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Banking & Finance Update May 2017



Electronic conveyancing update
   

Written by

 

 

 



Richard Williams, Partner

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In this update: 

1. National Mortgage Form about to be rolled out 


2. Full steam ahead to implement an electronic environment


National Mortgage Form about to be rolled out

The development of the National Mortgage Form (NMF) by the Australian Registrars National Electronic Conveyancing Council (ARNECC) has been in development for many years. It is hoped the implementation of the NMF will simplify the process for obtaining a mortgage. It disallows financial institutions from using their own forms, which can vary widely between institutions. From late May 2017, at least in New South Wales and Victoria, the NMF will be able to be used for transactions involving paper mortgages.  

Existing registered Memoranda of Common Provisions may still form part of the terms and conditions of the mortgage by stating the document reference in the applicable panel on the NMF.  

The rollout of the NMF for electronic mortgages is taking place at a slightly later date to coincide with release by PEXA of new versions of its operating procedures and guidelines.

Following introduction of the NMF there will be a transition period from late May 2017 to the end of December 2017 during which period paper mortgages can either be lodged in the new form or via existing approved forms. From 1 January 2018, all paper mortgages signed on or after that date must be lodged in a format using the NMF.  

We will be speaking to all our clients over the next few months to discuss transition of documentation to the NMF environment. 


Full steam ahead to implement an electronic environment 

Some time ago the Registrar of Titles in Victoria published a paper dealing with the requirements for paper conveyancing transactions in the state. Version 2 of the registrar’s requirements were published in March 2017 and notification has recently been given that Version 3 of the registrar’s requirements will become operational on 27 May 2017. 

Throughout Australia there is a move towards 100% digital lodgement. In Victoria this is part of the Victorian Government’s digital strategy. After consultation with stakeholders, the requirements and timelines for transitioning to 100% digital lodgement have been agreed. A summary of the agreed requirements and timelines is set out below. Generally this timeline applies to conveyancers and lawyers acting for a party or themselves and PEXA subscribers.

NMF rollout calendar 




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. Further information can be found at Land Use Victoria’s Customer Information Bulletin 163.
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.  Further information can be found at Land Use Victoria’s Customer Information Bulletin 163. 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.

Further information can be found at Land Use Victoria’s Customer Information Bulletin 163. 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.  Further information can be found at Land Use Victoria’s Customer Information Bulletin 163. 

Author: Richard Williams, Partner 

CONTACT US

Sydney

Penny Cable
Jill Milburn

Melbourne

Richard Williams
Neville Debney
Mary Nemeth

Brisbane

Troy Hawthorn
Paul Morris

Perth

Darren Miller
Marcus Easthope


Disclaimer: The information contained in this e-alert/update is not advice and should not be relied upon as legal advice. Hunt & Hunt recommends that if you have a matter that is legal, or has legal implications, you consult with your legal adviser.

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