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Transition to eConveyancing by July 2018

17 May 2018

Stand-alone transfers and caveats, along with mortgages and discharge of mortgages (including non-authorised deposit-taking institutions), are to be lodged electronically from 1 July 2018.

This also means those who normally lodge paper documents in person without formal legal representation will need to consult a lawyer or conveyancer who is registered for eConveyancing from 1 July 2019. 

This timeline has been set by the NSW Government who has committed the state to eConveyancing which it says is more efficient, secure and accessible.

The Office of the Registrar General has warned that ‘waiting until the deadline arrives before you take steps to make the transition means you will have left it too late’. It is holding workshops and to help you get started and make a complete transition to eConveyancing.

A recent report by KPMG to investigate the impact of eConveyancing said it helped with:

elimination of almost all risks associated with human error, such as misplaced or incorrectly signed documents 
immediate transmission of settlement funds in most cases
instant registration on title
time savings of 3.25 hours (65%) for a vendor’s lawyer and 4.25 hours (70%) for a purchaser’s lawyer.

Finding a lawyer or conveyancer who offers eConveyancing

Currently PEXA is the only electronic lodgement network operator (ELNO) in NSW and it has  a searchable database of the lawyers, conveyancers and financial institutions already transacting together online.

To learn more about eConveyancing in NSW, visit here