Authority Update - Victoria - April 2017

Land Use Victoria is moving to 2 Lonsdale Street, Melbourne 3003. The move is expected to occur in August but more information will be provided when it’s announced.

Registrar's requirements for paper conveyancing transactions

Version 2 of the Registrar's requirements have been published.  These are available at http://www.delwp.vic.gov.au/publications

The key changes to the requirements are summarised below:

  • Amendments to requirements 5 (Certifications), 8 (Client Authorisations) and 9 (mortgagee certifications), these will take effect from the introduction of the national mortgage form on 26 May 2017
  • Introduction of a transition period for approved forms of instrument signed on or before 31 December 2017 for requirements 5, 8 and 9 (above)
  • Re-finances between ADIs must be lodged electronically from 1 August 2017
  • All ADI mortgages including commercial mortgages are in the requirements
  • An additional exception to requirement 6.2 when certain instruments cannot be dealt with electronically (ELN doesn't support lodgement type)
  • New form printing requirements in requirement 10.3
  • Amendment to Schedule 4 so that certifications will be the same as those in the national mortgage form.

The Registrar's requirements will be amended again when Version 4 of the Model Participation Rules (MPR) for electronic conveyancing is finalised. 

Australian Registrars National Electronic Conveyancing Council (ARNECC) is considering feedback received on consultation draft 4 of the Model Operating Requirements (MOR) and consultation draft 4 MPR.

 

Also some addition information regarding the transition to 100% digital

1 July 2017

  • A second bulk conversion of paper Certificates of Title to electronic Certificates of Title (eCT) will be undertaken.  This will involve paper Certificates of Title held by authorised deposit-taking institutions (ADIs) other than the four major banks (ANZ, CBA, NAB, Westpac and their brands).  

1 November 2017 

  • Survivorship applications, transmission applications and change of name functionality will be available in PEXA.

1 December 2017 

  • Standalone caveats and withdrawals of caveat to be lodged electronically. This requirement applies to PEXA subscribers, and conveyancers and lawyers acting for a party or for themselves and PEXA Subscribers.
  • Non-ADI standalone discharges of mortgage, standalone mortgages and refinance transactions are to be lodged electronically. This requirement applies to conveyancers and lawyers acting for a non-ADI and non-ADIs who are PEXA Subscribers.

 1 March 2018 

  • All survivorship applications, transmission applications and standalone transfers must be lodged electronically. This requirement applies to conveyancers and lawyers acting for a party or themselves and PEXA Subscribers.

 1 October 2018 

  • All combinations of transactions available in PEXA to be lodged electronically.  For example, a case comprising a withdrawal of caveat, discharge of mortgage, transfer and mortgage. This requirement applies to conveyancers and lawyers acting for a party or themselves and PEXA Subscribers.

 1 August 2019 

  • All transactions to be lodged electronically. This requirement applies to conveyancers and lawyers acting for a party or themselves and PEXA Subscribers.

The exception will be when there is an existing paper instrument that has been signed prior to the date when electronic lodgement of that particular class of instrument or transaction is required.

Certifications must form part of an approved form and cannot be placed on annexure sheets.

Customers are encouraged to start using Client Authorisations from 26 May 2017.  This means that a conveyancer or lawyer will have a Client Authorisation in place if they need to sign either an electronic or paper instrument on behalf of their client.

 

Availability and use of new forms

The Registrar will make available the National Mortgage Form (NMF) and all other instruments as approved forms containing certifications before 26 May 2017. All forms will be published online at www.delwp.vic.gov.au/property-forms. SAI Global also plan to make forms certain forms containing certification available within Conveyancing Manager.

 

Lodgement of paper transactions where the Certificate of Title is electronic (eCT)

Where a folio has an electronic Certificate of Title (eCT), nomination of the eCT using the electronic lodgement network (PEXA) is required before a paper instrument can be lodged for registration.

However, an exception will be made where a discharge of mortgage signed before 22 October 2016 is presented for lodgement, either alone or with other instruments.  Where the exception applies, the redundant paper Certificate of Title must be produced at lodgement.

 

Land Legislation Amendment Bill 2017

The Land Legislation Amendment Bill 2017 was introduced into Parliament on 21 March.  The Bill makes a number of small but important changes to the Transfer of Land Act 1958, Subdivision Act 1988 and the Valuation of Land Act 1960.  The Bill and its Explanatory Memorandum are available online at www.parliament.vic.gov.au/legislation.

As there are a vast about of changes SAI Global recommend you read the full information bulletin here, and listen to the webinar provided by SAI Global regarding some of these changes.

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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.