16 Dec Digital Conveyancing – moving away from paper transactions to electronic conveyancing

The following update has been released from the Australian Institute of Conveyancers Victoria (some notable deadlines have been underlined). It details information on the move to digital conveyancing or electronic conveyancing in Victoria.

Transitioning to 100% Digital Conveyancing

As we have been saying for a couple of years, electronic conveyancing through an ELNO will supercede paper transactions.

Land Victoria has just announced the following proposed timeline for the introduction of a fully electronic system:

*1 March 2016 – discharges of mortgage to be lodged by mortgagee
*1 August 2016 – discharges of mortgage and some mortgages to be lodged electronically
*22 October 2016 – bulk conversion of paper certificates of title to electronic certificates of title (four major banks)
* 9 December 2016 – priority notices implemented
*May 2017 – national mortgage form implemented
*May 2017 – client authorisation required for paper conveyancing
*May 2017 – certifications required for paper conveyancing
*August 2017 – refinance transactions (including commercial mortgages) to be lodged electronically
*December 2017 – caveats lodged electronically
*July 2018 – survivorship applications, transmission applications and standalone transfers lodged electronically
*December 2018 – transactions incorporating discharge of mortgage, transfer and mortgage lodged electronically
*July 2019 – ALL TRANSACTION LODGED ELECTRONICALLY
(applies to conveyancers and lawyers acting for a party or themselves, Authorised Deposit-taking Institutions and PEXA Subscribers)

THIS MEANS YOU WILL HAVE TO BE READY TO TRANSACT FULLY ELECTRONICALLY BY JULY 2019.

We are involved in consultation with Land Victoria, the banks, SRO and PEXA about the timing and implementation of the transaction and will keep you up to date with all changes.

Where do I stand?
Book a call to talk to a lawyer.