The Electronic Conveyancing (Adoption of National Law) Act 2012 (Vic) was assented to on 26 February 2013 and is yet to commence on a date to be proclaimed.
This follows on from the Electronic Conveyancing (Adoption of National Law) Act 2012 (NSW), and responds to guidelines released by COAG on 17 October 2012 in regards to best practice for e-conveyancing. Legislation to adopt the Model Guidelines has also been released in QLD.
The new system will allow land conveyancing transactions to be completed in an electronic environment and instruments to be lodged directly into state and territory electronic land registers. This will remove the need to have paper documents signed and to attend a physical settlement. However, use of the new system will not be mandatory and the existing paper-based process for conveyancing transactions will continue.
The new e-conveyancing laws join a host of other national uniform legislation which have been assented in the previous few years including but not limited to:
Consumer Credit and Protection;
Energy Retail; and
Personal property securities
The effect of this nationalisation of State and Federal legislation is yet to be seen.
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