12 Sep Registrar’s requirements for paper conveyancing transactions
Changes at the Land Titles Office and documents for dealing with land
The following are the requirements and dates on which the Registrar’s Requirements take effect.
Read on to the end to see how it affects you when you buy or sell land or need to put a caveat on a property.
- Discharges of mortgage to be lodged by the mortgagee.
A discharge of mortgage signed on or after 1 March 2016 must be lodged by or on behalf of the mortgagee. The practice of providing a discharge of mortgage to the registered proprietor(s) for lodgement at Land Victoria is no longer permitted. The only exception is when the discharge of mortgage will be lodged with a transfer of land and/or a mortgage affecting the same folio(s) of the Register.
- Discharges of mortgage and some mortgages to be lodged electronically.
- Commence bulk conversion of paper certificates of title to electronic certificates of title.
- Implement priority notices.
- Implement National Mortgage Form.
- Client authorisation required for paper conveyancing.
- Certifications required for paper conveyancing.
- Refinance transactions to be lodged electronically.
As you can see things are going more and more paperless and more and more conveyancers and law firms may be caught off guard and experience delays if they are not registered for electronic conveyancing.
What this means is that if you require an urgent caveat to be registered on land it can usually be done within 15 minutes- directly registered on title, instead of the 2 to 7 days it would normally take without electronic conveyancing.
When a sale is done by electronic conveyancing-there is no actual physical settlement but instead all parties- seller, bank, buyer and their representatives meet via the electronic platform and once all titles and documents are in order and transfers ready to register there is an exchange of funds. This means clearance of funds will usually take place immediately or same day compared to a day to a week’s delays experienced when cheques have to be returned, banked and cleared before the seller actually gets his or her funds.