InfoTrack, Author at SettleIT

The essential role of final title searches in property transactions

November 13, 2024

The essential role of final title searches in property transactions For property lawyers and conveyancers, the property settlement process is complex, requiring careful management to protect clients from potential legal and financial risks. A recent New South Wales Supreme Court case has underscored the critical need for conducting final title searches, which serve as a vital layer of security in transferring property ownership. In this case, the purchasers of a property in Blakehurst, a suburb in the St George area of Sydney, entered a contract to buy a home valued at $4,350,000. To complete the purchase, they obtained a mortgage loan from Westpac, which would be secured against the property following the settlement. However, a complication arose when a third party lodged a caveat against the property just before the final transfer. As a result, the New South Wales Land Registry Services (LRS) informed Westpac that the transfer of ownership and the associated mortgage could not be registered. This unexpected caveat highlights the importance of final title searches, especially close to settlement, to reveal any last-minute claims or encumbrances on a property’s title. Why final title searches are critical for smooth settlements Final title searches are an essential safeguard for

eConveyancing in Western Australia

October 18, 2024

eConveyancing in Western Australia Property settlements in Western Australia have gone through a major change over the years with electronic conveyancing being introduced. Standalone transfers in Western Australia were mandated back in December of 2018, however there are still exemptions for certain scenarios that require paper settlement/lodgment and are currently out of scope for eConveyancing in Western Australia. The list of available electronic documents that can be transacted electronically in Western Australia include: Caveat Withdrawal of Caveat Mortgage Discharge of Mortgage Transfer Survivorship Change of Name Benefits of eConveyancing in Western Australia eConveyancing simplifies and enhances the settlement process for all parties involved. The benefits include: Efficiency: electronic transactions eliminate the need for physical document handling and reduce administrative tasks, leading to faster settlements. Accuracy: automated processes minimise the risk of errors that can occur with manual data entry and paper handling. Transparency: real-time updates ensure that all parties are informed of the transaction’s progress, reducing uncertainty, and enhancing communication. Security: digital processes offer robust security measures to protect sensitive information, reducing the risk of fraud. Convenience: parties can manage and monitor the settlement process from anywhere, without the need to be physically present. Streamlined transfer duty process In Western

The evolution of property settlements: emphasising due diligence in eConveyancing

September 9, 2024

The evolution of property settlements: emphasising due diligence in eConveyancing Property settlements have evolved significantly from the days of face-to-face transactions, requiring meetings, phone calls, wet signatures, and witnesses. The advent of electronic settlements has streamlined the process, making it more efficient. However, the importance of due diligence in eConveyancing remains paramount. Here are some reasons why: A look back: traditional settlements Historically, property settlements were laborious affairs. Parties involved had to coordinate meetings, exchange numerous phone calls, and complete paperwork that required wet signatures and witnesses. This manual process, while thorough, was time-consuming and prone to human error. The shift to electronic settlements The shift to electronic settlements has modernised the process, introducing efficiency and convenience. However, with these advancements come new challenges, particularly in maintaining security and ensuring due diligence. Cyber security Many of us have encountered scams through suspicious emails or text messages. Real estate agents, banks, law firms, and conveyancing practices have increasingly become targets of sophisticated scams. In 2022 alone, Australians lost over $3.1 billion to scams nationwide. With the property industry largely online, scammers see it as an opportunity for instant income. The financial loss and emotional distress from such scams can be devastating.

Preventing fraud: the essence of due diligence

June 24, 2024

Preventing fraud: the essence of due diligence Electronic conveyancing is a fast, accurate, and secure way to complete settlements, lodgments, and lodgment stages of a conveyancing transaction. However, it also provides criminals with new ways of perpetrating crime, such as identity fraud. To reduce the chance of fraud being perpetrated, ARNECC (Australian Registrars National Electronic Conveyancing Council) sets rules and ensures that participants, known as “Subscribers”, comply. The SettleIT team conducts due diligence to reduce the risk of identity fraud, the registration of fraudulent land transactions and to ensure that we are compliant with the ARNECC rules. Steps to the due diligence process Verification of identity SettleIT will thoroughly review identity documents provided by your client and ensure that the identification has been conducted using the standard verification identity procedure or the application of reasonable steps. SettleIT use remote verification of identity (VOI) services offered by InfoTrackID, an easy-to-use, online identity verification platform that compares the client’s Australian identity documents against official government records to verify the authenticity of the documents provided. The purpose of this is to ensure that the client is who they purport to be, and that the correct person is dealing with the land. Client Authorisation

Cultivating strong culture and a high-performance organisation

June 14, 2024

Cultivating strong culture and a high-performance organisation At SettleIT, we recently had the pleasure of hosting an insightful webinar, “Cultivating strong culture and a high-performance organisation.” This event featured two esteemed professionals: Dom Meli and Hollia Lam. Meet the speakers Hollia Lam is the founder of successful law firm, Lamco, specialising in corporate, commercial, and property law. Before establishing her firm, Hollia managed debt capital market transactions in Hong Kong, honing her skills in high-pressure situations and complex legal issues. Her current practice in Australia focuses on assisting foreign individuals and companies with expanding their operations, particularly in navigating the Australian property market. Dom Meli brings extensive experience from senior human resources and industrial relations roles in both public and corporate sectors, including positions at BHP and the Ambulance Service of NSW. With over two decades of experience, Dom has managed disputes, negotiated employee agreements, and led performance improvement and change programs. He is now a trusted advisor and consultant, helping organisations develop and deploy sustainable improvement strategies. Key webinar insights The webinar began with the broad question: “What does a high-performance organisation look like today?” Dom Meli emphasised that many organisations feel they are not meeting their goals despite their efforts. However, he identified several key characteristics of high-performing

