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.
|Jonathon Meehan| Associate
61 3 9258 3015