The Government is transacting the Land and Property Information (LPI) titling and registry division under a 35-year concession.
During the concession the private sector operator will look to accelerate LPI’s transition to the digital age through increased investment in technology and innovation.
LPI is the largest land registry operator in Australia and administers a range of legislation and regulation on behalf of the Registrar General.
The legislation enabling this transaction, the Land and Property Information NSW (Authorised Transaction) Act 2016 passed NSW Parliament in September 2016.
The legislation provides a range of legislative and regulatory safeguards to protect the integrity of the property titling system with measures to protect award staff including employee guarantees.
Under this legislation, the NSW Government will retain full ownership of all land title data and data must be stored in Australia. The government will continue to guarantee title under the Torrens Assurance Fund.
A newly created regulator, the Office of the Registrar General, will monitor and enforce the operator’s performance in respect of defined service levels, KPIs and the security of the data.
An announcement on the new private operator is expected in 2017.