Coming up on October 1st 2018 most of the settlement types we do will be conducted through PEXA, the Property Exchange Australia online settlements platform. This marks another step forward to 100% digital e conveyancing here in Victoria, and Australia wide with other states moving forward also.
However as this is a staged roll out with many other online systems integrated and networked with PEXA, some settlement and transaction types still will not be able to be done online.
Below is a list taken from PEXA’s Guide to the October 1st Compliance date.
If any instrument in a case is signed prior to the 1 October, then the requirement to lodge electronically will not apply.
For example, a combination of instruments to be lodged might include a Withdrawal of Caveat signed on 10 October 2018, a Discharge of Mortgage signed on 25 September 2018, a Transfer of Land signed on 10 October 2018 and a Mortgage signed on 10 October 2018. In this example, because the Discharge of Mortgage was signed prior to the 1 October 2018, the requirement to lodge electronically would not apply and the instruments could be lodged in paper.
Please note, the above example can be completed electronically however is not a requirement from 1 October.
If your transaction falls into one or more of the below ‘out-of-scope’ categories it cannot be completed electronically and must revert to paper.
- Parties with a single name e.g. Madonna
- Property shareholdings greater than 999/999
- Holding in dual capacity (where a party holds a property in two capacities i.e. John Smith as Executor ½ share and John Smith ½ share)
Furthermore, the following transfer types are not yet available in PEXA, therefore they cannot be completed electronically:
- a folio of the Register that cannot be dealt with in an ELN
- an instrument affecting more than 20 folio
- by a minor where the minor is transferor
- creating an easement
- of an interest, e.g. a lease
- of part of land in a folio of the Register
- of a tenant in common’s share
- a survivorship or transmission application that is not available electronically, such as a survivorship application by an interest holder.
- that cannot be assessed in Duties Online (www.sro.vic.gov.au/dutiesonline).