Land Transfer Bill passes third reading

New legislation to update the law for buying and selling of land has passed its third reading in Parliament.

And Information New Zealand (LINZ)  is implementing the Land Transfer Bill, which is expected to come into force in late 2018.

The Land Transfer Bill implements the Government’s response to the recommendations from the Law Commission’s 2010 report A New Land Transfer Act. The recommendations were aimed at modernising, simplifying, and consolidating the land transfer legislation for enhanced clarity and accessibility.

The legislation provides for improvements in redress in the situation that a property owner suffers as a result of mistake or fraud.

There are also extensions to the ability to withhold personal information to protect the personal safety of landowners and their families.

The Bill also introduces improvements to modernise transactions, in order to improve efficiency.

The new Act will affect people who work with the land title system such as property lawyers, conveyancers, banks, local authorities and some Government departments.

To read more about the Land Transfer Bill, click here.

 Image credit: Freepik