One of the first hurdles practitioners not registered with duties-on-line (‘DOL’) will face as the State of Victoria transitions real property transactions from paper based into the digital form is the requirement to attend Settlements with the Digital Duties Form (‘DDF’) Settlement Statement for all contracts entered into after 1 July 201.
The form is split into 3 parts; Vendor, Purchaser and Common Supporting Documents.
The vendor’s registered legal representative (or their agent) starts the process in DOL, filling in the relevant details, such as title reference and the rightful owner of the property.
Once a Duties Form identification number is produced, the purchaser’s legal representative (or their agent) is emailed an invitation to submit further particulars and concessions that may apply, such as Principle Place of Residence or Off-the-plan concessions. Many complex exemptions such as family farms, partition/nicos, deceased estates, equity release programme, government/statutory bodies and bankruptcy can also be submitted at this time.
There is scope to upload the common supporting documents at any time for perusal by the parties.
Once both sides “sign,” the purchaser’s legal representative can generate the Duties Form Settlement Statement.
The DDF Settlement Statement is assigned a Duties Form Id number, which banks will require along with cheque directions.