The Land and Other Legislation Amendment Bill 2016 (the Bill) was introduced into Parliament on Tuesday 29 November 2016. Together with minor amendments to the Land Title Act 1994 (the Act) for the purposes of clarity and efficiency, the Bill proposes the replacement of Part 7A to facilitate the implementation in Queensland of the Australian Registrars’ National Electronic Conveyancing Council’s (ARNECC) agreement to introduce a nationally consistent priority notice.
The current settlement notice mechanism under the Act will be replaced by a priority notice mechanism. While the fundamental purpose of the new priority notice will be the same as the current settlement notice, there are a number of minor changes, including application to a wider range of instruments and the ability to extend the notice for 30 days.The new mechanism will allow a person who is, or will be, a party to an instrument intended to be lodged to deposit a priority notice. A priority notice will identify each instrument to which the notice relates and with a few exceptions, the deposit of a priority notice will prevent registration of other instruments affecting the lot or an interest in the lot until the notice lapses after 60 days or is withdrawn, removed or cancelled. A priority notice will be able to be lodged through eConveyancing or through eLodgement or in paper.
It is anticipated that the priority notice mechanism will come into effect in mid-2017. There will be further detailed information that will be made available to customers prior to that date, and there will be a transitional period to account for settlement notices already deposited