Wednesday, April 18, 2018

v4 Conveyancing Rules 15 May 2018

Government’s mandated timeframe to transition to eConveyancing in NSW by 1 July 2019

See:

registrargeneral.nsw.gov.au/news

    It effects:
  • electronic lodgment of standalone transfers and standalone caveats
  • lodgment of mortgages and discharges of mortgage
  • 4000 character limit no longer applies

And it makes reference to an ImmiCard (primary photographic document) for Verification of Identity.

The ImmiCard: is an official Commencement of Identity (COI) document that can help certain visa holders access government services in Australia
..from homeaffairs.gov.au/trav/refu/immi

Tuesday, March 7, 2017

Completing the switch to eConveyancing

According to this timetable:
lpi.nsw.gov.au/registrar_general/econveyancing_reforms/transition_timetable

By 1 July 2019 all paper Certificates of Titles in NSW will be cancelled.

That is the final milestone in the saga of converting all the title records in NSW
(and integrating it with an Australian wide electronic system).

Other milestones (translated from the LPI original):
  • August 2017 - Banks to lodge mortgage documentation electronically
  • July 2018 - All forms to be electronic
  • October 2018 - Certificates of Titles held by banks will be replaced with eCTs
  • July 2019 - All paper Certificates of Titles in NSW will be cancelled

Our experience so far has been that while we would like to do the conveyance electronically, the solicitors on the other side of the matter seem to find any excuse to do it using the old paper methods.

The most popular button in the electronic process is the "already started the process on paper" button.

Tuesday, December 13, 2016

Insurance in Strata property

The body corporate insures the common property.

All that a lot owner owns is the cubic space within the walls of the building – and the contents.

You own and are responsible for the paint on the internal walls, the floor coverings, light fittings, kitchen cabinets and fittings.

Your insurer will be able to help you with this. Look at obtaining Strata Proprietors fixtures and contents insurance.

You should advise your insurer of any special by-law that shifts responsibility from the body corporate to the unit holders.

Tuesday, November 15, 2016

Priority Notice

A Priority Notice is a notification of the intended registration of specified dealing(s) with land.

Once recorded a Priority Notice will temporarily prevent the registration of other dealings with the subject land.

 

What that means is that if someone is searching a title and that title is currently under a contract for sale then the search will show the notification of that sale. Fraud prevention is one part of these notices. It is expected to increase the likelihood of a fraud being detected.

There are other uses for Priority Notices.

For more information see:

lpi.nsw.gov.au/../2016-14_Introduction_of_priority_notices.pdf

Monday, October 10, 2016

Strata Law changes

The strata reforms brought in by the Act and the Regulations are widespread.

Major changes to the management of strata schemes will commence on 30 November 2016.
The new building defect regime will commence on 1 July 2017.
Lot owners, potential purchasers, tenants, building managers and developers alike need to prepare for the changes.

They will require changes to the process of managing an OC, particularly if the new voting methods are adopted.
Some changes will be immediate, such as the new proxy limits, while others will have a longer term effect, such as including the new requirement that a by-law not be harsh, unconscionable or oppressive (discussed in the February 2016 article).

As with any new legislation there will undoubtedly be testing of changes by way of litigation.

More detail: ecomms.lawsociety.com.au/rv