New Land Transfer legislation passes third reading
Parliament has given a third reading to the Land Transfer Bill, which repeals the Land Transfer Act 1952 and Statutory Land Charges Registration Act 1928.
The new legislation will come into force on a date to be appointed by Order in Council.
The bill modernises the 1952 Act and continues and maintains the Torrens system of land titles in New Zealand. In its submission on the bill, the New Zealand Law Society noted that the original version did not refer to maintenance of integrity of title, However, this has now been included, and the purposes clause of the new legislation states that the bill is to maintain the integrity of title to estates and interests in land.
“The Land Transfer Bill reflects the fact that the majority of property transactions are now done online,” Land Information Minister Mark Mitchell says.
“This legislation provides for improvements in redress in the rare situation that a property owner suffers as a result of mistake or fraud. There are also extensions to the ability to withhold personal information to protect the personal safety of landowners and their families. The Bill introduces improvements to modernise transactions, which will make the system more efficient."
Mr Michell says the new legislation is expected to come into force in late 2018.
The Registrar-General of Land, Robbie Muir, says while the fundamentals of the land title system are not changing, the new legislation modernises the statutory framework for electronic land registration and implements other reforms adopted from the Law Commission’s well received review of the 1952 Act.
Last updated on the 16th September 2019