electronic certificate of title makes for a fully electronic conveyancing process with the registration process completed in minutes. Further, the discontinuation of printing 150,000 certificates of title each year in Victoria reduces the sector’s environmental impact. It also aligns Victoria with other states and territories around the country to streamline the national approach.
Land and property owners and real estate professionals do not need to adjust their practices. The new process does not directly impact agents. Electronic certificates of title will be held by banks in case of mortgages, a conveyancer or lawyer, or by the Victorian Registrar of Title. Land and property owners can be advised that if they hold an existing paper certificate title, they can keep it in a safe location until they need it. Land and property owners can consult their bank, conveyancer, or lawyer if they are looking to mortgage or sell off their property.
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