Queensland is making the move to eConveyancing, making paper settlements a thing of the past. From February 2023, eConveyancing will be mandatory for certain land title transactions, bringing Queensland into line with several other states.
eConveyancing allows the documents required for property transactions to be digitally prepared, signed, settled, and lodged. It’s a quicker, easier, and more environmentally friendly way to settle a property transaction.
For the past 10 years, eConveyancing has been a voluntary option in Queensland, with more than 70 per cent of transactions now finalised that way.
The new system will be mandatory for several documents including:
- an instrument of transfer for a lot
- an instrument of mortgage for a lot
- an instrument releasing a mortgage of a lot
- a caveat for a lot
- a request to withdraw a caveat lodged over a lot
- a priority notice for a lot
- a request to extend a priority notice over a lot
- a request to withdraw a priority notice over a lot
- an application to be registered as a personal representative for a registered owner of a lot who has died.
There are some exemptions, including situations where the internet is unavailable, or one of the people involved in the transaction is without legal representation.
The required documents can be lodged by subscribers with either of the two approved electronic lodgement network (ELN) operators in Queensland – Property Exchange Australia Limited (PEXA) and Sympli Australia Pty Ltd (Sympli).
Currently, not all required documents are available through each ELN, and each party to the transaction must use the same ELN.
The property team here at GLG Legal have extensive experience with eConveyancing, and we’re here to help you with all your property transaction needs.
If you would like advice on conveyancing, contact GLG Legal Springfield on (07) 3288 3511 or fill-out our Contact Form here.