Govt to establish land title registration
Government expects to move forward soon with establishing land title registration on the Island, two years after legislation to do so was approved.
The Land Title Registration Act, which allows the move from deeds-based property transactions to a parcel-based system, was approved in 2011, but before the legislation can come into effect rules and regulations covering the registry must be published.
It is understood the Ministry has been working to draft rules regulating the registry and consulting with stakeholders since the act passed, and the rules will be published soon to allow the registry of private land.
In Friday's Throne Speech, Government said: “The Ministry of Environment and Planning, through the Department of Land Surveys and Registration, will also introduce land title registration to provide a transparent, accessible and effective land information system — something that has not yet existed in Bermuda.
“The registry will compile and maintain an electronic record of land ownership, guaranteeing legal ownership, rights and interests in registered land. This will provide confidence in property dealings by providing electronic public access to guaranteed information on registered land, including detailed records of land owned by non-Bermudian individuals and companies.”
The speech stated that the Land Title Registry Office will be self-sufficient and generate revenue.
When the Land Title Registration Act was approved in 2011, land registrar Debbie Reid said land title registration would establish a definitive Island-wide record of land ownership.
“For citizens this will not only give legal security but will also provide the necessary certainty that is required by lending institutions when attempting to secure a loan on a property,” she said.
“For the banks and other institutions involved in the mortgage market land title registration will help facilitate more efficient procedures for creating and securing mortgages and other loans which in turn can act as a catalyst for the growth of small and medium enterprises.”