PAPER DEALING PROCESSPriorityDocuments still receive priority in the order in which they are received.
There is a new section in the Land Transfer and Cadastral Survey Legislation
Bill that assists in defining priority. Priority is still prescribed by
Section 37 of the Land Transfer Act. Section 37(1) provides: The new section 47 provides three ways for a paper instrument to be lodged:
In the latter two circumstances the instrument is deemed to be presented
on the next business day, just as a postal registration is now. When a
document is presented by hand it has the date and time of presentation
for priority purposes. The counter dealing fee applies to that lodgement.
An electronic dealing [e-dealing] is presented at the date and time it
is lodged within Landonline.
The ability to have the date and time determined by presentation by hand
and logged in the system immediately ensures that dealings will be registered
in order of priority, regardless of the mode of lodgement. Landonline
checks for paper dealings in the system before it registers electronically. |