Recapping the previous article from my peer Tylah Joy on 6 October 2022, The Electronic Conveyancing National Law Act (Qld) enacted in 2013 established guidelines for the lodgment or deposit of land title transactions using Electronic Lodgment Network Operators (“ELNO”) such as PEXA and Sympli.
Since 2016, governments such as New South Wales, Victoria, South Australia, and Western Australia have all made eConveyancing mandatory for certain property title transactions. Electronic conveyancing is required in Queensland beginning on 20 February 2023, pursuant to the Land Title Regulation 2022, Subordinate Legislation 2022 No. 124. Previously settlements or transfers could proceed either via manual paper lodgments or electronic lodgments.
Physical lodgments will no longer be accepted by Titles Queensland subject to certain exceptions. Lodgments of mainstream property transactions such as freehold releases of mortgage, transfers, mortgages, caveats and priority notices will all be required to occur electronically.
Legal practitioners that have adopted electronic conveyancing are well aware of the advantages it provides in ensuring that transactions run smoothly. Some of these include:-
- Administrative efficiencies: enable practitioners to electronically draft and lodge land property deals with the title registry, with practically instantaneous confirmation of lodgement and completion;
- Accuracy: titles information is generated and verified on the creation of a settlement workspace via the ELNO so that property and party details are automatically included;
- Convenience: turnaround time for registration has also been considerably reduced because information on the different land registries is exchanged and synched in real time;
- Potential for reduced costs: eliminate the need for many parties to physically attend property settlements, as well as the necessity to schedule a time for physical settlement that is convenient for all parties;
- Security and certainty: enable practitioners to send settlement funds and pay related duties, taxes, and disbursements in a secure environment via EFT, eliminating the need to arrange banking and payment separately following settlement; and
- Bulk settlements: Documentation and financial data may be created and submitted in bulk, GST withholding is paid directly to the ATO, and reporting tools are provided to offer insights into the overall project settlement.
It is crucial that all those in the property industry are properly prepared for the eConveyancing mandate before it becomes effective. While there will be some exceptions to the online lodgment, ‘mainstream’ transactions detailed above will be required to occur electronically.
Currently 70% of transactions are lodged through e-Conveyancing, therefore it is high time that all lodgments be made online. Macrossan and Amiet Solicitors are subscribed to PEXA and have extensive experience. Please contact us for your property and land, commercial and conveyancing needs.
