Authority Update - SA Operating Requirements & Participation Rules & National Mortgage Form

The Australian Registrars' National Electronic Conveyancing Council's (ARNECC) have published Version 4 of the Model Operating Requirements (MOR) and Model Participation Rules (MPR)
which will come into force on 27 May 2017 these are available at www.arnecc.gov.au

In conjunction with these the SA registrar has published corresponding updates to the South Australian Operating Requirements and Participation Rules.

Amendments have been made to the Client Authorisation Form and Verification of Identity requirements.
In addition various definitions within the documents have been updated. 

The ARNECC Guidance Notes will be updated to further assist you in understanding how to comply with these requirements.

Client Authorisation Form
Version 2 of the Client Authorisation Form will come into force on 27 May 2017.

Verification of Identity Requirements 
Version 4 of the Verification of Identity Requirements will come into force on 27 May 2017.

Verification of Authority Guidelines Version 2
Unrelated to the above-mentioned changes, Version 2 of the Verification of Authority Guidelines have been published to address a frequently asked question regarding verifying the authority of a Caveator when lodging a Withdrawal of a Caveat, see 7.2 Incoming Party. This version will come into force 27 May 2017.

National Mortgage Form
The paper lodgement of the National Mortgage Form will be introduced in South Australia from 29 May 2017, with a 7 month transition period (Dec 2017). 
The electronic version of the National Mortgage form is targeted for introduction in South Australia on 24th July.

The SA Registrar have published the following editable and saveable National Mortgage Form dealings for South Australia.

New FormDealing NameSigned ByReplaces Form

NMF1

 

National Mortgage Form

Mortgagee OnlyM1

NMF1A

 

National Mortgage Form

Mortgagee and Mortgagor

M1A

  

The National Mortgage Form1A which includes a Mortgagor's execution, can be considered by the Mortgagee to represent a Mortgage on “the same terms” as that lodged for registration, provided the form is properly executed.

Transition Period
The Registrar-General's will extend the existing transition period for Mortgages and Discharge of Mortgage dealings until 31 December 2017, to allow Mortgagees to update heir form templates. During this transition period, the registrar general will accept the following formats;

  • Old format (in force prior to the introduction of the Real Property - Electronic Conveyancing Amendment Act 2016)
  • The current format 
  • The new format (above)

During the extended transition period, where clients lodge old format Mortgage or Discharge of Mortgage dealings, signing “Certified correct for the purposes of the Real Property Act 1886” will be taken by the Registrar-General to represent that the certifier has complied with the legislative requirements relating to;

  • Verification of Identity;
  • Client Authorisation;
  • Evidence retention;
  • Correctness and compliance of the dealing with relevant legislation and any Prescribed Requirements (including Verification of Authority); an
  • Holding a Mortgage granted by the Mortgagor on the same terms (if applicable).

Read more of South Australia's Authority Updates

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.