XN000022-1994-11-04 — Page 9

FRIDAY, NOVEMBER 4,

1994

7

* REGISTRATION OF A PERSON IN THE LAND REGISTER AS OWNER WOULD

CONFER FULL AND ABSOLUTE TITLE TO THE PROPERTY ON HIM;

* THE LAND REGISTER WOULD BE CONCLUSIVE EVIDENCE IN RESPECT

TITLE OF A PROPERTY;

OF

* ANY RIGHT IN OR CLAIM AGAINST THE PROPERTY THAT WAS NOT PROTECTED BY AN ENTRY IN THE LAND REGISTER WOULD BE VOID AS AGAINST A PURCHASER OF THE PROPERTY;

* CONVEYANCING PROCEDURES AND PROTECTION OF PROPERTY RIGHTS WOULD BE SIMPLIFIED AS SOLICITORS WOULD NOT HAVE TO LOOK BEHIND THE LAND REGISTER OR FORM AN OPINION BASED ON A READING OF OLD TITLE DEEDS; AND

* THE GOVERNMENT WOULD PROVIDE INDEMNITY UP TO A LIMIT FOR

PEOPLE WHO SUFFERED LOSS AS A RESULT OF PROPERTY FRAUD.

TITLE

BE

AND

THE NEW SYSTEM WOULD SIMPLIFY THE ESTABLISHMENT OF LEGAL TO LAND AND CONVEYANCING

WOULD PROCEDURES AS TITLE TO LAND BY REFERENCE TO A REGISTER ASCERTAINED

ESTABLISHED UNDER STATUTORY

LAW INSTEAD

DEEDS OF, AS AT PRESENT, BY REFERENCE TO OLD TITLE JUDICIAL DECISIONS.

MR PANG EXPECTED THAT THE LAND TITLES BILL WOULD BE ENACTED THE LEGISLATIVE COUNCIL NEXT YEAR.

BY

IF ENACTED, THE LAND TITLES ORDINANCE WOULD COME INTO OPERATION

FOR ON A DAY TO BE APPOINTED BY THE SECRETARY

PLANNING, ENVIRONMENT AND LANDS BY NOTICE PUBLISHED IN THE GAZETTE,

AND

THIS WOULD GIVE TIME FOR THE LAND REGISTRY TO PREPARE ITS STAFF COMPUTER SYSTEM FOR THE NEW PROCEDURES, AND FOR CONVEYANCING SOLICITORS TO FAMILIARISE THEMSELVES WITH THE OPERATIONAL FEATURES THE NEW SYSTEM.

OF

MR PANG

ESTIMATED THAT A LEAD-IN PERIOD OF ABOUT AFTER ENACTMENT OF THE BILL WOULD BE REQUIRED.

WHO

12

MONTHS

MIGHT HAVE RIGHTS

THE LEAD-IN PERIOD WOULD ALSO GIVE PEOPLE, UNREGISTERED PROPERTY RIGHTS OR CLAIMS, TIME TO REGISTER THEIR OR CLAIMS.

MR

STRESSED THAT THOSE WHO HAD AN INTEREST IN PANG OVER PROPERTY REGISTERED IN THE NAME OF ANOTHER PERSON SHOULD THEIR SOLICITOR AND TAKE STEPS TO PROTECT THEIR RIGHT AND INTEREST.

OR

RIGHT CONSULT

HE

SAID FAILURE TO DO SO WOULD INVOLVE THE RISK OF EXISTING SUCH RIGHT OR CLAIM AGAINST THE PROPERTY IF THE OWNER SOLD THE PROPERTY.

FORFEITING REGISTERED

HIS ADVICE TO EXISTING REGISTERED OWNERS OF PROPERTIES WAS THAT SYSTEM THEIR TITLE WOULD BE GUARANTEED BY THE GOVERNMENT ONCE THE NEW CAME INTO OPERATION.

THERE WOULD BE NO NEED FOR THEM TO TAKE ANY ACTION UNLESS REASONS TO SUSPECT THAT THEY HAD NOT BEEN PROPERLY REGISTERED OWNERS OF THEIR PROPERTIES.

HAD

THEY

AS

/MR PANG