About Aoife

 Hi Community,   New South Wales Land Registry Services (NSW LRS) will be carrying out a bulk conversion of paper certificates of title (pCT) to electronic certificates of title (eCT) on behalf of the Registrar General by the end of September 2018.   The NSW Office of the Registrar General posted an explanation of the transition, including FAQs, on their website .  Please contact NSW LRS for any further questions on the bulk conversion process at  ctconversion@nswlrs.com.au .    If you would like to post your questions below, we will ensure to pass them on to NSW LRS at the above e-mail address.   When will the bulk conversion happen? Each Authorised Deposit-taking Institution (ADI) will be converted on the following dates:    1 Sept. ANZ 2 Sept. CBA 8 Sept. Westpac 9 Sept. NAB 15, 16, 22 & 23 Sept. ADIs (on  list at bottom of this post) why is bulk conversion of paper certificates of title happening? As part of the transition to 100% digital, the major Financial Institutions have agreed with NSW LRS, to lead the way with the bulk conversion of all NSW paper certificates of title in which they are the first registered mortgagee, to electronic certificates of title (eCT). This is a significant step in the industry transformation to e-Conveyancing. what is an electronic certificate of title (eCt)? An eCT is a digital record of the land title that is administered by NSW LRS. Every eCT is assigned to a “CoRD Holder”. What is cord? In this conversion process, when a certificate of title becomes an eCT, the Mortgagee is issued CoRD (Control of the Right to Deal) which is the digital equivalent of having possession of the paper certificate of title. what is a cord holder? A CoRD Holder is the party that has the right to deal on the title and must be a PEXA Subscriber/Member. how do you know an ect exists and who controls it? This is shown on a CT Inquiry or Land Title Search.    The following text on a land title search indicates that an eCT exists and who controls it:   “NO CERTIFICATE OF TITLE HAS ISSUED FOR THE CURRENT EDITION OF THIS FOLIO.   CONTROL OF THE RIGHT TO DEAL IS HELD BY [mortgagee name].” How do I complete a ct inquiry? Navigate to the NSWLRS CT Inquiry page here . what does this mean for nsw lawyers and conveyancers? Where an eCT exists, a paper certificate of title will not be available at a paper settlement.   Please review the Circular issued by LRS about eCTs and lodgements of dealings here:  http://rg-guidelines.nswlrs.com.au/__data/assets/pdf_file/0019/217216/2017-07_Electronic_Certificate_of_Title_Information.pdf how do i as a practitioner know before settlement if the ct is paper of electronic? When representing a purchaser in a settlement, you can complete a CT Inquiry or Title Search prior to settlement to find out whether a CT is paper or electronic.   Similarly, vendor representatives should provide a printed copy of the CT Inquiry or title search evidencing the title is an eCT and showing a Consent has been lodged.   NOTE: Mortgagees on Title are required to Consent to the details of the transaction, including the incoming proprietor and incoming mortgagee details.  Practitioners should make these details available to Mortgagees on Title where there is an eCT and the settlement is proceeding in paper – this is not required for an online settlement.  You can provide these details using the NSW LRS template here. what does ect mean for banks or panel lawyers acting on behalf of financial institutions? When representing the Mortgage on Title, financial institutions (ADIs-only) must complete a CoRD Holder Consent on PEXA. A standalone Consent on PEXA can be completed for paper transactions. WHAT is a cord holder consent? A Consent is required for transactions where: The CT is electronic and is required for settlement and/or lodgement of dealings (for example refinance, transfer, discharge of mortgage, registration of plans etc). A Consent must be lodged for both paper dealings and PEXA dealings. In a PEXA transaction, a Consent must be lodged regardless of the title being paper or electronic. Note: a Consent can only be lodged electronically.  Currently in a paper transaction, a pCT must be handed over at settlement and lodged together with other documents for a dealing to be registered on title. The equivalent process where the certificate of title is electronic, is for the CoRD Holder to consent to the paper instrument or PEXA lodgement case via a Consent in PEXA prior to settlement and/or lodgement.  If the CoRD Holder is a party to the transaction, they would lodge a Transacting Party Consent.  If they are not part of the transaction, they would lodge a 3 rd party Consent. How do i lodge a consent prior to settlement? Visit this page on the  e-Conveyancing Community to learn how. Note, a CoRD Holder Consent cannot be lodged in paper. how can i confirm that a consent has been lodged in preparation for a paper settlement? A free CT Inquiry is available on the NSW LRS website here , or by performing a Land Title Search through your Information Broker. what do i do if there has been no consent lodged prior to settlement? NSW LRS has provided a template to assist with requesting Consent from CoRD Holders here . what happens if a paper title has remained undischarged? If your discharge is dated prior to the bulk conversion, NSW LRS will accept a paper discharge. If your discharge is dated after the bulk conversion, NSWLRS will not accept a paper discharge and title across the counter.   as a non-major bank or panel lawyer, do i have to convert my client's pct? The bulk conversion of paper certificates of title is for Authorised Deposit-taking Institutions. If your client is an ADI, you should familiarise yourself with details and contact your client to discuss. See question one for a full list of transitioning ADIs. does this mean all transactions will have to go through pexa? No, some transactions in paper will still occur. The CoRD Holder will be required to create and lodge a CoRD Holder Consent in PEXA, regardless of whether the transaction is electronic, or paper based.   Kind regards Aoife  *The above FAQs are adapted from NSW ORGs webpage on the transition with additional explanations of PEXA functionality.     ... View more

