International Law

SA Lands Titles Office (LTO) News

Mortgage Stamp Duty

Stamp duty on mortgages in South Australia will be abolished from 1 July 2009. This will apply to all new loans and further advances that are funded after 1 July 2009. Initially it seems that it will still be necessary for Mortgages to be stamped prior to registration with the SA LTO and 'upstamped' as part of a further advance however no Stamp Duty will be payable.

Changes to Advertising Requirements for Lost CT's

Recent amendments to the procedure for obtaining a substituted South Australian Certificate of Title to replace a lost or destroyed CT have removed the necessity to advertise the loss in certain circumstances. Previously a lost CT had to be advertised both in South Australia and interstate (if the CT was lost interstate) before an application for a substituted CT could be made. The advertising exemption will only apply to ADI's who are the first registered mortgagee and have lost the CT 'in-house'. If you have lost a South Australian CT and would like to check whether or not this exemption applies to you or if you require assisstance in making an application for a South Australian substituted CT please contact Joshua Annese on (08) 8168 9604.

LTO Registration fee rise

As of 1 July 2009 the registration fees for most documents requiring registration with the SA LTO have increased. The fee for registering a Mortgage or Discharge of Mortgage has risen from $112.00 to $117.00. These fees do not attract GST. Further information regarding registration fees for other documents at the South Australian LTO can be found here.

From Josh Annese in our Adelaide office

Full post as published by Australian Regulatory Compliance Review on June 04, 2009 (boomark / email).