Page 4 Advertisements Column 4

Lyttelton Times, Volume XXXVII, Issue 3567, 24 June 1872, Page 4

XlscellAneoaß --- —■——- y. mn % LAND .TRANSFER ACT. LANDS ALIENATED or contracted to be alienated from the [Crown in fee, prior to the coining into operation of " The Land Transfer Act, 1870,” may bo brought under the provisions of the Act by application from the persons entitled thereto. All Lands alienated from the Crown after the coming into operation of “The Land Transfer Act, 1870,” are subject to, and must be dealt with in manner proscribed by the Act. The following are examples of the fees payable for bringing land under the provisions of the Land Transfer Act!— 1. When the Title consists of a Grant, dated on or subsequent to the 28th December, 1841, none of the land included in which has been dealt with—- £ s. d. Where the Certificate of Title - is directed to issue in the name of the Applicant Value of land £IOO ... ,0 11 2 Where the Certificate of Title is directed to issue in the name of the Purchaser: Value of land £IOO ... 1 11 2 These charges are increased by 4s 2d (Assurance Fund) for every additional £IOO in value. 2. When the applicant is the original grantee, and the land has been dealt with ; Where the value of the land is above £4OO the fees increase at the rate of 4s 2d (Assurance Fund) for every additional £IOO in value. These charges also represent the cost of conveying land, inasmuch as applicants to bring land under the Act can direct the Certificates of Title to issue in the names of any other persons. Credit for fees is given when desired by ttie applicant, in all cases where the proprietor applies to have the land registered under the Act in his own name, and the fees may remain unpaid until the land is dealt with. Any person, therefore, who wishes to bring his land under the provisions of the Act, in order that whenever he deals'with it he may be in a position to avail himself of the facilities afforded by having a Registered Title,-can do so without any present cost, by allowing the fees to remain unpaid until such dealing takes place. He will then be in a position to mortgage, transfer, lease, or otherwise deal with his land at a moment’s notice. Any title, however long and complex, may be investigated at a cost to the applicant of only ss, for if the title is rejected, all fees are returned, with the exception of that amount. CERTIFICATES OF TITLE ARE ABSOLUTELY INDEFEASIBLE. Under the old system of conveyancing if a single deed is lost, the title is in many cases rendered [absolutely defective, and therefore unmarketable, while in others it can only be rectified at great cost. Persons who bring their land under the Act, surrender all their deeds, and receive in exchange a Certificate of Title, a duplicate of which is retained in the office. If the certificate in the possession of the registered proprietor is at any time lost, or destroyed by fire, &e., a new certificate is supplied by the Registrar at a small cost. ALL TITLES ARE GUARANTEED BY THE GOVERNMENT, On all Conveyances by Deed under the old system, the cost of Registration in the Deeds Registry, over and above the Solicitor’s charge, is never less than 15s, frequently very much more; while land which has been brought under the provisions of the Land Transfer Act can be transferred at a total cost of lls where a whole section is conveyed; and where only part is convoyed (and therefore a Fresh Certificate of Title necessitated), of 31s which is the highest sum allowed by the Act, no matter what the value or area of the land. Under the Regulations in force on and after the Ist January, 1872, the charge for Certificates ' of Title issued upon Memoranda of Transfer is reduced to 10s in all cases where the value of the land is under £lO. The total cost of'executing a Mortgage or Lease of Land registered under the Act is 12s no matter what the amount involved. A Mortgage may be transferred or discharged ; or a Lease transferred or surrendered for ss. THESE OPERATIONS INVOLVE NO DELAYS. The following arc some of the advantages conferred by the Land Transfer system: 1. It secures the principal, benefits and advantages sought to bo attained in a system of registration of deeds. 2. It renders retrospective investigations of title unnecessary as to all lands registered. 3. It simplifies the titles to real property for the future 4. It makes purchasers of the fee and leases perfectly secure. 5. It simplifies to the utmost possible extent the forms of transfer and the modes of conveyance. 6. It increases the saleable value of land. 7. It tends to lower the rate of interest on loans secured on lands. 8. It gives facilities for the sale of large estates in allotments. 9. Transactions can be effected at a moment’s notice, and at a minimum of cost. 10. Frauds in the purchase and sale of land are effectually prevented, because the certificate of title in the possession of the vendor shows the exact condition of the estate, i.e., if the estate bo mortgaged, encumbered, or leased. Memoranda disclosing the particulars of any such transaction affecting the estate are written upon the Certificate of Title. FEES CHARGEABLE UNDER LAND TRANSFER ACT. (Extract from “New Zealand Gazette,” No. 64, of 9th December, 1871.) For bringing land under the pro- £ s. d. visions of the Act— When the title consists of a grant dated on or subsequent to the 28th December, 1841, and none of the land included therein has boon dealt with 0 2 0 When the title is of any other description, and the value exceeds £3OO ... ... 1 0 0 When the title is of any other description, and the value exceeds £2OO and does not exceed £3OO 0 15 0 When the title is of any other description, and the value exceeds £IOO and does not exceed £2OO 0 10 Q When the title is of any other description, and the value does not exceed £IOO ... 0 5 0 Contribution to assurance fund upon first bringing land under this Act, and upon