Lenders requiring ‘updated’ certificates of title
The Conveyancing Committee occasionally receives letters from practitioners indicating that they have been requested by lending institutions to provide updated certificates of title in cases where the lender has stated that the existing certificate of title has 鈥渆xpired鈥. The view of the committee is that practitioners should not provide any further certificates of title by way of update or otherwise. A certificate of title certifies the title as of a particular date only.
Practitioners are reminded of the content of the committee鈥檚 earlier practice note relating to the dating of a certificate of title, published in the Gazette (July 2004), that is, a certificate of title given to a lending institution in relation to a client鈥檚 mortgage transaction should be dated as of the date of parting with the loan funds.