The amendments to the TLA have achieved a second reading in Parliament.
This Bill aims to amend three key areas of the Transfer of Land Act 1893 (TLA). It:
1. Modifies the definition of counterpart documents to improve the processing of mortgages electronically;
2. Enables electronic service of many types of notice under the TLA; and
3. Removes duplicate certificates of title from the conveyancing process, resulting in greater ability to conduct land transactions in a fully electronic environment.
In its submission to Landgate AICWA called for additional amendments such as:
Marked-up TLA can be viewed HERE
The Explanatory Memorandum can be viewed HERE
Source:6th December 2018 AICWA e-Newsletter
ARNECC MOR/MPR Version 5.1
The AICWA is pleased to again had the opportunity as a key industry stakeholder to make a submission on behalf of its members regarding the draft versions of the MPR and MOR.
The revised drafts raise some significant concerns in particular Rules 5.6 to 5.6.5 which limits ARNECC’s ability to regulate the behaviours of an ELNO that may have significant advantage from being the only platform or having derived significant market share from having benefited from various state mandates.
Draft Rule 5.6 through to 5.6.5 in their current state significantly reduce the ability of ARNECC to serve as regulator and establish any confidence that potential abuses will be unavoidable or managed appropriately.
The contents of the consultation drafts along with concerns previously noted by the AICWA highlight the immaturity of the current regulatory framework specifically, the MPR, MOR and the Electronic Conveyancing National Law (ECNL).
Read AICWA’s submission HERE
Source:3rd October 2018 AICWA e-Newsletter
Imagine you are in the biggest city you know, on the busiest street, outside the biggest bank which you notice is surrounded with cameras and not just armed, but heavily armed security guards and some restrained but excited & vicious looking dogs.
The Bank doors open, a few moments later, from the secure confines of the building, out walks a petite and cheerful person pushing in front of them a wheelbarrow full of money, out on to the street. You immediately notice the passers-by around them, become onlookers. As they begin to stare perhaps hope that some of those loose notes blow off the top for them to collect at their whim. But if you were to look down the dark alleyways and side lanes you might find some bigger threats to that person losing their funds.
This cheerful person is off to buy the property of their dreams, they have arranged to meet the Seller, to exchange funds for Title of their intended property purchase just a few blocks up the terrace of this same street.
You begin to notice some spectre like characters, seem to condensate, perhaps out of the side lanes and alleyways, but now just happen to be walking past, as they take more interest than they should.
Deloitte Access Economics have delivered a paper on the “Impacts of e-Conveyancing on the conveyancing industry”. Current net benefit in WA is indicated as being in the negative, but future expectations for 2020-21, where usage increases to 100%, predicts a turnaround 400 times greater than the current benefit experienced by the industry.
The cost to practitioners of having to abandon an electronic workspace is also estimated at $69, however, it was estimated that a practitioner could benefit from time saving of 3.5 hours per transaction. In the absence of a comprehensive time and motion study with a significant and diverse sample set of the industry these figures are hard to justify.
How do we now ensure greater benefit so as to turn the current negative into a positive?
What strategies, improvements and initiatives need to be undertaken to make e-conveyancing a success in WA?
Sympli - New e-Settlement Platform on the horizon
InfoTrack and the ASX Limited have announced the establishment of Sympli, an alternative electronic settlement platform.
The new platform is expected to roll out later this year once it has received regulatory approval.
For further information see:
Today's press release
AICWA has made its submission to ARNECC in response to Draft Version 5 of the Model Operating Requirements and Model Participation Rules. AICWA’s submission can be viewed in its entirety HERE
AICWA is pleased to note that its long held position relating to a lack of consumer pricing protection, as well as support for competition through interoperability have been addressed in the draft version 5 of the MOR, however, we wish to highlight to members our concerns regarding proposed rule “5.6 Separation”.
Some highlighted changes to the 2018 version of Joint Form of General Conditions (JFGC), might mean that you could see some differences to the 2011 JFGC.
Please note, we are not lawyers and are merely relaying some discussions as generically covered in an industry forum.
The biggest concern was the 'Lawyers picnic' referenced as clause 9.3, where opposing lawyers could argue just about any outcome they desired, for a breach of warranty.
Service by email still needed to be 'signed' and in writing, so as an attachment to an email is most likely outcome.
The Buyers 'Right to inspect' was arguably removed, unless there was a Seller obligation or condition of the contract, then that additionally included a right to re-inspect, to check if Seller has rectified an identified issue, under the contract.
Early Possession remained the same if under one (1) month. However the REIWA JFGC-18 states that Parties must comply with the Residential Tenancy Act (RTA) if Possession was granted for period of one (1) month or more.
Which differs from the RTA which specifies a minimum of three (3) months.
Changing the business mindset from Boomer property consumer to Millennial property consumer, is here, Don't lose sleep, this article might be of assistance.
Conveyancers - are you meeting the needs of your Millennial clients? By Bek Hayes, CEO AICSA
One of the largest generations in history is about to move into its prime spending years. Millennials are poised to reshape the economy; their unique experiences will change the way we buy and sell, forcing companies to examine how they do business for decades to come.
What keeps you up at night? For me, one of my biggest concerns is the impact of the Millennial generation on the Baby Boomer formed Association. Running an Association, meeting Member expectations, keeping it relevant, alive, innovative is no easy task – although I love a good challenge and I definitely have one!
The ‘modern’ Association was set up by Boomers for Boomers – and they are a world away from the digital native Millennials. Taking the Association into the future means significant change and change away from the post-WW2 model we are so familiar and comfortable with. Technology has driven change; the millennial generation is the first to have grown up in an always on fully digital world. Their passion for technology shapes the way they live and shop. They live and work by their smart device – the world has shrunk as social media platforms have expanded.
Very proud to announce that Our Licensee Damien McDonnell (AKA DMc) is the winner Australia & State wide Top PEXA Community Super User Contributor for 2017.
Our licensee Damien (DMc) Took out the Top Contributor Badge for 2017, as an avid community Super User (helper) he earned the below PEXA Community badges as well...
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