Hi Community,   Please note, PEXA will be unavailable from 4pm until midnight Saturday 14 July 2018 for regular maintenance.   Kind regards   Aoife ... View more

Hi Community,   On Monday 18 June, at approximately 5pm, PEXA was made aware of a fraudulent situation where a practitioner’s email account was compromised.   In this instance, an unknown party intercepted a change-in-password email sent from the PEXA platform which in turn allowed this person to access the Subscriber’s PEXA account. As a result, the destination account details in the settlement schedule were fraudulently changed.   Below are some frequently asked questions we have received from our members on this matter. If you have any further questions, please don't hesitate to ask below.   Has the pexa system been hacked? No, the PEXA system has not been hacked.   In this instance, an unknown party intercepted a change-in-password email sent from the PEXA platform which in turn allowed this person to access the Subscriber’s PEXA account. As a result, the destination account details in the settlement schedule were fraudulently changed. what is pexa doing to make sure this doesn't happen again? While the PEXA platform itself was not compromised, PEXA is working closely with all parties, including the relevant authorities to assist in every possible way.   The PEXA security team is currently undertaking detailed monitoring of all Workspace* activity, checking for similar scenarios where passwords have been re-set in close succession among other things which may be considered ‘unusual’ behaviour.   PEXA is also in the process of adding additional security measures. Click here to learn more.   Consumer Guarantee   PEXA will be introducing a new consumer guarantee for transactions conducted on the platform. We anticipate this guarantee will go above and beyond any guarantee available in the paper-based settlement process, and will provide greater safeguards to consumers whose conveyancer or lawyer uses PEXA. Further details will be made available shortly.   how can we be assured that the pexa system is secure? To date, over 1.2 million transactions have been successfully completed on PEXA. Instances of fraud and attempts of fraud have been incredibly low, in fact much lower than the paper process.   The PEXA system’s security is aligned with international standards. PEXA continues to comply with with the Model Operating Requirements as set by the e-conveyancing regulator, ARNECC.   An independent expert review, currently conducted by Ernst & Young (EY), is completed annually to ensure alignment with these standards. PEXA has consistently complied with these standards.   Further to this, confidence in PEXA’s system security has been demonstrated by the Reserve Bank of Australia (RBA), Land Titles Office, State Revenue Offices and many software providers (among others) by the successful integration with these parties. How does pexa protect its subscribers online? PEXA protects its Subscribers in several ways. Firstly, the proper use of digital certificates mitigates the risk of fraud once the Signer has undertaken the appropriate checks and balances prior to signing to ensure accuracy of the information.   Digital Certificates allow the electronic signing of documents in PEXA on behalf of clients thereby eliminating the need to print and pen-sign physical documents.   A digital certificate is a PEXA Subscriber’s unique identity online. Anyone signing on the PEXA platform must use one for security purposes.   PEXA also uses encryption mechanisms and ensures all Subscribers agree to PEXA’s security policy to ensure their systems meet a certain standard of security when using the PEXA system.   Visit PEXA’s security webpage to learn more. What advice does pexa have for its members to stay cyber-secure? We urge all our members to take the necessary steps to reduce the risk of fraud. This includes, among others, verbally confirming bank account details with clients, not using free public Wi-Fi, keeping security patches up-to-date and importantly, checking payment directions immediately prior to signing.   Visit PEXA’s security webpage to learn more.    Kind regards Aoife     * A Workspace is a shared online area in PEXA where the participants can communicate and prepare documents for a property transaction. Kind regards ... View more

