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Advising global cryptocurrency exchange operators on entry into Australian market July 31, 2018

The rise in popularity and demand for cryptocurrency trading has resulted in a number of cryptocurrency exchange operators expanding into different countries, including Australia, to create a global brand. In Australia, new laws and regulations … Continued

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Maddocks advises French firm on major construction company acquisition August 6, 2018

Monday 6 August 2018 Law firm Maddocks recently advised French firm Bouygues Construction on its acquisition of leading Australian construction and fitout business AW Edwards. The acquisition is a key part of Bouygues’ continued expansion … Continued

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Do your construction documents conform with the new Ministerial Directions and Instructions for Public Construction Procurement? August 15, 2018

Are you a state government department or public body which procures public construction works and services? Are you in the process of determining which form of contract will be most appropriate for your procurement to issue … Continued

Digital titles and electronic transactions

Land Use Victoria (formerly known as the Land Registry or Land Titles Office) has undertaken the first steps to convert Victoria’s Registry of Titles to an electronic format, by converting all paper titles held by authorised deposit-taking institutions (that is, banks) to electronic titles.

In addition, Australia’s sole electronic lodgement and conveyancing provider, Property Exchange Australia (PEXA) is operational and increasingly being used across the industry for a range of conveyance-related transactions (for example, caveats, mortgages, transfers of land etc.). PEXA has recently announced that Land Use Victoria is now consulting with industry bodies on a proposal for all Land Use Victoria transactions to be lodged electronically by July 2019.

The property industry is now moving towards whole-scale electronic transactions in the near future. These reforms are intended to significantly reduce the time and costs associated with completing property transactions. Now is a great time for institutions with large land holdings, such as local councils, to consider transferring their paper titles into electronic titles if they have not already done so.

Author:
Jonathon Meehan| Associate
61 3 9258 3015
jonathon.meehan@maddocks.com.au

Land Use Victoria (formerly known as the Land Registry or Land Titles Office) has undertaken the first steps to convert Victoria’s Registry of Titles to an electronic format, by converting all paper titles held by authorised deposit-taking institutions (that is, banks) to electronic titles.

In addition, Australia’s sole electronic lodgement and conveyancing provider, Property Exchange Australia (PEXA) is operational and increasingly being used across the industry for a range of conveyance-related transactions (for example, caveats, mortgages, transfers of land etc.). PEXA has recently announced that Land Use Victoria is now consulting with industry bodies on a proposal for all Land Use Victoria transactions to be lodged electronically by July 2019.

The property industry is now moving towards whole-scale electronic transactions in the near future. These reforms are intended to significantly reduce the time and costs associated with completing property transactions. Now is a great time for institutions with large land holdings, such as local councils, to consider transferring their paper titles into electronic titles if they have not already done so.

Author:
Jonathon Meehan| Associate
61 3 9258 3015
jonathon.meehan@maddocks.com.au