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...
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by Nicola WilsonBusiness Development ManagerVictoria and South AustraliaFirst Title – Title Insurance Most land in Victoria is registered under what is known as the “Torrens System” of land registration. While the system was adequate when introduced in the 1800’s, Sir Robert Torrens did not anticipate the way in which 3 levels of government would affect land ownership a hundred years later. Nicola Wilson, Business Development Manager – VIC & SA for First Title explains...
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