Paper Discharge of Mortgage and CT held in safe custody
Hi there, we hold paper discharges and paper certificates of title in our safe custody on behalf of clients. Are we able to lodge these paper documents physically at NSW Land Registry for registration up to the 1st July 2019? If the answer is no (looking at the timeline which says 1st March 2017 is the date for standalone mortgage discharges, I'm assuming the answer will be no), what are the implications for our clients and what will we need to do when they eventually need to be registered? Thanks Linda
Re: Paper Discharge of Mortgage and CT held in safe custody
I checked with NSW LRS. They will issue communications regarding this issue soon. (I was not given a firm date for release of the comms I am afraid).
In short, for the scenario you depict where your firm is in custody of a title and a signed discharge of mortgage, NSW LRS will afford a grace period for these dealings to be lodged, in paper, over the counter.
That said, if it were me, I would be making plans to get these dealings lodged.
What I can say is that, in VIC, when a mandate data passes, the Registrar only accepts dealings in paper over the counter where the dealing was signed before the mandate date.