Electronic Conveyancing, otherwise known as e-conveyancing, is not a new concept. Online platforms such as Property Exchange Australia (PEXA) and Sympli Australia Pty Ltd have been around for a few years, allowing standard conveyancing transactions to be completed and lodged electronically. Most law firms will know of, if not already utilize these optional platforms. Now, the Land Title Regulation 2022, Subordinate Legislation 2022 No. 124 has made e-conveyancing mandatory from 20 February 2023. This makes Queensland the fifth state to make e-conveyancing mandatory, alongside New South Wales, Victoria, South Australia and Western Australia.
What does this mean?
Well, the short answer is that any transactions that can be completed via e-lodgement now must be done this way. This has the benefit of doing away with the archaic paper-based processes, making room for a quicker, more efficient process. At this stage, only certain kinds of documents are required to be lodged electronically, including:-
- Transfers;
- Mortgages and Releases;
- Caveats;
- Priority Notices; and
- Applications to be registered as a personal representative for a registered owner of a lot who has died.
Of course, there are exceptions to the above. For example, self-acting buyers and sellers are not required to register for these online platforms in order to complete settlement. Other exemptions include lodgements which may not be straight forward or include other documentation to be lodged and therefore are out of scope of e-conveyancing transactions.
The effect of e-conveyancing becoming mandatory will vary from firm to firm. As stated earlier, many Queensland firms have already made the transition to e-conveyancing. As for those that have not embraced the new process, they have six (6) months to make the change. Any paper lodgments that are started before the mandate comes into effect may be finalsed, but new lodgements will need to be electronic.
Legal practitioners that have adopted e-conveyancing are aware of the advantages it provides in ensuring that transactions run smoothly. For clients, there are many benefits including:-
- Cost effectiveness – avoids extra costs for hiring settlement agents, arranging bank cheques, paying for postage, and so on.
- Time efficiency – lodgment takes place in a matter of minutes and funds are transferred within a few hours instead of having to wait days for cheques to clear.
- Greater security – less chance of human error and more barriers to prevent issues from arising.
At Macrossan and Amiet, we have already embraced the use of e-lodgement and are subscribed to PEXA.
If you have any questions or concerns, or if you have a purchase, sale or lodgement you want assistance with, please contact our experienced property and land, commercial and conveyancing team and we will gladly aid you through the process.
