From 1 July 2018, standalone transfers, standalone caveats and Non-Authorised Deposit-taking Institution discharges, mortgages and refinances are moving online in New South Wales, see timeline here.
Below are some of your more frequently asked questions regarding the transition online for these instrument types. I will continue to add to the post as questions arise or feel free to ask your question directly below.
A standalone Transfer is a Transfer of Land that is lodged in its own right without the requirement of any other instrument. For example, there is no Mortgage or Discharge of Mortgage to be lodged against the same folio of the register at the time of the Transfer.
The 1 July compliance date refers to the lodgement of dealings, not settlement. LRS NSW and NSW Office of Registrar General (ORG) won’t do anything if a settlement doesn't occur electronically.
However, from a PEXA perspective, when a transfer is lodged on the platform financial settlement must subsequently occur online. This is because PEXA must obtain an electronic stamp from the OSR prior to lodgement – which may or may not be $0 – as set out in ARNECC’s Model Operating Requirements (MOR).
Yes, the registrar has granted waivers to assist the market transition to e-conveyancing. Practitioners lodging in paper under a waiver must complete a waiver form available on the NSW LRS website here. Un-represented parties may also be eligible for a waiver.