Mandatory Electronic Conveyancing in QLD

On February 20th, Queensland joined the ranks of New South Wales, Victoria, Western Australia, and South Australia by mandating Electronic conveyancing for property transactions. This move was mandated by the Land Title Regulation 2022. The approval for e-conveyancing in Queensland was granted to two electronic lodgement network operators (ELNOs): Property Exchange Australia Ltd (PEXA) and Sympli Australia Pty Ltd (Sympli). These ELNOs offer subscription services to financial institutions and legal professionals for conducting.

While the introduction of mandatory Electronic Conveyancing has numerous benefits, some areas require careful attention. These include signing the Exemption Request Form (ERF), dealing with the Queensland Revenue Office (QRO) and associated duties, and handling commercial sales involving collateral materials. The ERF can be signed using either a wet signature or an eSignature by an authorised individual. The QRO follows its current approach to duties in Queensland, necessitating separate duty lodgements and process work in its system. Commercial sales involving collateral materials, such as transfers of motor vehicles and security instruments, introduce additional complexities.

Despite these challenges, the implementation of mandatory Electronic Conveyancing has the potential to streamline various aspects of the conveyancing process. It simplifies cross-jurisdictional conveyancing by enabling the linking of transactions in PEXA.

The benefits of e-conveyancing in Queensland are nothing short of remarkable. Picture instant confirmation, real-time alerts for registration and lodgement, secure financial settlements, reduced requisitions through built-in verifications, and the power to settle multiple transactions—all made possible through the wonders of electronic conveyancing. This monumental leap forward holds tremendous promise for buyers, sellers, lawyers, real estate agents, and banks, paving the way for a swifter and more secure property buying and selling process.

Team SBA is familiar with all major practice management systems law firms across Australia use. Armed with comprehensive knowledge of ELNOs in conveyancing practices, we’re here to offer our assistance to your conveyancing business. If your conveyancing business is seeking to outsource and streamline internal operations, our experienced team is here to help!

Sources: Trisearch and Ramsden Law