It’s the end of an era which may have some home owners feeling a little nostalgic…
The Torrens system of land titles was first introduced in South Australia in 1858, with Victoria recorded as one of the first states to adopt it. But 166 years later, it’s all changed.
As of August 2024, all new property titles in Victoria are now being issued in electronic format as we move to a fully electronic title system.
Land transactions that involve an existing paper title will see that paper title cancelled and a new electronic title issued, so that over time the remaining paper titles can be phased out.
It is a move reflecting the current state of industries such as the finance sector, where most paper titles held by banks (such as mortgages) have already been cancelled and replaced by electronic titles.
RIP, paper titles.
Photo by Sear Greyson on Unsplash
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