Authority Updates - New South Wales - November 2016

NSW Revised Conveyancing Rules

New South Wales Revised Conveyancing Rules

Version 2 of the Conveyancing Rules have been published and will now come into effect and replace Version 1 from Saturday 26 November 2016.

Conveyancing Rules are made under section 12E of the Real Property Act 1900. 

Conveyancing Rules - Version 2

New Rules have been included in sections 7 to 9 to support the first stage of the move to a paperless conveyancing in NSW. 

In summary, the new Rules are: 

  • Priority Notices will be available from 28 November 2016, but may only be lodged electronically.
  • A discharging mortgagee or its representative must lodge a stand-alone discharge of mortgage signed on or after 1 March 2017
  • Where the mortgagee is an Authorised Deposit-Taking Institution (ADI), stand-alone discharges of mortgage or mortgages to which the National Credit Code applies, signed on or after 1 March 2017must be lodged electronically
  • Where both discharging and incoming mortgagees are ADIs, refinance transactions signed on or after 1 August 2017must be lodged electronically

Version 2 also includes notes that indicate changes have been made from Version 1. 

  • Version 1 of the Conveyancing Rules standardised formal verification of identity and authority requirements across all conveyancing in New South Wales
  • Version 2 makes some changes to clarify the operation of the requirements for Verification of the Identity (VOI) of persons who are given Certificates of Title. It is made clear that the VOI requirement does not operate in settlement situations. 

More information

Conveyancing Rules Version 2

Conveyancing Rules Version 1(applicable only until 25/11/2016)

Conveyancing Rules and National Verification of Identity framework

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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.