NSW Land Registry Services (NSW LRS), formerly known as the Land and Property Information Sydney has issued a circular updating electronic conveyancing (eConveyancing), which is set to replace many of the paper and manual processes traditionally involved in property transactions with secure online processes.
The transition to eConveyancing has been mandated by the NSW Government and they, via the office of the Registrar General, have set a timeline for the implementation of eConveyancing in NSW.
The eConveyancing platform is managed by Property Exchange Australia (PEXA), currently, the only Australian Electronic Lodgement Network (ELN) and new features and updates are regularly being added which improve and expedite property transactions online.
Multiple ownership titles in NSW
From 5 February 2018 multiple ownership titles are now eligible for electronic transactions via an ELN where the Certificate of Title (CT) or a Control of the Right to Deal (CoRD) Title has issued.
A multiple ownership title will no longer be considered an exception to dealings requiring mandatory electronic lodgement.
Design changes to paper Certificates of Title
From February 2018, NSW Land Registry Services is introducing minor design changes to paper Certificates of Title.
The changes are:
Paper colour: The new Certificates of Title will be printed on a slightly different shade of paper.
Removal of the watermark: The watermark image of the NSW state boundary and the NSW Waratah will no longer appear.
National Mortgage Form extension of transition period
The National Mortgage Form (“NMF”) was introduced in May 2017 and Rule 10.1.10 of the NSW Conveyancing Rules states Mortgages are to be lodged using the NMF from January 2018.
The NSW Registrar General has, via waiver, granted an extension to the transition period to comply with Conveyancing Rule 10.1.10 until 2 March 2018.
NSW Land Registry Services will continue to accept the existing NSW Mortgage Form (Form 05M) until 2 March 2012.
All mortgages signed on or after 2 March 2018 must be completed using the new NMF.
NSW LPI to NSW LRS
As a result of the change from NSW LPI to NSW LRS which happened on 1 December 2017, from 1 March 2018 only cheques made out to NSW Land Registry Services or NSW LRS will be accepted.
For more information, visit the NSW Land Registry Services website.