Electronic Future – eConveyancing
You may be aware that the NSW Government are assisting to convert NSW into a highly secure location to buy and sell your properties.
The process begins with the transition from paper based transactions to electronic transactions called eConveyancing using an electronic platform which links to Government organisations to enable a seamless process to complete the settlement of your sale or purchase.
eConveyancing has had immense success since it began in 2013. Now in 2019, over 85 per cent of eligible conveyancing transactions are being completed electronically. From 1 July 2019, it will be mandatory for the following documents to be lodged electronically:
- Mortgages and discharges of mortgage;
- Caveats and withdrawals of caveat; and
- Transmission applications.
As we look to our electronic future, the risk of fraudulent behaviour is decreasing. No longer do we have gaps between settlement and registration, the transfer to the purchaser occurs simultaneously with the financial settlement.
The electronic system also completes regular checks on the Certificate of Title and alerts your legal team of any change as soon as it is registered. This allows any issues to be dealt with immediately.
As noted earlier, the electronic system connects with Land Registry Services and Revenue NSW and any mortgagee that has an interest in the transaction. The documents are verified and approved by all parties to the transaction prior to settlement to avoid any delays on the day of settlement.
To assist further, with the electronic future, Land Registry Services are in the process of converting all Certificates of Titles into electronic titles called eCT’s on behalf of the NSW Government. In 2018, all encumbered titles (that is, titles which have a mortgage recorded) were converted. The process to convert all unencumbered titles will be a lengthy process and we will be able to provide you with further up to date information as more comes to hand as to dates for the conversion.
CEO & Accredited Specialist in Family / De Facto Law
Telephone: 9525 8688
Facsimile: 9526 2608