on 30-05-2018 10:57 AM
Thanks for your question. The Conveyancing Rules V4 states that standalone transfers signed after 1 July 2018 must be lodged electronically.
NSW ORG will issue waivers for certain transfer situations, and also unrepresented parties in a transfer, caveat and unrepresented mortgagees. These waivers will be on the NSW ORG website next week (anticipated to be next Friday).
NSW ORG will also issue a circular for the public explaining the waivers and exceptions. The circular will also be up on the ORG website next week.
Thanks for the question!
on 30-05-2018 11:08 AM
Are Leases, Transfers of Mortgage and National Priority Notices remaining on track to be digital by November 2018? Will a mock up (sample) of the forms be available for practitioners to consider before it is released and will the Lease operate the same as Mortgages in the ELNO (i.e. the terms and conditions are uploaded)?
Also (and this may be an ARNECC question), do you have an update on when version 5 of the Model Participation Rules may be published? Once published by ARNECC, will an updated version of the NSW Participation Rules be released simultaneously?
on 30-05-2018 11:17 AM
30-05-2018 11:20 AM - edited 30-05-2018 11:22 AM
Are Leases, Transfers of Mortgage and National Priority Notices remaining on track to be digital by November 2018? Leases and Transfers of Mortgage are scheduled for November 2018. Priority Notices have been live in NSW since November 2016. Will a mock up (sample) of the forms be available for practitioners to consider before it is released (no, but the forms will be of a similar form to existing eforms) and will the Lease operate the same as Mortgages in the ELNO (i.e. the terms and conditions are uploaded)- Yes?
Also (and this may be an ARNECC question), do you have an update on when version 5 of the Model Participation Rules may be published? Likely to be in August 2018 Once published by ARNECC, will an updated version of the NSW Participation Rules be released simultaneously? Yes
on 30-05-2018 11:32 AM
Hi Belinda, great question!
Whilst all non-ADI mortgage transactions are caught by the 1 July 2018 mandate, the intention is to allow private unrepresented individuals to continue to lodge in paper. This position will be formalised in the form of a waiver which will appear on our website next week.
We understand that many private people would not be aware of the 1 July 2018 mandate given that they are not part of the legal or banking profession. It is likely the first time they'll know about it is when they come to the registry to lodge their documents. On this basis they'll get a "pass" until 1 July 2019.
on 30-05-2018 12:50 PM
I'll throw in a few answers to questions that we get asked: -
Q. Can my client digitally sign the Client Authorisation Form?
A. In NSW, yes. Please be aware that it is up to the Subscriber to determine whether the act of the client digitally signing the Client Authorisation Form complies with the Electronic Transactions Act relevant to the jurisdiction in question.
Q. Who does subscriber compliance in NSW?
A. NSW Land Registry Services (LRS) carry out the audit on behalf of NSW ORG. LRS will refer non-compliant subscribers to NSW ORG for further determination.
Q. What gets checked in a subscriber compliance audit?
A. Evidence that Verification of identity has been carried out; evidence that the client had the right to deal with the land; and that the client authorisation form (CAF) was properly completed. There may be other evidence that is assessed depending on the particular transaction being audited.
Q. Where are subscribers failing in their audits?
A. Improperly completed client authorisation forms make up around 65% failure of non-compliant audits. There are many instances where the CAF wasn't even signed by the client, which means the subscriber was acting without authority!
on 30-05-2018 01:00 PM
Thanks for the opportunity to answer your questions. Please continue to send questions on this board, we'll keep checking and responding to your questions.
Please also head to our website at http://www.registrargeneral.nsw.gov.au/eConveyancing for more info on eConveyancing in NSW.
Finally, please ensure you're registered with PEXA as a subscriber so that when 1 July 2018 rolls around you're not caught out and can't lodge a standalone transfer, caveat and certain mortgage transactions in paper, until such time you are registered.
on 30-05-2018 01:39 PM
Not a question - just a commendation to the NSW Land Registry. I'm loving that PEXA lodgements are being registered on the day of settlement and we're receiving the registration confirmations that evening. Great work.