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The Land Registry launched a three-month consultation today to gauge public and key stakeholder groups' views on two aspects of the Land Titles (Amendment) Bill.
The first concerns the mechanism for bringing existing property under the new system of title registration. The second involves the process known as rectification - how matters are put right if the title register has been wrong. Click here for the two consultation papers.
"A title register will make it easier for everyone to ascertain and secure rights and interests than the current system of registration of deeds," Land Registrar Kim Salkeld said.
Although the amendment bill and the two matters under consultation tend to be seen as very technical legal issues, introducing a title registration system in Hong Kong aims to improve the security and ease with which the public can acquire, deal and maintain their interests in land and property.
The registry has been providing a record of interests in Hong Kong land and property through a system of registering deeds. It has inherent weaknesses and limitations, and repetitive examination of large volumes of historical documents on each property is needed whenever there is a transaction.
Compared to deeds registration, title registration has proved to be an effective system for ensuring security and ease in dealing with property rights in jurisdictions with a high volume of property transactions.
Under the new system, each time there is a property transaction the registry makes a determination of the new ownership. The act of registration itself conveys the title to the new owner and the title register gives a clear statement as to who the owner is. The historical documents are no longer needed to prove titles.
The consultation will end March 31. People can send their views by emailing kfpang@landreg.gov.hk.
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