Authority Updates - New South Wales - August 2016

Paperless Conveyancing in NSW

The NSW Government recently announced plans to accelerate the transition to electronic conveyancing and progressively phase out paper certificates of title in NSW.

This initiative has already been taken in Victoria, Western Australia and South Australia who all recently announced new measures to transition conveyancing to electronic.

Paper-based and electronic channels for conveyancing have operated in NSW since e-conveyancing was first introduced in 2014. The Government's plan aims to fully realise the benefits of e-conveyancing by progressively phasing out paper-based conveyancing over the coming years, in consultation with industry stakeholders.

By March 2017 financial institutions will be required to lodge certain mortgages and discharges of mortgage via an ELNO platform, with the issuing of paper certificates of title to banks to be phased out in that time as well.

The Government will begin consultation with financial institutions, legal practitioners, conveyancers and other stakeholders, to develop ways to phase out paper-based conveyances by 2019. Their next steps in the transition to e-conveyancing, is expected to be announced in the final quarter of 2016.

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Disclaimer: The information herein has been prepared by SAI Global Property Division Pty Ltd  ACN 089 586 872 from information released by the Authority cited on this page. It is provided as general background information only; it is not complete; and it does not comprehensively address this subject matter. Readers should not consider the information so provided as advice nor as a recommendation to take any particular course of action. Persons needing advice should consult their own solicitor, accountant or other professional adviser.