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Providing innovative procurement solutions for local government projects April 20, 2018

We advised City of Casey on the procurement process of the Bunjil Place Project. Bunjil Place is a $125 million civic and cultural precinct for the City of Casey, encompassing an 800-seat theatre and 200-seat … Continued

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Maddocks signs on for Luminance AI platform May 24, 2018

Thursday 24 May 2018 Maddocks has adopted an artificial intelligence (AI) platform to assist in streamlining due diligence processes. The firm has signed on to use the market-leading Luminance AI platform to provide due diligence … Continued

Latest Article

Strategic use of regulatory action policies: an example in the context of Freedom of Information May 23, 2018

Regulatory action policies (including strategies and statements issued by regulators) are a useful tool for regulators to signal the importance of a particular regulatory area to the regulated sector and to the public at large. … 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