InfoTrack, Author at SettleIT

Changes to the NSW land title system

July 5, 2021

Changes to the NSW land title system 100% e-conveyancing in NSW by October 11 2021 Today, the NSW Registrar General announced changes to Land Titles and Conveyancing in NSW. On 11 October 2021, new changes to the land titles system in NSW will be introduced that will transition NSW away from paper-based processes. This means that from 11 October 2021 paper dealings will no longer be accepted for lodgment and only electronic dealings will be accepted. The Real Property Amendment (Certificates of Title) Act 2021 makes several changes to legislation, importantly allowing for the cancellation of certificates of title (CTs) and progressing NSW to 100% electronic lodgment of land transactions. There are two significant changes from 11 October 2021: the cancellation of CTs and the control of the right to deal (CoRD) framework; and all land dealings must be lodged electronically. This is referred to as ‘100% eConveyancing’. Key changes 1. Certificates of title Existing CTs will be cancelled and CTs will no longer be issued. Existing CTs cannot be required to be produced to have a dealing or plan lodged for registration. Similarly, Authorised Deposit-Taking Institutions, such as banks, will no longer be issued with CoRD, which is the electronic equivalent of a

How to prepare for 100% electronic lodgment in NSW and mitigate risk

May 7, 2021

How to prepare for 100% electronic lodgment in NSW and mitigate risk The New South Wales property industry is undergoing significant change in moving towards 100% electronic lodgments. NSW Land Registry Services (NSW LRS) have worked with Electronic Lodgment Network Operators (ELNOs) to enable 100% of electronic lodgments from 10 May 2021. This means all eligible Real Property Act dealings in NSW will be available for lodgment as electronic dealings, without the need to attach a paper form. From 10 May 2021, the 39 residual documents that are available for electronic lodgment, including: Application for a Possessory Title Application to Record a New Registered Interest Holder Application to Record a New Registered Proprietor NSW Trustee and Guardian Caveat Paper Dealing Purchaser’s Caveat Request to Note Retirement Village Surrender of Lease Variation of Sublease The full schedule of eDealings that are available electronically can be found on the Office of Registrar General’s website here. Transitioning to electronic conveyancing can be daunting at first, as legal practitioners will need to learn and navigate new working procedures in order to lodge their documents and stay compliant. How should legal and conveyancing practitioners prepare for these changes? As NSW is moving towards 100% electronic conveyancing, some things that practitioners can do in preparation for these changes include: Consider becoming an ELNO subscriber or utilise services such

How did your firm compare during COVID-19?

April 21, 2021

How did your firm compare during COVID-19? CommBank have released their annual Legal Market Pulse Report that tracked Australia’s corporate law firms and how they coped during the pandemic. The report found: Demand for legal services in Australia rose by 6.2 per cent compared with the year before. Sixty-three per cent predicted that IT hardware, software and cybersecurity would be their biggest investment going forward. The Commonwealth Bank’s Head of Professional Services Belinda Hegarty said, “More resilient firms have clearly led the way in adopting technology. They better understand its potential to help deliver services faster, simpler and cheaper, and to create new products and services.” The Legal Forecast National Board Director Erika Ly believes there has been a “significant and positive shift towards a greater and more serious acceptance of online and virtual programs.” This shows that law firms across Australia are recognising the power of technology to assist them through challenging times and that firms have also recognised how technology can help with longevity and staying competitive. You can get a competitive edge over your competitors with technology. As a property lawyer or conveyancer, if you’ve thought about expanding your offering interstate but don’t have the resources or expertise, there is a solution. SettleIT is

Working longer hours won’t grow your firm, but here are some things that will

April 21, 2021

Working longer hours won’t grow your firm, but here are some things that will We’ve all heard the old adage – work smarter not harder, but in a competitive market it is important to get ahead and stay ahead. You may find it tempting to work longer hours, especially if you’re at home. However, reality is working longer hours won’t necessarily equal firm growth. So, to move your firm forward this year, what strategies do you have in place to ensure you can achieve your growth goals? Here are three ideas. Understand your customers Understanding your customer base is key to any business success. Without clients, you don’t have anyone to offer your goods and services to. But in order to work smarter, you need to know what makes your client base unique. Do they only read emails and accept calls first thing in the morning? If so, make sure you keep your communications strictly during that time. This will save you time as your contact efforts don’t go to waste. Similarly, your clients may prefer a virtual meeting. This will reduce your travel time (as you won’t need to meet in person) and goes a long way to ensuring