Hi all,   We have been advised that WA OSR will be unavailable from 5.00pm Friday 27 April to 6.00pm Sunday 29 April 2018 (AWST) due to regular maintenance.   As a result, Revenue Online will not be available during this time.   Cheers   Aoife ... View more

Hi Community,   From 1 May December 2018, Western Australia takes its next step towards 100% digital property settlements.   Below are some of your network’s frequently asked questions regarding the transition online. I will continue to add to the post as questions arise and we encourage you to ask your questions below.   WHAT Instruments are moving online from 1 May December 2018? - All combinations of transfer transactions in PEXA - Standalone transfers - Standalone caveats and withdrawal of caveats Please see Landgate Bulletin No. 289 for more information. WILL WE BE ABLE TO LODGE DOCUMENTS OUTSIDE OF LANDGATE'S BUSINESS HOURS? *No. Documents lodged in paper and electronically through PEXA will only be accepted during normal business hours. WHEN WILL LAND HELD IN CAPACITY OF EXECUTOR/ADMIN AND APPLICATIONS BY SURVIVOR BE POSSIBLE ONLINE? PEXA is currently working with Landgate and the Office of State Revenue to introduce these transactions into a future release and will provide further updates as they become available. WILL BANKWEST TRUST ACCOUNTS BE INTEGRATED BY 1 MAY December? David Morrissey, Bankwest’s Executive Manager of Digital Operations Strategy, recently announced the availability of Bankwest Trust Accounts to all customers. Click here to read the entire post and for more information. Will a "free text" field be available on caveats by 1 maY December on PEXA?  No, a free text field for caveats will not be available by 1 May.    IF NOT, WILL LANDGATE ACCEPT CAVEATS OVER THE COUNTER THAT DON'T "FIT" INTO THE OPTIONS ON PEXA? Landgate has advised that they will accept these caveats over the counter.   Kind regards   Aoife   *Section 10 – Landgate FAQs ... View more

Hi Community,   Similar questions keep popping up from the network about Market Value on the PEXA platform.    "What is considered sufficient evidence of Market Value?" and "If I don't have a Market Value on hand, what to I do?".   Has anyone experienced this?    Cheers   Aoife     ... View more

Hi Community, 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.   What is a standalone transfer? 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. What will lR nsw do if a practitioner settles via paper instead of online after 1 July? 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). what are the penalties for not transacting electronically? There will be no penalties. If a practitioner attempts to lodge in paper from 1 July 2018, the registry staff will refuse to accept the dealing for lodgement. Will requisition fees be applied? No, requisition fees will not apply. Cheers    Aoife ... View more

Hi Community, The end of daylight savings is approaching, and the RBA have issued its changes to RITS (Reserve Bank Information & Transfer System) session times. This year, there is an interim period where the change from CET to CEST and AEDT to AEST do not align. As a result, reduced settlement hours will begin one week before Australia’s daylight savings finishes. This will affect settlements in New South Wales and Western Australia only. Please see the altered settlement hours below: NSW-only Date Time 26-29 March 2018 9:30am – 6:30pm 3 April – 7 October 2018 9:30am – 5:30pm   WA-only Date Time 26 March – 7 October 2018 8:30am – 3:30pm   Don’t forget, all operating hours are outlined in PEXA’s Service Charter section 8.2 for your reference. Feel free to post any queries on this matter below.   Cheers Aoife ... View more

Hi all,   Land Use Victoria has advised that  there will be outages to the system on Friday 2 March 2018 at 6.15pm until 3 March 2018 at 3.00pm.   Therefore,   Workspace Creation,   Land Title Reference Verification,   Lodgement Verification   and   Lodgement   won't be possible via PEXA during this period.   Cheers   Aoife ... View more

