Over the coming months, a number of industry initiatives will come into play in support of e-Conveyancing and a digital future for our industry. Here's a brief summary outlining some of those initiatives:
Compulsory completion of transactions electronically
From the beginning of August this year, Authorised Deposit-taking Institutions (ADIs) or their Representatives in Victoria and Western Australia were required to lodge standalone discharges of mortgage and consumer mortgages in PEXA. This extends to New South Wales in March 2017 – the first step in that state’s commitment to “phase out paper-based conveyances by 2019”.
It is likely that we will see other measures from Land Registries to assist in the industry’s move towards a 100% digital future.
In fact, Land Victoria and NSW LPI have now announced that as of August next year, all refinance transactions must be completed electronically while over in WA, Landgate is in the final stages of its industry consultation with view to moving the majority of property transactions online in 2017.
Land Victoria has also announced it will undertake a period of industry consultation in the transition of additional paper instruments, including property transfers, online.
Bulk Conversion of Titles The industry recently embarked on the next phase of its digital transition by phasing out paper duplicate certificates of title. Like Queensland did with most of its titles in the mid 1990’s, South Australia took the step of abolishing all duplicate titles when going live with PEXA in July. Most recently, Land Victoria bulk converted some 1.5 million titles held by the four major banks.
If you would like more information regarding the conversion of paper titles into electronic form, click here.
Excitingly the State Revenue Office is in the process of implementing a project to move the completion of SRO forms online via a single vendor and purchaser portal. Paper based Duties forms will be archived and no longer used. More information and detail to following in coming months.