The Queensland's Department of Resources (which is the governing authority for the Queensland Titles Registry) is currently undertaking a six weeks consultation on a new Land Title Regulation that will mandate electronic conveyancing for certain transactions in Queensland by early 2023.
The Australian Registrars National Electronic Conveyancing Council (ARNECC) is the regulatory body established to facilitate the implementation and ongoing management of electronic conveyancing of real property in Australia. ARNECC is constituted under an Intergovernmental Agreement (IGA) among the State and Territory Governments and membership comprises the Land Titles Registrars (or their nominee) from each Australian State and Territory.
Queensland first introduced voluntary e-conveyancing in 2013 following the commencing of the IGA. To date, NSW, Victoria, South Australia and Western Australia have mandated the use of e-Conveyancing for most standard transactions.
Legal practitioners that have embraced electronic conveyancing would be well aware of the benefits that it offers in ensuring that transactions occur smoothly.
Some of the benefits of the system include:
- allow practitioners to electronically prepare and lodge land property dealings with title registry with almost immediate confirmation of lodgement and completion;
- turnaround timeframe for registration has also been shortened drastically given that information on the respective land registries is shared and synch on a real-time basis;
- allow practitioners the ability to transmit settlement funds and pay associated duties and tax and disbursements in a secure environment without the need to organise banking and payment separately after completion of settlement; and
- remove the need to physically attend property settlements and the need to coordinate a time for physical settlement that is suitable for multiple parties.
The time and resources saved are immense in comparison to the traditional paper settlement system. Currently, more than 70% of relevant property transactions are being lodged through e-Conveyancing networks and it would seem that making e-Conveyancing mandatory is the next step to delivering a consistent system and service experience for parties involved in property transactions.
There will, of course, need to be exemptions in certain circumstances, including parties that perhaps choose to self-represent, force majeure events that cause outages to the system and internet, or if the title registry is not electronically tradeable.
Clients and parties involved in property transactions that are happening on the e-conveyancing platform can rest assured that subscribers and practitioners are required to comply with participations rules and operating requirements that are determined by the Registrar of Titles through the Electronic Conveyancing National Law (Queensland), this safeguards the system and ensure transactions happen securely. It would seem that the benefit of technology has reduced the likelihood of errors in comparison to the traditional paper settlement and lodgement system.
Rostron Carlyle Rojas Lawyers is a subscriber and member of PEXA (an approved electronic lodgement network operator).
Our experienced Conveyancing team will give you the confidence you need to proceed with all your property transactions with minimum stress and maximum support.
From a client's perspective, investing in property should be an easy process with rewarding outcomes. From a Conveyancer's perspective, there are multiple moving parts that when managed correctly will always allow clients to reap the benefits of their investment upon settlement.