Build your confidence around caveats
Build your confidence around caveats Digital transformation in the conveyancing space is reaching its highest peak and 11 October 2021, marked a pivotal date in New South Wales (NSW) as the NSW Land Registry Services (LRS) transitioned to 100% e-conveyancing. The transition comprised of four significant changes: Certificates of Title (CT) were abolished; The right to deal (CoRD) framework is no longer required; 3 streamlined caveats were introduced: – Purchaser’s Caveat – Registered Proprietors Caveat – NSW Trustee & Guardian Caveat 4. All land dealings going forward are to be lodged electronically with no further grace periods provided on manual over the counter lodgments. This is referred to as ‘100% eConveyancing’. This means, from 11 October 2021, CTs are no longer be being produced and are no longer required to lodge a dealing or plan for registration. Similarly, Authorised Deposit-Taking Institutions, such as banks, are no longer to be issued with CoRD, which is the electronic equivalent of a CT. The abolition of CT’s is a key legislative change to allow for 100% eConveyancing. Hear from industry experts here on why these changes were implemented and industry requirements going forward. These electronic requirements coincide with the introduction of three streamlined caveats in May 2021, by the NSW LRS, including a Purchaser’s Caveat, Registered Proprietor’s Caveat and NSW Trustee and Guardian Caveat. The purpose of introducing these standardised residual caveats was to make it easier for clients to lodge caveats for common scenarios, eliminate requisitions by implementing business rules, reduce ELNO incidents, provide a better customer experience and ensure customer protection is