Since the inception of electronic conveyancing (eConveyancing) in Australia, states across the country have released plans to phase out paper and move towards the future of eConveyancing transactions.
In NSW, the Government has committed to a timeframe for the transition, which will enable businesses and individuals learn the new processes and systems involved to help them adapt and phase into eConveyancing. To date, these milestones have largely focused on mortgages, discharges of mortgages and refinances. The next milestone is on 1 July 2018.
Since last year, the team at Rockliffs have been learning the new processes and have now settled numerous conveyancing transactions electronically through PEXA.
NSW eConveyancing Timetable
Over the next few years, the following dates and transformations will be implemented in NSW.
|1 July 2018||All standalone caveats must be lodged online through PEXA.
All standalone transfers must be lodged online (this includes transfers where there are no mortgagees involved and no other registry dealings involved, such as a discharge of mortgage or mortgages). For example, a cash buyer purchasing an unencumbered property or an inter-family or company arrangement
All standalone mortgages and discharge of mortgages must be lodged online.
All refinances must be lodged online.
|By October 2018||All the remaining paper Certificate of Titles held by Authorised Deposit Taking Institutes will be replaced by e-Titles.|
|1 July 2019||All transfers, mortgages, discharge of mortgages must be lodged electronically.
All remaining paper Certificates of Title will be cancelled.
100% Digital by 1 July 2019
From 1 July 2019, all transfers, mortgages, discharges of mortgages or combination of these for the same folio must be lodged electronically, except where lodged with another dealing for the same folio and that other dealing cannot be lodged electronically. Thus virtually all standard conveyancing transactions must be carried out electronically. All remaining paper certificates of title will be cancelled as well.
The conveyancing rules (made under section 12E of the Real Property Act 1900) implement the milestones of the transition timetable and provide additional guidelines. The conveyancing rules are updated. One exception is where the folio of the register for the land is not electronically tradeable. In such cases, the transaction will proceed using the paper channel. Over time, it is expected the number of folios that are not electronically tradeable will continue to be reduced.
For more information, contact Rockliffs.