The minister for land information said that New Zealand’s land transfer system will aim to be a world-leading solution for modern property transactions, reflecting the fact that most are now done online and make it more efficient.
“The land transfer system secures people’s ownership of land and provides certainty and fairness,” Mark Mitchell said following the passing of the bill to repeal the Land Transfer Act 1952 and Statutory Land Charges Registration Act 1928 and replace it with a new Land Transfer Act.
“This legislation provides for improvements in redress in the rare situation that a property owner suffers as a result of mistake or fraud,” added the minister.
The new law is expected to come into force in late 2018 and also has provisions for landowners to protect their personal information.
The basis of the legislation is not changing but the Registrar-General of Land Robbie Muir says there will be some changes that affect the professionals involved in land transactions, including banks and lawyers.
“Over the next year we will be consulting on the detail of changes to regulations, standards and guidance material with external key stakeholders,” said Mr Muir.
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