Insights from the AIC NSW Kiama Education Day

May 20, 2024

Insights from the AIC NSW Kiama Education Day The Australian Institute of Conveyancers (AIC) NSW recently hosted an enlightening Kiama Education Day, bringing together industry experts to discuss critical topics in conveyancing and property law. The event covered a range of subjects from plan reading and the complexities of easements and covenants, to managing strata defects and understanding the nuances of planning law. Each speaker provided valuable insights into their respective fields, highlighting the importance of staying updated with the latest developments and legal requirements in the ever-evolving landscape of conveyancing in New South Wales. Read more about each speaker and their topic of discussion: Plan reading for conveyancers Bob Harrison, registered surveyor, covered the issues involving Surveyors having to identify or re-establish a parcel of land boundary using modern survey methodology. He spoke about the various sources of historical and current plan/diagram information available to Surveyors in combination with the current SixMaps system used by NSW Government. He also highlighted the risk for property purchasers in not engaging a surveyor to do an identification survey to confirm the boundaries of a property. There have been several instances where a property has been built in a position which encroaches onto

Understanding the implications of GST withholding legislation in property transactions

May 2, 2024

Understanding the implications of GST withholding legislation in property transactions A withholding legislation for GST was introduced on 1 July 2018. This legislation requires purchasers to withhold the GST amount of the purchase price and remit it to the Australian Taxation Office (ATO) upon settlement. The formation of the legislation was a consequence of numerous instances of ‘phoenixing’, where companies would abuse the remittance period between settlement and the lodgement of their next business activity statements by deregistering their companies and creating new ones to avoid their GST payment obligations. It is estimated that $1.8 billion in GST debt was accumulated before the legislative amendments. Companies claimed an estimated $1.2 billion in GST input credits from 2013-2017. The legislation is contained in section 14-250 of the Taxation Administration Act 1953 which specifies that GST must be withheld if you are the recipient of a taxable supply which is potential residential land or a new residential premises (excluding commercial premises or any substantial renovations made to a property). Purchasers who are not registered for GST or are not acquiring the land for a credible purpose (i.e. in the course of their business) remain exempt from this provision. To help the purchasers

Embracing change: ARNECC interoperability mandate for 2025

February 29, 2024

Embracing change: ARNECC interoperability mandate for 2025 The commitment to evolving property conveyancing in Australia has seen a huge shift in the way the industry operates. In recent years, the mandates brought to the industry have sparked substantial progress, ushering a transition from manual processes to streamlined electronic workflows. At the forefront of this evolution are the voices of practitioners themselves. They have not only asked for change but necessitated it. This blog explores how the industry is leading the charge in responding to the needs and demands of its practitioners, driving forward progress and innovation in the pursuit of greater efficiency and effectiveness. Recently, the Australian Registrars’ National Electronic Conveyancing Council (ARNECC) made a significant announcement, setting forth a mandate for full interoperability among electronic lodgment network operators (ELNOs) in New South Wales and Queensland by December 31, 2025. Interoperability empowers key stakeholders, including conveyancers, lawyers, and financial institutions, to have autonomy in the decision-making process. By seamlessly engaging with a platform of their choice, practitioners gain the ability to shape their experience, ensuring that the platform works for them rather than imposing rigid structures upon them. This directive from ARNECC marks the dawn of a new era, one

Achieving your business goals in 2024

February 1, 2024

Achieving your business goals in 2024 As the legal landscape in Australia continues to evolve, the dawn of a new year presents a golden opportunity for lawyers and conveyancers to reflect on their practices and set ambitious business goals. In a world driven by efficiency and speed, the importance of streamlining processes cannot be overstated. This blog explores key goals for legal practitioners and conveyancers in 2024, emphasising the need to leverage technology and innovation for success. Operational efficiency: A common goal Enhancing overall operational efficiency is a shared objective among legal professionals, with a notable 51% of firms valuing more efficient processes the most in their daily workflow. This goal involves identifying and eliminating bottlenecks in workflows, adopting new technologies, and implementing best practices for a smooth and efficient operation. Client-centric approach: Deepening relationships Building stronger client relationships is a goal that many lawyers and conveyancers aspire to achieve. Improving communication channels, offering transparent processes, and leveraging technology to enhance the overall client experience. The integration of technology not only aligns legal professionals with the evolving landscape but also signifies a dedicated commitment to delivering contemporary, client-friendly services. Technology integration: Staying competitive In 2023, 64% of Australian firms placed more emphasis on technology,

How your firm can thrive this holiday season with SettleIT

November 17, 2023

How your firm can thrive this holiday season with SettleIT The holiday season is usually a time of year for people to wind down and take a break, however firms and business owners often have more responsibilities to consider during this period. Running a firm can be demanding at the best of times but Christmas can be particularly overwhelming with an influx of settlements and the challenge of managing your workload while staff take leave. SettleIT is here to support you this holiday season, ensuring your clients’ needs are met and your practice continues to seamlessly operate, so you can enjoy a well-deserved break. Why taking a break is a priority According to the Australian Bureau of Statistics (ABS), around 43% of employees took annual leave or worked reduced hours in January 2021, 2022 and 2023. In addition, 55.6% of employees worked fewer hours than usual in January 2023. These recent figures have increased over time compared to 2020 and the years prior, reinforcing that more Australian’s are taking annual leave in January and for a longer period. Whilst employees deserve their respite, it’s just as important for business owners to take a break during this time of the year too.

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