By Gabrielle Lea -
Snapshot
- A timetable transforming NSW from paper conveyancing to online property transactions has been released by the NSW Government.
- By 1 July 2019, most standard property transactions in NSW will be conducted electronically, and all paper Certificate of Titles will be phased out.
- If you have not already prepared your practice for e-conveyancing, consider starting soon.
The full transition timetable to electronic conveyancing was announced by the NSW Government on 28 February 2017. This follows the earlier announcement in July 2016 of the NSW Government’s intention to accelerate the transition to electronic conveyancing. There are a number of important milestones allowing for a step-by-step transition. By 1 July 2019, any conveyancing transaction that can be lodged electronically must be lodged electronically. The transition timetable has two stages, with a number of major milestones within each stage.
Stage one of the transition timetable
Stage one began on 1 March 2017 and mainly covers stand-alone mortgages, discharges of mortgage and refinances. If you haven’t already encountered an electronic certificate of title (‘eCT’), you probably will soon because:
- From 1 July 2017: an electronic certificate of title (eCT) will be issued when an electronic transaction is lodged and the mortgagee is an Authorised Deposit-Taking Institution (‘ADI’).
- After 1 August 2017: an eCT will issue even when a paper transaction is lodged and the mortgage is an ADI.
For guidance on the changes to settlement and lodgement of dealings and plans involving an eCT, see the Land and Property Information fact sheet ‘Attending a paper settlement when the Certificate of Title (CT) is in electronic format’.
