By Greg Channell -
Snapshot
- Electronic conveyancing is here to stay.
- The next stage of mandating starts on 1 July this year.
- There are good reasons to get on board now and not wait for the next stage in 2019.
Most solicitors will by now be aware of the NSW Government’s timetable for mandating the transition to eConveyancing for all core conveyancing transactions. The Government’s mandating program aims to increase the proportion of electronically lodged documents from around 33 per cent currently to over 85 per cent by 1 July 2019. There are two key dates to keep in mind:
- 1 July 2018 – Stand-alone transfers and caveats must be lodged electronically. Also, the current requirement for electronic lodgement of discharges of mortgage, mortgages and refinance transactions by ADIs is extended to all mortgagees.
- 1 July 2019 – All common conveyancing transactions, that is, combinations of discharges of mortgage, mortgages and transfers must be lodged electronically unless they must be lodged with a dealing affecting the same land and that dealing cannot be lodged electronically. In the lead up to the 2019 milestone, new electronic documents, including Transmissions, Notices of Death, Change of Name, Transfer by Mortgagee and Leases will also be introduced.
Significantly, around October 2018, all Certificates of Title held by major banks will be cancelled, greatly increasing the number of eCertificates of Title. All remaining paper Certificates of Title will then be cancelled on 1 July 2019. Ostensibly, conveyancing practices have 15 months to transition to eConveyancing. However, there are several reasons why practitioners should consider signing up more urgently and, if they have signed up, start actively using eConveyancing and integrating it as their usual practice.
