Q: My solicitor has never heard about Company Title.
Q: My solicitor advises against Company Title saying it’s over-ridden by the Titles Office.
A: There are two major forms of title to land which ensure that a person purchasing land is able to acquire a secure title to that land, in a process that facilitates timely and effective land dealings for the community – Company Title and Torrens System Title.
In Queensland, Company Title predates Torrens Title as its origins are set in the Registration of Deeds Act which preceded Torrens Title. Both forms of title to land continue in application today; both rely on preparation of instruments and documentation.
Company Title was widely known amongst and used by solicitors and property developers until the 1960s when State Governments brought in strata title, a form of Torrens Title. Strata or Community Title became widely taken up, as its legislation sets out a convenient form of ongoing management – CMS or constitution. Rather than have a solicitor start from scratch to draw up a constitution, the CMS could some costs. As a wider range of land professionals was familiar with the notion of subdivision (Strata Title is a form of subdivision) they inclined to applying Strata Title where previously they might have applied Company Title.
This preference for Torrens Title means that many land professionals today haven’t heard about Company Title or are poorly-informed about it.
During its widespread application, nobody had done what Tenure Solutions has done – prepare an up-to-date comprehensive constitution relevant to the 21st Century, that can readily be customized for each individual. With the work that Tenure Solutions has done, the cost of applying Company Title is now likely to be less than Torrens Title. As it operates under Commonwealth legislation, Company Title can be applied in some situations which are prevented by Torrens Title, which operates under the legislation of the several State Governments.
So if your solicitor advises against Company Title, please ask them to contact Tenure Solutions or give their name to Tenure Solutions for us to contact them.
For further information:
Tenure Solutions Director Ian Mathieson on 0411 600 712.