As NSW transitions to 100% electronic dealings and eConveyancing, there are many changes occurring that subscribers must be aware of. In the milieu of Covid-19, there have been many delays to eConveyancing and the release of residual documents, as well as confusion surrounding the interim process of paper lodgments online due to the state-wide lockdown. Chamberlains is across such issues and here to help you navigate these next stages in the eConveyancing transition.
NSW transition to eConveyancing
As announced by the NSW Land Registry Services on 10th May 2021, the NSW property industry is seeing extensive changes in the transition to digital property transactions. The goal is to see the elimination of paper dealings by the end of this year, marking a change to the working and compliance procedures for practitioners. The transition to electronic paper dealings has occurred in stages. Originally, the aim was to be 100% electronic by August 2021 but this has been extended to 11 October 2021, with two significant changes:
- Certificates of Title (CT) and the control of the right to deal (CoRD) framework will be cancelled; and
- A move to all land dealings having to be lodged electronically. This is referred to as ‘100% eConveyancing’.
The cancellation of CT’s will occur on 11 October 2021, known as ‘cessation day’. Under the Real Property Act 1900, from cessation day all CT’s will have no legal affect, and no more CT’s will be issued from the Register General. Alongside this, CoRD will no longer be issued to Authorised Deposit-Taking Institutions, such as banks, removing the requirement for CoRD holder consent, though Mortgagee consent will still need to be obtained for certain dealings. These changes change the requirement for multi-party workspaces in PEXA, consent and physical title at the NSW LRS. This transition to digital will also have various benefits, including: a more seamless transaction without the CT requirements, the ability to satisfy requisitions electronically, faster registration times, reduced manual activities such as physical attendance and an overall increase in transparency.
Residual documents and lodging paper documents during Covid-19
Residual documents are a large collection of documents that previously had to be lodged in paper. They are structured with data elements that contain information to be recorded on the Register, which aims to improve the technical functionality of the NSW LRS and Electronic Lodgment Network Operators (ELNOs). Dramatic changes to online conveyancing have been seen through the Residual Dealings mandate that has occurred in three stages. The first stage was released on 22 March 2021 and the other two are currently set to be released 11 October 2021, moving to 100% electronic dealings.
Chamberlains can lodge your mainstream and other dealings electronically, including those related to Caveats, Mortgages, Transfers, Transmission Applications, Leases, Priority notices and more.
How Chamberlains can assist you
As the remaining electronic dealings reach their mandated date, the demand for conveyancers and solicitors will rise as consumers wishing to lodge these dealings will be required to use a ELNO subscriber. Chamberlains can expertly navigate this process and provide our services to support you with your dealing requirements. We recognise the responsibilities to subscribers and make it key to our team to understand ARNECC’s rules and compliances processes, including such tasks as taking all reasonable steps to undertake Verifications of Identity, ensuring there is a Right to Deal and obtaining the correct authorities.
If you would like a full list of the available residual documents that we are currently able to lodge, and those which will be mandated in October please contact Vision Lewis or Harold O’Brien of our Sydney property team. Our property team can assist you with dealings you may need to lodge quickly and efficiently. Please reach out to us to find out more about how we can help you, what kind of documents we can assist you with and the relevant pricing. In the absence of dealings being available for lodgement as residual documents, we are also able to lodge paper documents online as well, to work around the limitations of Covid-19.
- As NSW transitions to 100% eConveyancing, there will be many benefits that see the lodgement of dealings made more convenient and transparent.
- In the meantime, there may be some confusion between what dealings can be done through Residual documents, and the interim online paper lodgement process, but Chamberlains can help you navigate this!
- As NSW transitions to a fully electronic process, the requirements, and responsibilities for ELNO subscribers will also shift, making it essential that you have someone like the Chamberlains team to ensure compliance.