84 per cent of possible dealings are lodged electronically
In May 2019, 84 per cent of all possible dealings in NSW were lodged electronically. This included 81 per cent of transfers. Specifically:
- 86 per cent of mortgages;
- 89 per cent of caveats;
- 84 per cent of discharges of mortgage; and
- 66 per cent of withdrawals of caveat.
Please find more statistics, including a breakdown of subscriber uptake by area code, on LRS statistics page.
Conveyancing Rules Version 5 is live
Conveyancing Rules (Rules) Version 5 have now been published and are available on the NSW LRS website.
Version 5 will replace Version 4 on 1 July 2019. Version 5 brings a number of changes that make it mandatory for certain transactions to be lodged electronically. The main changes are:
- Mandatory electronic lodgment of mainstream dealings: New Rule 8.7 makes it mandatory for you to lodge all mainstream dealings electronically from 1 July 2019. Mainstream dealings are defined to mean a transfer, mortgage, discharge of mortgage, caveat, withdrawal of caveat or transmission application.
This rule applies whether a mainstream dealing is lodged as a standalone, or in combination with other mainstream dealings.
- Mandatory electronic lodgment of other dealings from 1 July 2020: New Rule 8.8 makes it mandatory for you to lodge all dealings electronically from 1 July 2020, whether standalone or in combination. The rules specify that each dealing must be lodged electronically after declared so by the Registrar General, and after a notice period of at least 90 days.
Conveyancing Rules Waivers have been published here in relation to Conveyancing Rules Version 5. If you are eligible for a waiver, you will need to complete a Conveyancing Rules exception form and produce it with your lodgement.
As a result of your feedback during consultation on these rules, unrepresented parties will be able to continue to lodge any mandated dealing in paper for 12 months. However, unrepresented parties for transfers has been modified to only allow unrepresented persons on both sides of the transaction, and no mortgagee.
If you would like more information on the Rules, please contact ORG.
Update on interoperability industry working groups
Competition in the ELNO market is rolling out across Australia. A second ELNO, Sympli, has already commenced in Queensland and Victoria. Sympli is scheduled to start operating in NSW in July and is planning to be operating in other states by year's end.
To make sure competition generates benefits for the end user of the system, NSW believes ELNOs' end-systems need to work together - 'interoperate'. In previous updates, we've mentioned industry working groups, led by an independent chair, Dr Rob Nicholls, to review interoperability among ELNOs. As you will recall, the concept is that ELNOs work together, meaning that lawyers and conveyancers can always use the ELNO they prefer to use - rather than being forced to sign up to more than one ELNO, to complete a transaction. These industry working groups are considering how interoperability might be accomplished from a technical and regulatory perspective. Information is being shared with other states and the current review of the eConveyancing Intergovernmental Agreement.
The first round of the industry working groups are now complete, and Dr Nicholls is preparing a report that will look at the technical and regulatory issues for interoperability. Once stakeholders have had a chance to review the report, including discussions in the final round of industry working group meetings, we expect it will be published at the end of July.
PEXA webinar and regional education sessions
PEXA is assisting practitioners in their preparations for 1 July 2019, with a suite of practical how-to webinars, a series of face to face training sessions in Sydney CBD and Parramatta, as well as regional training sessions. PEXA will continue to prioritise NSW practitioners who need to urgently subscribe before 1 July so please get in touch at TeamNSW@pexa.com.au to start the process.
Sympli early onboarding program
Sympli has now commenced its services in NSW with the announcement of their Early Onboarding Program. Through this program, Sympli is offering select lawyers and conveyancers the opportunity to onboard with the platform. You can find out more about the program and register your details to join here.
ORG eConveyancing resources
Please find some resources to help you with a smooth transition to eConveyancing:
- Subscriber compliance
- Training workshops
- How to complete a Client Authorisation Form video
- Legal framework
Update on timing for electronic notice of death, and dealings with attachments
Release 10.1, which includes notice of death, transfer of second schedule interests, and allows for attachments to transfers and caveats has been rescheduled to later this year. This delay will allow NSW LRS to upgrade its IT platform to support multiple Electronic Lodgment Network Operators (ELNOs) to connect to the NSW registry. Old Land and Property Information (LPI) IT currently allows only one ELNO to connect to the registry. However, as more ELNOs emerge, NSW LRS is investing in a modern, more secure and flexible ELNO platform to support multiple ELNOs. All equivalent 10.1 dealings will be updated on this new multi-ELNO platform by the end of this year.
As a result of industry feedback, the declaration statement on an e-Lease has been amended to read:
The lessor declares, to the best knowledge of the subscriber, that registration of the lease is not precluded by any option of renewal/purchase in a registered lease
The new statement removes any doubt as to the validity of the declaration in the scenario where an option to renew has been exercised. This statement appeared on e-Leases from 13 May 2019. I wish to thank the Property Law Committee of the Law Society of NSW for their help on this.
Responses to eCT Discussion Paper
We have published all responses to the eCT discussion paper on the ORG website. We plan to release a further position paper in the coming months.
Update on current independent eConveyancing reviews
Review of Intergovernmental Agreement (IGA) for eConveyancing
The IGA Review team (Dench McLean Carlson, DMC) is now considering all submissions from stakeholders. The DMC team received responses from 19 stakeholders - 18 written submissions and one by way of a face-to-face meeting. DMC has asked us to thank the stakeholders for their detailed and considered responses. DMC is now drafting the final report. If you have any questions, please contact Anne Larkins on 0419 373 096 (email@example.com) or Cameron Geddes on 0417 653 118 (firstname.lastname@example.org).
Please find a copy of the NSW Government's response to the IGA Review Issues Paper.
IPART review on pricing regulation for electronic conveyancing services
NSW's independent pricing regulatory tribunal (IPART) is reviewing pricing in the eConveyancing market. Responses to IPART's issues paper are available here. In August, IPART will issue their draft report, and hold a public hearing. Please let us or IPART know if you would like to be involved in this process.
NSW Land Registry Services new website
NSW Land Registry Services (NSW LRS) has a new website. The website has been designed in consultation with stakeholders, to make it easier for users of the land title system in NSW to find current land title, plan registration, and historical research information. It includes a new site-wide search function, which allows users to find information from the NSWLRS website and the Registrar General's Guidelines using a single search feature - so lodgment requirements, forms, fact sheets, and other information can been accessed more easily. If you have any feedback regarding the website, you can pass them to NSW LRS via its Contact Us form.
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.