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
26 May 2017
- National Mortgage Form to be implemented
- Client authorisations required for paper conveyancing
- Certificates required for paper conveyancing, including those for mortgages under section 74(1A) of the Transfer of Land Act 1958
- There will be a transition period for implementation of the National Mortgage Form, client authorisations and certifications from 26 May to 31 December 2017.
- A second bulk conversion of paper Certificates of Title to electronic Certificates of Title (eCT) will be undertaken.
1 August 2017
- Commercial mortgages, refinance transactions (including commercial mortgages) to be lodged electronically where the mortgagee(s) is an ADI.
- ADI refinances mandatory on PEXA.
- Functionality for other property transitions will be available in PEXA.
1 December 2017
- Stand-alone caveats and withdrawals of caveat to be lodged electronically.
- Non-ADI stand alone discharges of mortgage, stand-alone mortgages, and refinance transactions are to be lodged electronically.
1 January 2018
- The transition period for mortgage (NMF), client authorisations and certifications ends.
1 March 2018
- All survivorship applications, transmission applications and stand-alone transfers must be lodged electronically.
1 October 2018
- All combinations of transactions available in PEXA to be lodged electronically.
1 August 2019
- All transactions to be lodged electronically.
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.