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ARTICLE · 09 AUGUST 2017

Electronic certificates of title (eCTs): the next step towards full electronic conveyancing in NSW

DibbsBarker
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All record keeping processes should be assessed to ensure there is a good system in place for receiving and storing eCTs.

AustraliaReal Estate and Construction
Maria Andreou (Formerly With DibbsBarker)
Maria Andreou (Formerly With DibbsBarker)
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Services: Banking & Finance, Real Estate & Construction
Industry Focus: Financial Services, Real Estate & Construction

Electronic conveyancing commenced in NSW in 2013, allowing (but not requiring) lenders to electronically lodge mortgages and discharges of mortgages through Property Exchange Australia (PEXA). The functionality of PEXA was widened in 2014 to allow financial settlement of transactions (such as purchases and refinances).

In subsequent years there has been a continued drive towards making electronic conveyancing compulsory in NSW. For mortgagees that are Authorised Deposit Taking Institutions (ADIs) – which effectively captures all banks and major lending institutions – several important changes have come into effect in recent months:

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