Australia’s big four banks have quietly destroyed all paper land titles they hold for 1.6 million Victorian mortgagees, forcing property owners to use a bank-owned electronic transaction system.
Any future sales of properties whose titles are held by the bank will need to be transacted, at least in part, electronically.
The mass destruction of paper titles and their replacement with electronic certificates has been questioned by property lawyers who fear it will compromise security and effectively outsource the 150-year-old Torrens title system to private operators.
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