Previously, we have outlined what electronic conveyancing is and what the benefits are for buyers and sellers.
The types of transactions that can be lodged electronically has expanded and we thought it timely to provide an update on electronic conveyancing.
At Dwyer Robinson, we have been transacting in PEXA* since 2016. The use of PEXA enables documents to be stamped and registered electronically, with all required payments being made electronically at the same time.
It is now mandatory for a number of documents to be lodged electronically, with a requirement that all transactions be lodged electronically by 1 August 2019.
If you have an existing Mortgage then your Title has probably already been converted to an electronic Title. All Titles held by the major Banks were converted to electronic Titles in October 2016, with conversions by further Banks on 22 July 2017 and a number of Credit Unions on 23 February 2018. If you refinance an existing Mortgage then this must be lodged electronically (since 1 August 2017).
The electronic lodgement of Caveats and Withdrawals of Caveats has been mandatory since 1 December 2017. If you have a Caveatable interest in a property (for example, in some family law situations or disputed Will matters) and your Solicitor is not registered for PEXA or experienced in its use, you should be asking why!
Survivorship Applications and Transmission Applications
From 1 March 2018, all standalone Survivorship Applications must be lodged electronically. That is, if you hold a Title as Joint Proprietors with a spouse (or another person) and your spouse passes away, the Application to transfer the Title into your sole name must be lodged electronically (if your Title is not under Mortgage).
Transmission Applications may also now be lodged electronically. For example, on the death of a Proprietor, the Transfer of the Title into the names of the Executors (the “Legal Personal Representatives”) must be lodged electronically.
From 1 March 2018, standalone Transfers (i.e. neither party to the transaction has a lender involved) must be handled electronically, with all transfer transactions to be handled electronically from 1 October 2018 (and all other transactions from 1 October 2019).
Whilst many firms have either not yet registered for PEXA or are reluctant to transact through it, at Dwyer Robinson we have been actively using PEXA since 2016. We are experienced and ready to handle the above transactions on your behalf.
If you require assistance with any of the transactions outlined in this article, please contact our Office. Please note that we are required to verify your identity and obtain a signed Client Authorisation. The preferred form of identification is a Drivers Licence and Passport but other forms of identification may be acceptable.
* PEXA stands for Property Exchange Australia. The Electronic Conveyancing National Law permits property transactions to be conducted through an Electronic Lodgement Network (an “ELN”) and PEXA is currently the only ELN.