Hi ,
It's the end of an era which may have some home
owners feeling a little nostalgic!
From the 3rd August 2024, all new property titles in Victoria will be issued in electronic format as we move to a fully electronic title system.
Land transactions that involve an existing paper title will see that paper title cancelled and a new electronic title issued, so that over time the remaining paper titles can be phased out.
It is a move reflecting the current state of
industries such as the finance sector, where most paper titles held by banks (such as mortgages) have already been cancelled and replaced by electronic titles.
The Torrens system of land titles was first introduced in South Australia in 1858, with Victoria recorded as one of the first states to adopt
it.
If this little slice of history is important to you, you can apply for a copy of the paper title before August 3rd 2024, but only if you own the property and hold a clear title, that is there is no mortgage held over the property.