PUBLISHED DECEMBER 2016
The New South Wales Government has decided to privatise the Land and Property Information (LPI). This should be of concern to all citizens of New South Wales.
What does the LPI do? The LPI delivers an efficient, reliable and guaranteed land title system for New South Wales that provides a secure environment for your land title transactions, such as buying and selling property, taking out a mortgage, discharging a mortgage, inheriting a property or subdividing or developing land. For your registration fee LPI provides you with more than a land title document – LPI delivers key services and safeguard specifically designed to protect your interest. Once registered with LPI, your land title is guaranteed by the State Government.
Concerns have been raised in some quarters that the sale of LPI will raise issues about protection of sensitive data, the continued implementation of best practice anti-fraud measures, and the potential loss of expertise of LPI personnel.
NSW Law Society President Gary Ulman has criticised the sale of LPI. He said any failure by a private operator to maintain the reliability and integrity of the Torrens register (ie the land title register) could undermine public confidence in the land title system. He went on to say “There are some state owned assets which should remain in public hands”.
If you are concerned about this matter you should contact your local Member of Parliament before it is too late.