Digital conveyancing is reaching its highest peak in Australia and within NSW, the recent 100% e-conveyancing mandate amplified the nation-wide transition even further.
The introduction of the mandate means all land dealings are to be lodged electronically with no further grace periods on manual over-the-counter lodgments. CTs are no longer required to be produced and are no longer required to lodge a dealing or plan for registration. Similarly, Authorised Deposit-Taking Institutions, such as banks, are no longer issued with CoRD, which is the electronic equivalent of a CT. The abolition of CT’s is a key legislative change to allow for 100 per cent eConveyancing. Hear from industry experts on why these changes were implemented and the current industry requirements.
These electronic requirements coincided with the development of three streamlined caveats. In May 2021 the NSW LRS introduced a Purchaser’s Caveat, Registered Proprietor’s Caveat and NSW Trustee and Guardian Caveat. The purpose of these standardised residual caveats was to make it easier for clients to lodge caveats for common scenarios, eliminate requisitions, reduce ELNO incidents, provide a better customer experience and ensure customer protection is available at the click of a button.
Lodging a caveat is a beneficial activity for your client, as it can minimise the risk of fraudulent activity on a property. It is an effective way to ensure you and your client are notified when someone registers an interest against the property. Now, as CT’s can no longer be relied upon to identify the owner(s) of property in NSW, we can expect to see a surge in caveat requests from clients, to protect their interests.
Although favourable, lodging a caveat can prove time-consuming and complex. With strict supplemental document requirements from the NSW LRS and costly re-lodgment fees if done incorrectly, caveats have gained somewhat of a bad reputation, despite the overall client-protection they deliver.
For conveyancers or lawyers who may need support to process these matters, SettleIT can help. SettleIT, powered by InfoTrack, are specialists in e-conveyancing and can support you to complete a caveat quickly, accurately, and in line with all ELNO requirements. Completing a caveat through SettleIT requires filling out one simple online form, which is easy to amend, meaning no more double handling.
As we enter the holiday season, and time is a precious commodity, SettleIT ‘s smart technology, paired with unrivalled client support allows you to outsource the tedious administration associated with lodgments and settlements. If you would like to move your property matters forward with efficiency and ease, get started with SettleIT today and go in the draw to win 1 of 3 $1,000 Prezzee e-Gift cards!*
Whether it be for efficiency purposes or the need to meet mandate requirements, using technology enables legal services to be delivered more quickly and more transparently. SettleIT’s legal tech solutions reduce administration to allow you to live up to client demand.
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