AICWA recently advised members of the decision by The Registrar of Titles Ms Jean Villani to introduce a change of lodgement processes by August 1st 2017.
On August 1st this year, Landgate introduced changes to lodgement process affecting mortgagees, specifically, for the electronic lodgement of mortgages and discharges of mortgages (via PEXA).
It is now envisaged that the next step towards paperless conveyancing is for the scope of eligible document types to be broadened so as to include:
- Caveats and withdrawals of caveats
- Mortgages and discharges or mortgage including refinances
Where to from here?
Landgate is seeking comments and feedback from the AICWA on the proposed change. While the finer details of the process have yet to be determined Landgate have indicated that they wish to understand what potential issues or considerations exist in implementing this “next step”. An investigation followed by a lengthy consultation period will hopeful ensure the creation of processes that are accepted by the majority of AICWA members. It is important to note that there are many external impacts that will result from this change that impact conveyancers. Landgate are keen to understand these impacts and where possible work with AICWA to achieve or facilitate positive outcomes.
In order to undertake the anticipated additional workload of understanding how this change will occur and what impacts are likely to result, the AICWA will be forming a special subcommittee. The first siting of the subcommittee will occur on September the 7th.
In preparing for the first sitting of the subcommittee the AICWA has commenced gathering information from various sources so as to assist with initial discussions. It is important to note that this change does not come as a surprise and AICWA have been discussing this matter at length for many years.
Initial issues and concerns include (but are not limited to):
- Do AICWA members want electronic lodgement to become mandatory? If not, why?
- How does AICWA support its members if electronic lodgement becomes mandatory?
- Will electronic lodgement fee (PEXA Fee) be recognised as a statutory fee?
- What training will be provided?
- What safe guards are in place to ensure the settlement process?
- Will there be increases to premiums?
- What opportunities and threats lay ahead?
AICWA Council have discussed the possibility of a member survey and have differed the decision to the subcommittee. It will be the responsibility of the subcommittee to identify an appropriate course of action(s) that will best capture and ensure the representation of AICWA membership.
As an AICWA member you may have questions or concerns. It is likely these concerns may be shared by fellow subcommittee members but nonetheless the AICWA welcomes your input. We appreciate that the lack of available information hinders the feedback process. It is our commitment to you, our members, to keep you updated.
Please email us if you have a particular concern you wish investigating, otherwise stay tuned for more info.