Hi community,
The next phase in the transition to 100% digital is underway in Victoria with conversion of paper certificates of title into electronic (eCT) form.
In the first instance, certificates of title involving the major banks are being converted. This will occur over two stages:
- From 19 September 2016, the major banks will replace paper certificates of title for dealings scheduled to settle after 22 October 2016 with eCTs.
- On 22 October 2016, Land Victoria will conduct a bulk conversion of paper certificates of title to electronic (eCT) where a major bank is the first mortgagee on title.
Bulk Conversion Podcast: "The bulk conversion of land titles in Victoria - What lawyers need to know"
The recent bulk conversion of land titles in Victoria affects property and conveyancing transactions. The Law Institute Victoria is joined by two experts – property lawyer and consultant Russell Cocks and Land Registry Victoria manager of business services Paul Major – to explain the conversion and how practitioners will need to adjust their settlement and conveyancing work. To listen to the podcast, please click here.
How will this affect Lodgement at the LTO?
Land Victoria will accept lodgement of paper or electronic certificates of title up until 22 October 2016.
From 24 October 2016, Land Victoria will not accept paper certificates of title for lodgement where the title has been converted to eCT and the outgoing mortgagee is a major bank.
For all dealings involving an eCT, the outgoing mortgagee will need to lodge a nomination to make the title available for that dealing. Any attempt to lodge a paper certificate of title that has been converted to eCT where the outgoing mortgagee is a major bank will be referred back to the outgoing mortgagee to lodge a nomination.
If you have any queries regarding an upcoming settlement that features an eCT, please contact the outgoing mortgagee.
View Land Victoria’s Bulk Conversion Webinar
Led by Land Victoria, this recording will cover:
- An overview of electronic titles (eCT) and how they work in practicality
- How to find out if a Certificate of Title is electronic
- How to attend a settlement with no paper title
- What does this all mean for lawyers and conveyancers?
Need more information?
Land Victoria has provided the following useful resources:
Certificate of Title Management and Electronic Conveyancing
In particular, Practitioners may also be interested in the document entitled ‘Attending paper settlement when Certificate of Title is electronic’ which can be found at this link.
Please also refer to Land Victoria’s most recent Customer Information Bulletins available here.
If you have any additional questions not covered in the above resources or in Tuesday's webinar, please feel free to ask below and I will assist.
Anna Hardie
Voice of Customer Team, PEXA
