Going Digital – Queensland’s new e-Conveyancing Mandate
Queensland will make e-Conveyancing mandatory for certain transactions with the commencement of the Land Title Regulation 2022 (Qld) from 20 February 2023 (the Regulation).
The Regulation will bring Queensland in line with New South Wales, Victoria, South Australia, and Western Australia in relation to the e-Conveyancing process.
The formalization of this advancement also reflects the position of how property transactions are actually being affected in Queensland. Recent statistics confirm that 70% of all conveyancing transactions occurred electronically in 2022, which closely aligns with our own experience.
What transactions are covered?
Transactions that will be captured by these changes include:
- transfer for a lot;
- mortgage over a lot;
- an instrument releasing a mortgage for a lot;
- caveats and requests for withdrawals;
- priority notices and requests for extension or withdrawal; and
- applications made to be registered as a personal representative for an owner of a lot who has died.
Are there any exceptions?
The following transactions will be exempt from the mandatory requirement to comply with the Regulation:
- the Electronic Lodgment Network Operators (ELN) does not have the functionality to prepare, lodge or deposit the instrument;
- circumstances which are beyond the subscriber’s control, such as for example, internet outages;
- where the land registry is unable to accept the instruments electronically;
- where one or more parties are self-represented; and
- where an instrument has been executed prior to mandatory e-Conveyancing.
How are e-transactions affected?
The electronic transactions will only be able to be conveyed through two Electronic Lodgment Network Operators (ELNOs): PEXA and Sympli. In our experience, PEXA remains the market leader in the e-Conveyancing space, and it looks to remain that way despite Sympli gaining subscribers.
Electronic conveyancing has been largely embraced by legal and finance practitioners as the use of technology has led to increased security, efficiency and overall user satisfaction.
The introduction of mandatory e-Conveyancing is a welcome addition to the market and will require all practitioners to adhere to these requirements going forward.
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