Land Transfer Laws Get a Makeover
A new Bill to be introduced next year is set to make purchasing a home easier and safer by modernising and streamlining New Zealand’s land transfer legislation, the government announced this week.
The Law Commission’s review of the Land Transfer Act 1952, contained in the report A New Land Transfer Act, proposes new legislation that will provide greater protection and clarity for those involved with property transactions in New Zealand.
The government has agreed to adopt all of the Law Commission’s recommendations in the new Land Transfer Act to modernise and simplify land transfer legislation.
“This will make the legislation more accessible, which is important because for many New Zealanders, buying a home is the biggest investment they will ever make,” Mr Williamson said.
“New Zealand has a modern, electronic land transfer system that enables people to buy, sell, mortgage, and lease land in an efficient manner but the system is not supported by modern legislation.
“Some provisions in the Land Transfer Act have been carried over from Acts passed more than 100 years ago,” he said.
Mr Williamson said the proposed Bill would introduce measures to better protect homeowners.
For example, a Court will be able to (in cases of clear injustice) order correction of the register to avoid a registered owner losing their home through fraud.
“A land transfer system that provides people and businesses with secure property rights is a prerequisite for a prosperous, sustainable economy,” Mr Williamson said.Tags: Land Transfer Act, land transfer laws, New Zealand