The NSW Government’s plan to transition conveyancing into the digital age will culminate on 11 October 2021 with the commencement of new legislation that will allow for 100% electronic lodgment of land transactions, moving away from paper-based processes.
The Real Property Amendment (Certificates of Title) Act 2021 makes several amendments to legislation, importantly allowing for the abolition of certificates of title (CTs) and progressing NSW to 100% eConveyancing.
The Registrar General has announced the abolition date for paper CTs as 11 October 2021. Implementation of the Act on the same date will allow the NSW Government to close the last of the remaining paper lodgement channels so that all transactions requiring registration must be done via eConveyancing.
Today, eConveyancing accounts for nearly 95% of all conveyancing transactions being settled and lodged.
Registrar General Jeremy Cox said reaching this final milestone after five years of work was achieved through partnership with industry.
“We are very grateful to the many industry representatives for their time and expertise” he said.
“This is a big moment for all NSW landowners as a more efficient and secure land title system will generate greater efficiencies in the property and financial sector and support NSW’s economy.”
eConveyancing is a secure system, with checks and balances to protect against fraud. Abolishing CTs removes the administrative burden for people to manage and locate it in an environment where all transactions are done electronically.
“NSW is retiring redundant paper processes that have existed for over 150 years and embracing a digital future which is faster, more efficient and more accurate.”
On average, there are four and a half thousand applications for a replacement of a CT each year, costing around $150 each.
While CTs will no longer be issued, the Torrens Title Register will continue to be the single source of truth as to the ownership of a person’s home.
The reform has been informed by a stakeholder consultation group comprising the Law Society of NSW, the Australian Institute of Conveyancers NSW, the Australian Banking Association and representatives from Australian banks, NSW Land Registry Services, PEXA and Sympli.