Annual GovInnovate Summit · Annual GovInnovate Summit eConveyancing reform Office of the Registrar...
Transcript of Annual GovInnovate Summit · Annual GovInnovate Summit eConveyancing reform Office of the Registrar...
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Annual GovInnovate Summit
eConveyancing reform
Office of the Registrar General
10 October 2018
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The Office of the Registrar General is a regulator, advisor and litigator, working to ensure the integrity of NSW’s land title system
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The Government wants to support NSW industry transition to a more secure, accessible and efficient way to do business
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“People expect to manage their lives around technology. They want greater access, fewer errors, more transparency. The Government wants this reform to make NSW’s land title system meet a rapidly changing world. To make things better for business and better for the consumer”.
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The NSW Government is considering how to make the full
conveyancing process digital
Pre-exchange
Activities up to exchanging contracts is still paper heavy. We are looking at ways to remove barriers in the ‘pre-exchange’ stage: contract preparation and negotiations.
Post-settlement
• Sending orders to the real
estate agent
• Title transfer registered
Pre-settlement
• Discharge authority
• Requisitions on title
• Transfer documents
• Settlement adjustment
• Mortgage discharge
• Booking settlement
Diagram is based on a standard
conveyance for a vendor
eConveyancing
Settlement
• Settlement funds
• Attending settlement
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The benefits for solicitors and conveyancers using eConveyancingare substantial
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Independent analysis by KPMG on benefits for lawyers and
conveyancers
• Up to 75% time savings per transaction
• Eliminates almost all risks associated with human error
• No longer need to attend settlement
• Don’t have to spend time on hold when contacting other parties
• Interests are registered instantaneously on settlement
• Settlement day is more certain
• Funds from the proceeds of a sale are available much sooner.
“The other day I settled a transaction from Hawaii”
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With eConveyancing, we are midpoint along the timeline for moving mainstream documents digital
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eConveyancing is becoming normal and the majority of dealings in
NSW will be electronic
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Postcode chart
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As the regulator we target the integrity and performance of lodgment providers and subscribers
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Office of the Registrar General
Lodgment providers Subscribers
https://www.arnecc.gov.au
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Per cent of errors based on all subscriber audits in NSW
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Client Authorisation Form areas of non-compliance
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a Visit the ORG website
www.registrargeneral.nsw.gov.au
a Email ORG
a Subscribe to ORG emails
http://www.registrargeneral.nsw.gov.au/contact-us