Paper Certificate of Titles soon to become a thing of the past

The way in which we deal with certificates of title (CTs) have and are continuing to change.

Why is 22 March 2021 important?

On 22 March 2021, it was made compulsory to lodge consolidated by-laws for registering through Property Exchange Australia (PEXA). However, the caveat to this is that if no legal representation, counter lodgments by waiver form was permitted but only applicable for 12 months up until 22 March 2022.

If you are legally represented, you must lodge property transactions through PEXA.

Why is 11 October 2021 important?

On 11 October 2021, new changes to the land titles system in NSW will be introduced that will transition NSW away from paper-based processes.

The Real Property Amendment (Certificates of Title) Act 2021 makes several changes to legislation, importantly allowing for the cancellation of CTs and progressing NSW to 100% electronic lodgment of land transactions.

There are two significant changes from 11 October 2021:

  • the cancellation of CTs and the control of the right to deal (CoRD) framework; and
  • all land dealings must be lodged electronically. This is referred to as ‘100% eConveyancing’.

After 11 October 2021, the CT will no longer be a legal document. However, the CT may be needed to satisfy requisitions or other administrative notices that were issued before 11 October 2021.

All dealings, regardless of the date signed, will no longer be accepted for paper lodgment. This may cause hardship to those who have prepared the dealing some time ago and are yet to lodge it.

How does a strata scheme proceed with consolidating and registering a scheme’s by-laws?

At the moment, the majority of consolidation/registration matters are carried out through PEXA. It’s quite a seamless process whereby documents are provided to the strata manager to complete and their signature and identity is verified online and the completed documents are uploaded to PEXA. Presently, the hard copy original CT is required to be issued to our office for the registration process. Soon, we will only need to verify the genuine electronic original CT is the most recent and contains the most updated version as opposed to receipt of the original CT.

If you’re needing assistance in navigating this process (namely consolidations/registrations with which we have experience), please don’t hesitate to contact us by telephone on 02 9929 0226 or via email at enquiries@bannermans.com.au.