From the desk of the REINSW
"MOVING TOWARDS A UNIFORM TORRENS TITLE
With nine jurisdictions, laws dealing with property transactions across borders are inconsistent. A uniform real property act and consistent conveyancing legislation would make transactions far simpler. The benefits would be: lower costs for transactions involving multiple properties across jurisdictions; lower compliance costs for property owners with national operations; and increased mobility of legal and industry professionals.
REIA has long been advocating for standardising and harmonising property dealings nationally and has identified this as an issue that requires sustained action. To address this, the Property Law Reform Alliance (PLRA), an industry
body of which REIA is a member, was formed. The PLRA is committed to achieving uniformity by pursuing the reform of real property laws and procedures in Australia. The PLRA has demonstrated that, given the will and a spirit of co-operation, it should be feasible to develop uniform Torrens title legislation that will meet the requirements of all Australian jurisdictions.
In order to bring about reform, PLRA has had discussions with various
Government representatives and Attorneys-General regarding the development of the Model Real Property Act and the need for uniform real property legislation. PLRA developed an outline for a Uniform Torrens Title Act (UTTA) in 2010, which was then developed into a draft model Act by Emeritus
Professor Peter Butt from the Sydney University Law School. The UTTA was released for comment by the public and stakeholders with comments closing earlier this year.
They indicated that lease registration, caveats/priorities and the method
for removing caveats are likely to be the most contentious issues to
resolve. Whilst the feedback was positive and constructive, it was felt
that additional time should be allowed for some state law societies and
government agencies to provide input.
A public launch of the Uniform Torrens Title Act is anticipated in 2014. REIA News will provide updates in future editions."
"MOVING TOWARDS A UNIFORM TORRENS TITLE
With nine jurisdictions, laws dealing with property transactions across borders are inconsistent. A uniform real property act and consistent conveyancing legislation would make transactions far simpler. The benefits would be: lower costs for transactions involving multiple properties across jurisdictions; lower compliance costs for property owners with national operations; and increased mobility of legal and industry professionals.
REIA has long been advocating for standardising and harmonising property dealings nationally and has identified this as an issue that requires sustained action. To address this, the Property Law Reform Alliance (PLRA), an industry
body of which REIA is a member, was formed. The PLRA is committed to achieving uniformity by pursuing the reform of real property laws and procedures in Australia. The PLRA has demonstrated that, given the will and a spirit of co-operation, it should be feasible to develop uniform Torrens title legislation that will meet the requirements of all Australian jurisdictions.
In order to bring about reform, PLRA has had discussions with various
Government representatives and Attorneys-General regarding the development of the Model Real Property Act and the need for uniform real property legislation. PLRA developed an outline for a Uniform Torrens Title Act (UTTA) in 2010, which was then developed into a draft model Act by Emeritus
Professor Peter Butt from the Sydney University Law School. The UTTA was released for comment by the public and stakeholders with comments closing earlier this year.
They indicated that lease registration, caveats/priorities and the method
for removing caveats are likely to be the most contentious issues to
resolve. Whilst the feedback was positive and constructive, it was felt
that additional time should be allowed for some state law societies and
government agencies to provide input.
A public launch of the Uniform Torrens Title Act is anticipated in 2014. REIA News will provide updates in future editions."
