conveyancing transformed nsw regional roadshow · the future of conveyancing 11 conveyancing is...
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Conveyancing Transformed
NSW Regional Roadshow
Office of the Registrar General
April/May 2017
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Conveyancing Transformed - NSW
Regional Roadshow
Office of the Registrar General
1. Restructure and concession of LPI
2. Electronic conveyancing implementation
in NSW
3. The future of conveyancing
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Conveyancing Transformed - NSW
Regional Roadshow
Restructure and Concession of LPI
Update - LPI structural changes
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Update - LPI structural changes
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• Office of the Registrar General (ORG)
Will oversee the operations of LPI - Titling and
Registry Services – after concession
Focuses on legislative change and policy
administration relating to land registry functions
• LPI - Titling and Registry Services
Land Registry operations
Land and Property Information NSW (Authorised
Transaction) Act 2016 (NSW)
Private operator for 35 year Concession
Move to a private operator in the next few months
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Conveyancing Transformed - NSW
Regional Roadshow
Electronic Conveyancing Implementation in NSW
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Electronic Conveyancing
Implementation in NSW
Release 1 – 8 October 2013
- Mortgages and Discharges
- Big 4 banks + others
Release 2 – 14 November 2014
- Transfers, Caveats and Withdrawals of Caveat
- Representative Subscribers
- Electronic settlement
Nov 2016 – Priority Notices
Over 125,000 dealings lodged electronically
Over 1,800 Subscribers signed up
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Electronic Conveyancing Implementation
in NSW
e Dealing Lodgment Statistics to 24 March 2017 Total Release 1 Lodgments (Discharges &
Mortgages)2923
Release 2 Dealing Type Totals:
Discharge of Mortgage: 65,996
Transfer: 2,980
Mortgage: 52,792
Withdrawal of Caveat: 579
Caveat: 2,437
Total Release 2: 124,784
Priority Notice: 495
Total e Lodgments 125,279
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Electronic Conveyancing Implementation
in NSW
Total Solicitors (NSW) 1,178
Total Conveyancers (NSW) 387
Total Solicitors (VIC) 133
Total Conveyancers (VIC) 3
Total Solicitors (QLD) 60
Total Solicitors (ACT) 5
Total Solicitors (WA) 11
Total Conveyancers (SA) 1
Total Solicitors (SA) 8
Total Financial Institutions 86
Total Subscribers in NSW 1,872
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Conveyancing Transformed - NSW
Regional Roadshow
The Future of Conveyancing
The future of Conveyancing
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Conveyancing is undergoing “Digital Disruption”
“Digital disruption refers to changes enabled by digital technologies that occur at a pace and magnitude that disrupt established ways of value creation, social interactions, doing business and more generally our thinking.”
As a result Conveyancing is changing rapidly
Some Drivers for change:
• Electronic Conveyancing - PEXA
• National Consistency - ARNECC
• Changes out side “Conveyancing” – Digital Government; online property marketing; increased accessibility of information
Conveyancing Rules
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Real Property Act 1900 (NSW)
• Section 12E - The Registrar General may make Conveyancing rules covering, for example:
verification of identity and authority
client authorisations
the retention of documents and evidence
classes of documents that must be lodged electronically
alternative arrangements for execution and attestation
• The Registrar-General may refuse to accept or register, or may reject, a conveyancing transaction that does not comply with the requirements of the conveyancing rules [section 12E (9)]
A paperless conveyancing future in NSW
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What’s Next? 4 July 2016 - Dominic Perrottet, (former) Minister for Finance, Services and Property said:
“Across Australia, the future of conveyancing is digital. The benefits are clear, the technology is here, and this is our plan for NSW to lead the way. We are committed to working with all stakeholders to make sure they have the technical capacity, training and resources they need to adapt as conveyancing goes digital.”
A paperless conveyancing future in NSW
28 February 2017 - Victor Dominello, Minister for Finance,
Services and Property said:
“…the Government has committed to a detailed
timetable for the introduction of paperless
conveyancing. By July 2019, all standard
property transactions in NSW will be conducted
electronically, and all Certificates of Title will be
phased out in favour of e-Titles.”
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NSW - Transition to e-Conveyancing
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Stage 1
• 2016:
Priority Notices – introduced as electronic only: [R 8.1]
• 2017: Affects financial institutions (ADIs) in 2017 and parallels measures in Vic and WA
From 1 March 2017 - Mortgagees (or their representative) –standalone Discharges: [R 7.2]
From 1 March 2017 - Standalone Discharges by Authorised Deposit Taking Institutions (ADIs): [R 8.2]
From 1 March 2017 - Standalone Mortgages by ADIs in respect of which the National Credit Code applies: [R 8.2]
NSW - Transition to e-Conveyancing
Stage 1 Continued
From 1 March 2017 - Extension of eCT issue - ADIs will receive
an eCT on registration of an electronic mortgage (where they are
first Mortgagee): [R 9.1]
From 1 August 2017 - ADIs will receive an eCT on registration of
a paper transaction (where they remain first Mortgagee)
From 1 August 2017 - Refinance transactions by ADIs: [R 8.4]
From 1 August 2017 - Standalone Mortgages by ADIs whether
under the National Credit Code or not: [R 8.4]
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NSW to Transition to e-Conveyancing by 2018
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Stage 2:
• 2018:
1 July 2018 - standalone Caveats
1 July 2018 - standalone Transfers
1 July 2018 - Mortgages and Discharges by non ADIs
1 July 2018 - start cancelling paper CTs and issuing eCT held by non-
ADIs
October 2018 - complete cancelling paper CTs and issuing eCTs held
by ADIs
NSW to Transition to e-Conveyancing by mid-
2019
Stage 2 Continued
• 2019:
Paper CTs to be removed completely
All mainstream conveyancing to be lodged electronically -
combinations of Discharge, Transfer and Mortgage cases
Exceptions to all of the above: eg lodged with other dealing
Conveyancing Reform Committee will continue to meet to
advise on implementation
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NSW - Transition to e-Conveyancing
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A paperless conveyancing future in NSW -
Current eConveyancing Scope
1. Priority Notice, Extension of Priority Notice and Withdrawal of
Priority Notice
2. CoRD Consent
3. Discharge of Mortgage
4. Mortgage
5. Transfer
6. Caveat and Withdrawal of Caveat
NSW - Transition to e-Conveyancing
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A paperless conveyancing future in NSW
Residual Document Strategy
• Plan to enable more documents to be lodged electronically
• By mid-2019 the following will be available:
Change of Name
Notice of Death
Transmission Application
Lease
Transfer by Mortgagee
Transfer of Lease/Mortgage
Charge
What to expect in the future
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• Uniform National Mortgage Form
• Standard Mortgage Discharge Authority (PEXA based)
• Electronic contracts and Electronic Vendor Disclosure
• Introduce Client Authorisations for paper
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More Information - ARNECC Guidance
Notes
ARNECC has so far published 6 Model Participation Rules
Guidance Notes:
1. Client Authorisations
2. Verification of Identity
3. Certifications
4. Right to Deal
5. Retention of Evidence
6. Compliance Examinations
https://www.arnecc.gov.au/publications/mpr_guidance_notes
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Digital Innovation
“Digital innovation is transforming the way people
do business in every city and every country around
the world. The reality is the collaborative economy
is here to stay.”
Victor Dominello MP
19 January 2016