Land Registry Annual Report 2004/05 |
Building Trust |
Introducing title registration | ||||||||
The Land Titles Bill was enacted by the Legislative Council on 7 July 2004. The Land Titles Ordinance gazetted on 23 July 2004 lays the foundation for the introduction of a title registration system which will bring significant improvement to the system of maintaining land records in Hong Kong and increase the ease and security with which property transactions can be undertaken.
|
||||||||
The title registration system will bring a number of benefits. It will give greater certainty over title and simplify conveyancing. The title register will be conclusive evidence of the title. Members of the public can be certain that the registered owner is the legal owner on searching the title register. As the title register provides an up-to-date and authoritative point of reference, ownership and title can be easily ascertained. It will no longer be necessary to review the historical title deeds to establish the title as at present. The new system will give greater security to property interests. An indemnity scheme will be set up to protect any innocent party who suffers loss of ownership because of an entry or omission in the title register obtained through fraud or loss due to mistake by the Land Registry staff.
|
||||||||
All land registered under the title registration system will still be subject to overriding interests which are unregistered rights that affect land, such as rights of way, Chinese custom or customary rights and power of re-entry for breach of lease conditions. The Land Titles Ordinance limits and clearly defines what overriding interests may be asserted over property.
|
||||||||
|
•The Land Titles Ordinance Steering Committee | |
The Land Titles Ordinance Steering Committee, comprising the Land Registrar, his senior staff and representatives of the Law Society of Hong Kong, the Hong Kong Association of Banks, the Hong Kong Mortgage Corporation Limited, the Real Estate Developers Association, Heung Yee Kuk, Consumer Council and the Estate Agents Authority, reviews and monitors the progress on amendments to the Land Titles Ordinance, making of regulations, development of IT systems and education aspects of the new system. |
|
•The Land Titles Ordinance Review Committee | |
The Land Titles Ordinance Review Committee, comprising representatives from the Registry, the Law Society of Hong Kong and the Hong Kong Bar Association, suggests amendments to the Land Titles Ordinance and reviews the draft regulations. |
|
During 2005/06, a Title Registration Education Committee, comprising representatives of the Law Society of Hong Kong, Family Law Association, the Hong Kong Association of Banks and the Estate Agents Authority, will be set up. This will devise a public information programme to publicise the new system, prepare publicity materials and co-ordinate professional education programmes. |
Copyright Notice Disclaimer |
|