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The Land Registry today (January 1) launched a three-month consultation to gauge views from the public and key stakeholder groups 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. To read the two consultation papers visit www.landreg.gov.hk/consultation/index.html .
Land Registrar Mr Kim Salkeld said the Amendment Bill and the two matters under consultation tended to be seen as very technical legal issues.
"But, at the heart of the objectives for introducing a title registration system in Hong Kong is a simple public purpose - improve the security and ease with which the public can acquire, deal and maintain their interests in land and property. A title register will make it easier for everyone to ascertain and secure rights and interests than the current system of registration of deeds," he said.
The Land Registry has been providing a record of interests in land and property in Hong Kong through a system of registering deeds. Although the system has been modernised, it has inherent weaknesses and limitations. Repetitive examination of large volumes of historical documents on each property is needed whenever there is a transaction. Those documents then need to be kept safe against the risk of damage, loss or theft.
Compared with 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 a title registration system, each time there is a transaction in a property the Land 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 The historical documents are no longer needed to prove titles.
More details about title registration and the Land Titles (Amendment) Bill are available at the Land Registry's website www.landreg.gov.hk .
People can send in their views on the two aspects of the bill by emailing kfpang@landreg.gov.hk, faxing 3520 2754 or mailing Land Registry, 28/F, Queensway Government Offices, 66 Queensway, Hong Kong. The consultation will end on March 31.
Ends/Thursday, January 1, 2009
Issued at HKT 11:00
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