The newly enacted Land Title Regulation 2022 has mandated that from 20 February 2023, land transactions are to be lodged via e-conveyancing.
E-conveyancing is the process of electronically transferring ownership of property. It allows for digitally prepared documents, direct funds transfers and electronic lodgement.
Under the Regulation, required instruments such as transfers, mortgages, caveats, priority notices, and transmission by death can only be digitally prepared, signed, settled, and lodged using an electronic lodgement network operator (ELNO) (such as PEXA or Sympli), unless exempted.
Exceptions
There are a number of exceptions to the mandatory lodgment via an ELNO:
ELNO limitations – if the ELNO does not have functionality to prepare, lodge or deposit the required document, or cannot be used on the day (and for the whole day) for reasons beyond an ELNO subscriber’s control;
Registry limitations – if the land registry system does not have functionality to accept or process the document lodged using an ELNO;
Combined transactions – if the document is to be lodged with another document that cannot be lodged using an ELNO (e.g. a plan, or any other dealing involving a lease or water allocation or a self-represented individual);
Self-represented individuals – if a party to the document is an individual who is not an ELNO subscriber or represented by a lawyer or law firm; and
Pre-commencement documents – if a document has been executed by a party in hard copy form before 20 February 2023.
Benefits of eConveyancing
eConveyancing offers substantial benefits and efficiencies and will replace many of the paper and manual processes that are currently used in traditional property transactions.
Some of the benefits include:
Confirmation of lodgement and registration – immediate confirmation of your lodgement and be notified once the transaction is complete.
Financial settlement – can settle transactions in a secure environment and pay fees and disbursements.
Minimise error – the workspace is linked to the Titles Registry to ensure accurate up to date real time title information.
Faster Process – Sellers funds will be deposited to their account as cleared funds immediately.
Are there added fees for e-conveyancing?
PEXA charges a settlement fee which is currently $123.97. In comparison, this is more cost effective than the ‘paper settlements’ as you no longer incur bank cheque fees, settlement agent fees or title check search fees.
At Lynch Law we have extensive experience in the use of e-conveyancing, so as a client, there is no impact on you, we take care of everything!
If you wish to discuss our conveyancing service please call our office on (07) 5474 4822 to speak with our experienced conveyancer.