Government announces sale of LTO
Earlier this month the SA Government announced that the Lands Titles Office has been sold to Land Services SA, who will become the exclusive provider for SA’s land transfer services, for the amount of $1.605 billion as an upfront payment. The contract also includes an ongoing royalty stream that can be used to invest in state infrastructure and essential services for the benefit of all South Australians.
Whilst the details of the contract remain confidential, the industry has been assured that the integrity of the Torrens Title System will be maintained and that Land Services SA will adopt the current information technologies that the Lands Titles Office operate.
It is also known that Land Services SA have committed to building an “Innovation Hub” in Adelaide and investing in Information and Communication Technology (ICT) systems that will fast track the innovation of transactional land services and offer new products to the market.
The government will retain responsibility for the legal, policy and regulatory functions and will continue to set the prescribed fees and charges, however, Land Services SA will gradually assume the role of land registry and property valuation services, including the right, subject to Government approval, to exclusively commercialise related data.
Existing staff at the Lands Titles Office will either be offered positions with the new service provider and will assist in the transition or be placed in alternative positions in the SA Public Sector or be managed according to Government employment practices.
Treasurer Tom Koutsantonis has stated “South Australians will notice no change in the services they receive through these functions”.
Robbins Conveyancing are confident that the transition will be smooth and a benefit to the industry.
– Lauren Robbins Registered Conveyancer | Owner