The NSW Government has introduced changes to transition conveyancing from paper Title Deeds to digital Title Deeds.
From 11th October, 2021 all land dealings will be completed and lodged via the PEXA electronic conveyancing system which was mandated in March, 2021 as being the only way to register land dealings and Strata Scheme by-laws. As only solicitors and conveyancers have access to the PEXA system, it has effectively created a duopoly on land dealings in NSW and of course the cost of registration has also increased.
Electronic conveyancing replaces the existing paper based process and the NSW Land Registry Services (now privately run under a 30 year lease by the state Government to Hastings Management Fund) will no longer issue paper Certificates of Title when a property or piece of land is purchased.
From 11 October 2021, a paper Certificate of Title will no longer be a valid legal document and it won't be needed for any land transaction. The Land Registry Service advises that this will simplify the settlement process and reduce the risk of delays when selling a property by removing the need for paper certificates of Title to complete a purchase as it will:
simplify the conveyancing process;
reduce the risk of settlement delays and
reduce the risk of errors and fraud in the conveyancing process