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Big changes afoot at LINZ: mandatory e-dealing has begun
Land Information New Zealand (LINZ) is phasing out manual registration of real property dealings in favour of a new online electronic registration system known as Landonline (or, e-dealing).
Electronic registration for the standard discharges of mortgages became compulsory on 1 May 2007. Other land title documents will have to be registered electronically from the dates below.
| 1 August 2007 | Standard transfers and standard mortgages |
1 September 2007 |
Survey transactions |
1 July 2008 |
All remaining land title documents – for example, paper non-standard mortgages, easements, caveats and rights of way |
What will change?
Instead of signing a paper transfer or mortgage, an authority and instruction form (A&I), which sets out the details of the transaction, will be signed. The A&I is not registered – it is an instruction form to the solicitors to create and register the dealing online.
What does this mean in practice?
Signing paper discharges of mortgage, transfers and standard mortgage documents will become a thing of the past.
Individuals will need to sign the A&I form in front of a solicitor and also attach a copy of their current photo identification (e.g. a driver’s licence or passport). If selling a property, individuals will also need to supply a copy of an insurance, rating or utilities invoice linking them to the property address.
Corporate clients will now need to supply photo identification of the authorised signatories, which will be attached to the A&I form. Copies of the board and/or shareholder resolutions authorising the transaction may also be requested.
If the A&I is signed under power of attorney, a copy of that power of attorney and a certificate of non–revocation of power of attorney will be required, along with a copy of the attorney’s photo identification.
How does this affect corporate lawyers?
LINZ and the New Zealand Law Society have issued guidelines on the role of in-house lawyers. In-house lawyers can witness the signing of the A& I and certify the copies of photo identification of the corporate signatories. However, they cannot process the electronic registration unless they are registered with LINZ for e-dealing.
Useful websites to visit for further information on e-dealing are:
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Enquiries and information
For more information on any of the cases, articles and features in Commercial Quarterly, please email Diane Graham or call her on 64 9 916 8849.
Disclaimer
This publication is necessarily brief and general in nature. You should seek professional advice before taking any action in relation to the matters dealt with in this publication.
