On 22 September 2016 the Land and Property Information NSW (Authorised Transaction) Act 2016 was passed. The Act established the mechanisms for the Registrar General to be the regulator of a privately operated land titles business.
Key aspects of this new regulator operator arrangement are:
- Land titles will continue to be guaranteed by the State, backed by the Torrens Assurance Fund.
- The State will retains ownership of all data
- Physical records, primary copies of electronic data and back up copies will be kept in Australia
- Property sales information will continue to be offered by the State under its open data policy
- Prices of regulated services will only be permitted to increase by up to CPI.
The legislation includes a four-year employment guarantee for award staff in LPI.
How does the regulator operator model work?
The Land and Property Information NSW (Authorised Transaction) Act 2016 provides for an authorised operator to operate and maintain the register, the delegation of the titling and registry functions from the Registrar General to the operator, and the functions of the Minister and the Registrar General in overseeing the authorised concession.
The Act makes amendments to the Real Property Act 1900 and other land titles legislation to allow the operator to perform the operational functions of the register, but under the oversight of the Registrar General.
The legislative and policy framework
Under these new arrangements, the Registrar General will be responsible to ensure that the requirements of the Real Property Act 1900, the Conveyancing Act 1919 and other legislation are performed. The power and duty to register dealings and plans will be delegated to the authorised operator, who will be required to comply with all Acts and laws applying to land registration.
The Registrar General will put in place rules and requirements to enable stakeholders to engage effectively with the registry business. These requirements will take the form of lodgement rules. The Registrar General's Directions will also continue to be provided as guidelines.
This will mean stakeholders will not experience any material changes in titling processes under the private sector operation.