Monday, December 9, 2013

Electronic Conveyancing System

National Electronic Conveyancing System (NECS) is creating a system to settle property transactions, lodge instruments with land registries, and pay associated duty and tax obligations electronically.

This should not mean an increase in the cost of conveyancing services, what should be effected is speed and (eventually) reliability.

When will it start?
During September 2014, PEXA (the NECS system) will launch to practitioners in New South Wales.

How It Will Work
Legal practitioners, conveyancers, banks and mortgage processors will access the system either through system-to-system web services or an Internet browser.
Within the system a shared electronic workspace will be created for each property transaction. Within the shared workspace, the parties will be able to electronically provide, certify and sign information that can be relied upon to update the Title Registers.
Digital Signature Certificates will ensure all information lodged with or delivered from a shared workspace is authenticated and cannot be repudiated.
Financial settlement through the RBA’s Information and Transfer System (RITS) system will ensure all payments and disbursements are received promptly as cleared funds (ie. available immediately).

Monday, December 2, 2013

Questions you will be asked when you sell property

1. Are there any restrictions on your right (as the registered proprietor) to sell the property and inclusions?
2. Are there any encroachments by or upon the property? (Do your fences and buildings line up with the property boundaries?)
3. Has the construction and use of the improvements made to the property been approved by the responsible authorities and do they comply with their requirements?
4. Are you aware of anything that affects the use of the property that is not immediately apparent to the purchaser on normal inspection?
5. Are there any advices, proposals, enquiries, notices, claims or disputes that might affect the property?

Special questions for strata or community title
1. Has the initial period expired?
2. Are there any proposed resolutions or proposed charges or levies not discoverable by inspection of the books of the owners corporation, the community, and precinct or neighbourhood associations?