3Purpose

1. The purpose of this Act is to replace the Land Transfer Act 1952 with a modern Act that—

2. continues and maintains the Torrens system of land title in New Zealand; and
3. retains the fundamental principles of that system, which are to—
   1. provide security of ownership of estates and interests in land:
   2. facilitate the transfer of and dealings with estates and interests in land:
   3. provide compensation for loss arising from the operation of the system:
   4. provide a register of land that describes and records the ownership of estates and interests in land; and
4. reflects the fact that the land transfer register is kept and operated electronically and that most dealings in land are carried out electronically; and
5. by all of the above means, maintains the integrity of title to estates and interests in land.