Friday, July 22, 2016

Will Electronic Conveyancing be cheaper?

Yes, it probably will but in the meantime we have to get our heads around stuff like this:

How do I complete a manual settlement when there is no Certificate Of Title?

You can identify when there is no paper certificate of title (no CT) by conducting a title search. The folio section on the register clearly identifies that there is no certificate of title. Instead, an electronic Control of the Right to Deal (CORD) record is recorded. This is known as eCT.

In NSW, eCT may only be held by an APRA regulated Financial Institution. A Request for CoRD Holder Consent eForm should be completed and provided by the vendor’s representative to the financial institution.

The CoRD holder (eg. the Vendor’s bank) will complete and lodge a Consent in PEXA relinquishing CoRD upon registration of the settlement dealing. This is the electronic equivalent of bringing a paper title to settlement.

This means you no longer need a certificate of title to be issued for a manual settlement. You can conduct another title search and check that all dealings now appear. This is your guarantee that the property transaction can proceed just as it would with a paper title.

You are now ready to attend settlement.

Although it is not necessary, you are able to print the title search showing completion of all dealings and take it to settlement.

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