Hi Community,   Land Use Victoria have this morning advised they are experiencing state-wide issues with their systems, impacting all services. In respect to PEXA transactions: If your workspace is in “Ready Ready” status, your transaction will proceed as scheduled If you have a transaction with financial settlement scheduled for today and have a successful Lodgement Verification, settlement can proceed. Please note, if changes have been made in the workspace since the last Lodgement Verification, the transaction will be unable to proceed until Land Use Victoria services are restored You may continue to experience workspaces in a status of 'Verifying' or 'Lodging' for longer than usual until Land Use Victoria Services is restored For more information regarding proceeding with settlement when a land registry is unavailable, click here. PEXA will remain in contact with Land Use Victoria and provide updates as they come to hand.   Aoife  ... View more

Hi Community,   Tomorrow, standalone transfers and survivorships are moving online, 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 throughout the day as questions arise – stay tuned!   Can a Survivorship and APR(Application by Legal Personal Representative)/Transmissions be completed in conjunction with a transfer? At the moment this cannot be completed in conjunction with a transfer however it is possible through separate workspaces at no additional fee. Moving forward, it is in scope for future platform upgrades. PEXA acknowledges the inconvenience of having to prepare these in two separate workspaces and will continue to update the e-Conveyancing Community on our progress over the coming months.   Why do we need to input Market Value into a Transfer (e.g. Change in Manner of Holding) when it is not required in paper?   In support of Commissioner requirements, PEXA collects specific data for dutiable transactions as set out in 2015 by the Commissioners of each jurisdiction.  One of these items is Market Value, complete with valuation/value details.    Can Party Tenancy Transfers be completed with Proprietor on Title and Incoming Proprietor as Transferees? Yes. As of 5 February 2018, this functionality became available in Victoria. However, some scenarios are still unavailable. See below for in scope and out of scope capabilities:   In scope TRANSFEROR TRANSFEREE   Party A and Party B (Joint Tenants (JT) or Tenants in Common (TIC)) Party A i.e. When removing one party from title Party A and Party B (JT or TiC) Party A and Party B (to change the manner of holdings) i.e. When changing the manner of holding from JT to TIC or vice versa   Out of scope TRANSFEROR TRANSFEREE   Party A Party A and Party B as either JT or TIC i.e. cannot add a party onto the title Party A and Party B as either JT or TIC Party A and Party C as either JT or TIC. i.e. cannot remove one party and add another to the title     If the transfer of land/survivorship application form was signed prior to 1 March 2018, can it be lodged in paper after 1 March 2018 or it must be lodged electronically regardless the execution date?   If the transfer of land/survivorship application form was signed prior to 1 March 2018 - it can be lodged in paper after 1 March 2018.   If the settlement date is on or after 1 March 2018 it needs to be completed electronically (regardless of execution date). Please see Registrar Requirements as it states:   "All Instruments set out in Registrar’s Requirements 6.3, 6.4 and 6.5 must be Lodged using an ELN...   6.5(c) a transfer of land signed on or after 1 March 2018, except when the transfer is to be Lodged with any other Instrument for the same folio(s) of the Register; and 6.5(d) an application by a survivor under section 50 of the TLA signed on or after 1 March 2018, except when the application is to be Lodged with any other Instrument for the same folio(s) of the Register;"   What happens when a non-PEXA Member is involved in "Paper Title and Cash Purchase" deal due to settle post mandate?   If a non-member is involved in “Paper Title and Cash Purchase” deal due to settle post mandate, they should contact PEXA immediately. In most cases, that non-member will want to commence their own PEXA registration and avail of the numerous training options available to complete transactions themselves.   In the event that registering with PEXA is not suitable for a firm, PEXA has various options to support industry. We are piloting alternatives for those practitioners who may not do enough conveyancing to stay up-to-date with e-Conveyancing requirements or transition that part of their business to digital. Please reach out if this scenario occurs.   For a non-monetary transfer what do I select if there is no contract? If it's a verbal contract what should I select?   In the case of no contract, select ‘NO’ and check all the names (as NO contract existed).   This is requested State Revenue Offices’ compliance data and requires a YES/NO answer.       Kind regards   Aoife   ... View more