Last updated: 5 September 2019
Jurisdiction: NSW
Additional Resources: Help Card
Overview
A Consent document is an authorisation document required by the NSW Land Registry for the successful lodgement of a property transaction.
Control of Right to Deal (CoRD) Holder
Control of the Right to Deal (CoRD) in a particular real property title is the right of the holder of the first-ranking registered mortgage on the title to control the registration of instruments affecting ownership of the estate or other registered interests in the estate. It is the right of a first-ranking registered mortgage holder to control what interests are registered on or removed from a title.
When there are no registered interests on a title, CoRD is held by the registered proprietor of the estate along with the Right to Deal in the title.
CoRD is evidenced in NSW by legitimate possession of the Certificate of Title.
CoRD evidence is information that proves authority over the title.
Evidence types include:
- Name in CoRD record in Land Title
- Duplicate Certificate of Title
- Production Receipt
Certificates of Title
The Certificate of Title (CT) is essentially a copy of the state of the title in the Torrens Register of Titles following the most recent change to the title.
CTs are routinely issued by the Land Registry after each registration affecting the interests on a title and delivered to the party who lodged the instruments registered on the title. In the event that the lodging party is not the CoRD Holder, the CT is on-delivered by the lodging party to the CoRD Holder for use in evidencing CoRD in a subsequent presentation of instruments to the Land Registry for lodgement and registration.
The CT is required by the Land Registry for the lodgement of instruments affecting interests on the title. If the CT is not available, the instruments will not be lodged or registered by the Land Registry. For example, when instruments and the CT are obtained by the purchaser or incoming mortgagee after a settlement, that party can determine when the instruments are presented to the Land Registry for lodgement in the knowledge and confidence that no competing instruments will be lodged by the Land Registry ahead of them and gain registration priority.
Electronic Consents
The electronic consents that will substitute for the inclusion of the CT in electronic and paper lodgement cases presented to the Land Registry in the future are to be of three types:
- Transacting Party Consents
- Third Party Consents
- Conversion to No-CT Consents
Transacting Party and Third Party Consents are to be used to support both electronic and paper transactions, with Transacting Party Consents being by far the most commonly used. They are for use in both electronic and paper transactions when a CT is on issue for the title as well as when the title has been converted to No-CT.
Conversion to No-CT Consents are used for conversion of titles to No-CT by the title’s eligible CoRD Holder and are not for use in conjunction with transactions.
Consent Roles
Roles: To be able to create a Consent document you have to be a Mortgagee on Title, an Incoming Mortgagee or CT Controller.
Transacting Party Consent
Transacting Party Consents are to be prepared and digitally signed by or on behalf of the CoRD Holder who is a participant in a transaction.
When the CoRD Holder is the Registered Proprietor as Vendor, the consent is to include, as evidence of the Vendor being the CoRD Holder, either:
- the CAC of the CAC-CT held by the Registered Proprietor, or
- the Production Receipt Number issued by the Land Registry for the non-CAC CT’s prior production to the Land Registry.
When the CoRD Holder is a Discharging Mortgagee, the consent is to include, as evidence of the Discharging Mortgagee being the CoRD Holder:
- the name of the CoRD Holder as recorded by the Land Registry as first mortgagee on the title, and
- the CAC when a CAC-CT is held by the Discharging Mortgagee.
Third Party Consent
Third Party Consents are to be prepared and digitally signed by or on behalf of the CoRD Holder when the CoRD Holder is not a transacting party.
The consent is to include, as evidence of the provider being the CoRD Holder, either:
- the name of the CoRD Holder as recorded by the Land Registry when No-CT is on issue, or
- the CAC when a CAC-CT is on issue, or
- the Production Receipt Number when a non-CAC CT is on issue and it has been produced in advance to the Land Registry.
Conversion to No CT
Conversion to No-CT Consents can only be used by CoRD Holders eligible for No-CT. They are not associated with a transaction and are solely for the conversion of up to 20 specific titles at a time to No-CT while ever the CoRD Holder for those titles remains unchanged.
The consent will include, as evidence of the provider holding the CT and/or being the CoRD Holder:
- the name of the regulated financial institution Subscriber as recorded by the Land Registry as the only or first mortgagee, and
- the CAC when a CAC-CT is on issue.
