KP Carmody & Co

Electronic conveyancing or e-conveyancing is here. The first stage of paperless conveyancing has already happened.

Any discharge of mortgage by a bank, credit union or building society without a corresponding transfer of title will now proceed by way of e-conveyancing i.e. a paperless transaction with lodgment taking place via an electronic means. Following registration of the discharge of mortgage the title deed will disappear. That’s right no more title deed.

Eventually all transactions will proceed by way of e-conveyancing. At the conclusion of a sale, an e-conveyancing settlement will take place through a firm known as PEXA. Once clearance of title has been established the sale will be finalized and the transfer, any discharge of mortgage and any new mortgage will be registered electronically. After registration the title deed will not be reissued and parties need to rely on the Register at Land & Property Information which holds all information relating to registered land transactions in New South Wales.

It will take some years before the system becomes electronic. It has benefits but for those used to having a real title deed to evidence the ownership of their property it may seem a little strange. However, it looks like we all must learn to go with the times.

The advice in this article is general in nature and you should consult your solicitor for specific advice