Paper Certificates of Title and paper settlements are fast becoming part of our history and the future for Conveyancing is Electronic.
In NSW the Financial Institutions commenced converting their paper Certificates of Title to Electronic Certificates of Title (ECT’s) on 1st September 2018. The big four banks, ANZ, CBA, Westpac and NAB are the first to convert to ECTs.
It is expected that 142 Financial Institutions will have converted their paper Certificates of Title to ECT’s with NSW Land Registry Service by 1st October 2018.
Most NSW Land owners who have a mortgage with an Authorised Deposit Taking Institution will be registered with NSW Land Registry as having an ECT from 1st October 2018.
This is a major step towards full electronic conveyancing in NSW.
In line with this change PEXA (Property Exchange Australia) have advised that they will provide a Residential Seller Guarantee (PRSG). More detailed information can be obtained from the PEXA website where the following key points are noted:
- The PRSG applies to settlements on or after 29 June 2018.
- The PRSG only applies in respect of the sale of residential property where the vendor’s (sellers) funds are misdirected after the vendor’s practitioner has entered the correct bank account details into the PEXA platform.
- Other criteria must be satisfied before a claim can be made under the PRSG.
- PEXA’s liability under the PRSG is capped at $2 million.
- There are some exclusions.
For more detailed information on the PRSG : https://www.pexa.com.au/pexa-residential-seller-guarantee.
If you require more information on Electronic Conveyancing please contact our experienced property law team.