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A new piece of legislation, enforceable from Monday, 20 February, ensures conveyancing transactions in the Sunshine State can be conducted electronically.
The Titles Queensland e-conveyancing mandate should increase the efficiency of buying and selling real estate in the state, according to InfoTrack’s head of property, Lee Bailie.
He also noted that the move brings the state in line with practices already implemented across a host of other states, such as NSW and Victoria.
Back in 2021, a ministerial roundtable established several key dates for the implementation of a secure national interoperability regime, which included setting out 2023 as an important year in this process.
“Prior to electronic conveyancing, buyers and sellers were expected to travel to a law firm to sign the necessary paperwork in person or post them by mail,” Mr Bailie said. “That takes time and requires documents to be manually uploaded, which leaves room for error, and is slower than using a digital system.”
He described the practice as “a positive step forward in reducing the number of sales held up because documents weren’t lodged in time or were lost.”
In addition to increasing efficiency, he explained the process also brings “more transparency” as constant notifications throughout the process keep all parties updated, as well as “greater security with receipts for all digital transactions issued immediately.”
Unless exempt, documents relating to a transfer, mortgage, caveat, and priority notice, as well as applications to represent a deceased property owner, will be completed and submitted digitally from this month, with all to be lodged through a secure Electronic Lodgement Network (ELN).
Even though e-conveyancing has been a practice within Queensland for a decade, Mr Bailie believes the new laws will ensure legal practices and real estate agents still using manual processes adapt their digital alternatives.
“Many law firms have embraced digital transactions over the past 10 years, but the benefits were particularly apparent during COVID when fewer face-to-face interactions were possible,” he said.
“We welcome the new mandate and the convenience, security, and efficiency it will bring to property transactions throughout Queensland,” he concluded.
Last May, the NSW government’s e-conveyancing bill passed through parliament to much industry plaudit.
However, not all looked favourably on the legislation, with the Australian Institute of Conveyancers claiming the bill “would ultimately leave many home buyers and sellers vulnerable to a lack of support in the event their funds were misplaced or they were unable to settle.”
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