Organization : New South Wales Land & Property Information
Type of Facility : Electronic Certificates of Title (eCT)
Country: Australia
Website : http://www.lpi.nsw.gov.au/about_lpi/national_e-conveyancing_nsw/electronic_certificate_of_title_ect
Electronic Certificates of Title (eCT) :
An eCT means that the bank does not hold a paper certificate of title for the current edition of a folio. Instead the mortgagee is recorded as having Control of the Right to Deal (CoRD) on the Register.
Related : New South Wales Land & Property Information Changing My Name On My Title : www.statusin.org/9483.html
The following text on a land title search indicates that an eCT exists and who controls it:
No Certificate Of Title Has Issued For The Current Edition Of This Folio.
Control Of The Right To Deal Is Held By [Mortgagee Name].
Currently eCTs are only available to:
** APRA regulated financial institutions who hold a registered first mortgage and
** are PEXA subscribers, or are represented by a PEXA subscriber.
Benefits of eCT:
Principal benefits of eCTs include:
** streamlined processing of electronic transactions in PEXA
** reduced CT handling and storage costs
** reduced CT printing and delivery costs for LPI.
eCT and paper dealings, plans and ePlans
When an eCT has issued, the party with Control of the Right to Deal (CoRD) must lodge a CoRD Holder Consent in order to consent to the registration of paper registry instruments, plans and ePlans.
A CoRD Holder Consent is an electronic document lodged via PEXA by the CoRD holder. It must specify details about the dealings and parties involved in the transaction permitted for registration.
Practitioners should complete a Request for CoRD Holder Consent eForm and submit to the CoRD holder to enable processing and lodgment of a CoRD Holder Consent. The request forms are available on the Registrar General’s Directions website.
For information see our fact sheet Attending a paper settlement when the Certificate of Title is in electronic format (PDF 160.6 KB).
More information :
For information on CoRD see the Registrar General’s Directions website.
e-Conveyancing FAQs:
What is PEXA?:
‘PEXA’ stands for Property Exchange Australia and is the only Electronic Lodgment Network (ELN). It is an Electronic Lodgment Network (ELN), i.e. a national online system providing for:
** preparation of electronic dealings and verification of lodgment acceptability
** electronic settlement of real property transactions including payment of settlement monies, duties, taxes and any other disbursements, and
** electronic lodgment of dealings to the appropriate Land Registry.
What is a subscriber?:
A subscriber is a person or business authorised to complete electronic conveyancing transactions using PEXA. There are two types of subscribers:
** Principal subscribers who represent themselves – financial institutions and government agencies and
** Representative subscribers (solicitors and licensed conveyancers) who represent other parties.
Each electronic lodgment case has a responsible subscriber who, following lodgment, is liable for lodgment fees and is responsible for the resolution of requisitions. The responsible subscriber in an electronically lodged case fulfils a similar role to that of the lodging party in a case lodged in paper.
Who can lodge dealings electronically?:
To ensure the integrity of the system, access will be restricted to approved ‘Subscribers’. Subscribers are limited to:
** financial institutions
** solicitors and licensed conveyancers acting for their clients or on their own behalf; and
** government departments.
Private parties wishing to conduct their own settlement or other transaction on a land title will have to use the existing paper process. Only subscribers to PEXA can transact electronically. A private person can engage a solicitor or licensed conveyancer to electronically lodge dealings on their behalf.
Will electronically lodged dealings become public records for searching purposes?:
Yes. Electronic dealings used to record interests in land become public records for searching purposes upon registration or recording.
A copy of a registered electronic dealing may be purchased in the usual manner, either from the LPI online shop, an information broker, or by attending LPI in person.
Will all dealing types be available in PEXA?:
No. The dealing types currently available for electronic lodgment are:
** discharges of mortgage
** mortgages
** transfers
** caveats
** withdrawal of caveats
These dealing types can still be lodged in paper as electronic lodgment operates as another lodgment channel. There is no mandatory requirement for electronic conveyancing.