on 28-08-2018 05:30 PM - last edited on 03-09-2018 10:07 AM by TJ
NSW LRS has begun converting paper certificates of title to eCTs (electronic Certificates of Title) where an ADI (Authorised Deposit-Taking Institution) is first Mortgagee on Title. This change will impact the way settlements are prepared – particularly those settling in paper.
To help with this transition we are hosting an Ask us Anything today between 10.00am - 1.00pm.
Subject matter experts from the teams at NSW LRS, NSW Office of the Registrar General and PEXA are online to answer all your questions.
Simply post your questions below or start a new topic in Ask a Question and they'll answer.
on 03-09-2018 09:58 AM
Good morning Community,
Ready to receive your questions about Conversion of titles. I have representatives from Office of the Registrar General and NSWLRS at the ready, as well as our banking team. Please send your queries through!
on 03-09-2018 10:11 AM
I note NSW LRS says “The CoRD Consent can be amended to reflect the change in CT status, but the change in CT status means Registry Information (RI) will need to be resupplied. Accordingly, to avoid incurring additional RI fees, the workspace should be opened after the conversion where possible”.
If the Consent is not amended (i.e. left as if the paper title was still on issue), would that cause any problems?
on 03-09-2018 10:11 AM
Robert Goncalves, Director of eConveyancing at NSW ORG here, together with my "dream team". We got Angeline Antony, (Senior Lawyer), Gayle McKnight (eConveyancing Consultant), David McDowell (Legal Consultant) and special guest, Cliff Wally from NSW LRS for any technical/operational matters.
on 03-09-2018 10:16 AM
We are the panel solicitors for the Central West Credit Union which converts on 15th. We currently hold in our Safe (not the Credit Union Office) all CTs with their mortgages on them. Whilst I understand the big Banks want to destroy CTs they hold, we do not want to get rid of the ones with mortgages on them as they have useful information on them. We do not have the need to get rid of them for space purposes. So my questions are …...Do we have to destroy them? Do we have to account to the LPS or Office of the RGs for those we destroy? We are happy to destroy them once the relevant mortgage is discharged.
03-09-2018 10:20 AM - edited 03-09-2018 10:24 AM
Yes, it will be a problem. Because the consent in the case will reference a paper title, lodgement verification will fail.
At the Land Registry the details in the case are checked because as the title is now an eCT, it will cause an error. As NSW LRS website correctly states, the registry information will need to be resupplied to the PEXA workspace and the consent in the case amended.
I hope this answers your query.
on 03-09-2018 10:24 AM
After the bulk conversion your firm may destroy these cancelled titles. You will not be required to account to LRS or the ORG.
on 03-09-2018 11:16 AM
Yesterday whilst accessing a matter we have in PEXA we received a positive TAC check. We were advised that this was a departmental dealing dated 01/09/18. We could not see an other matters when we requested an updated search. The search did indicate that a CoRD was held.
Would this be from when the paper CT was converted to the eCT?
on 03-09-2018 11:19 AM
Just to be clear, at what point should FI's stop handing over a paper Certificate of Title at a paper settlement before their conversion date.