How new technology has evolved firms

April 14, 2021

How new technology has evolved firms Legal and conveyancing firms evolved tremendously throughout 2020, with many having to make quick transitions that they were not prepared for. We saw masse technology adoption and many business owners now expect these changes to be long lasting. Now, we’re looking at what McKinsey and Company have defined as the ‘Next Normal’, where organisations ‘reset for growth beyond the COVID-19 pandemic’. So, in the legal and conveyancing profession, what can we expect? Here are three suggestions. Remote work and virtual meetings will likely continue, but to a lesser extent While lawyers and conveyancers have now adapted to using technology to move their property matters forward, they will have increased opportunity to return to some face-to-face practises. When it comes to due diligence and verifying identity, lawyers may feel more comfortable to do a mix of in person or remote verification when each situation suits. A remote verification may be suitable when you are time poor, versus a face-to-face verification if your client is close by. InfoTrack’s InfoTrackID allows users to complete verification of identity remotely. This has been a massive step forward as lawyers and conveyancers can now verify their clients without the need to

NSW migrates to 100% e-conveyancing. Here’s what you need to know

April 7, 2021

NSW migrates to 100% e-conveyancing. Here’s what you need to know Insights from the NSW Land Registry Services As of 22 March 2021, 29 dealings in NSW are no longer accepted via paper lodgments and will now need to be lodged electronically. The NSW Government has also released a draft bill to allow for 100% electronic lodgment of land transactions, aiming for these provisions to commence in August 2021. With NSW transitioning to 100% electronic lodgments, what do these changes mean for the legal and conveyancing industry and how can firms mitigate risk? SettleIT’s General Manager, Daniel Petrucci hosted a live webinar on 18 March, and invited Ahmed El-Ali, eConveyancing Manager and Christopher Trent, Product Development Manager from NSW Land Registry Services (NSW LRS) to provide their insights on what these changes are and how they have been working with lawyers and conveyancers to prepare for these changes. The conveyancing industry is currently undergoing a huge digital transformation and the NSW LRS have already made 99% of dealings available electronically, comprising of their mainstream dealings including the upgraded eLease, which already has a great uptake, and Residual dealings, which were delivered in batches throughout the year. This has been phenomenal progress to what e-Conveyancing

Real Estate activity is rising, how is your firm keeping up?

December 22, 2020

Real estate activity is rising, how is your firm keeping up? Recent adjustments to stamp duty across NSW and Victoria aim to kickstart the economy and Real Estate Agents, property lawyers and conveyancers will benefit. In Victoria, stamp duty will be slashed up to 50%, but this will only apply to newly built homes up to the value of $1 million and will be available until June 2021. Alternatively, those in Victoria buying pre-existing homes can expect to receive a 25% discount, again up to $1 million. In NSW, stamp duty reforms are still underway with final decisions being announced in March, but under the current proposal, home buyers will be able to choose if they would prefer to pay stamp duty or an ongoing annual land tax. It is hoped that these changes will bring people back into the property market, which suffered heavily during the height of COVID-19. There has also been reported growth in the number of properties coming into the market now consumer confidence has recovered. Real Estate Agents are seeing an influx of requests for settlements to take place during the Christmas and New Year period as well as for interstate service as people look to move with remote working

Here’s why technology won’t take over your role

September 21, 2020

Here’s why technology won’t take over your role But it will give you capacity to do more with less resources. Recently, RMIT Online CEO Helen Souness shared her belief that many jobs of the future have one thing in common: Technology. “Automation and augmentation are one of the big technological trends,” Souness tells Together In Business. “They’re slightly scary words — people see drones or cyborgs working beside us — but actually automation is our friend. It takes away boring, repetitive tasks. The challenge with completing repetitive administration tasks is that mistakes can be made – especially when time is short. Technology won’t take over your role as a lawyer or conveyancer, but instead is here to support you to complete tasks quicker and with accuracy. In effect this gives you more time to grow your firm and develop stronger client relationships – something a robot will never be able to do. Think about the human skills you do have – negotiation and communication for example and allow technology to support you in the other aspects of running your firm. InfoTrack offers technologies that reduce administrative load. Integration between InfoTrack and your Practice Management System can transform your firm, reducing the need for repeat data

Interoperability and the future of eConveyancing

September 10, 2020

Interoperability and the future of eConveyancing On Monday, all Australian states and territories voted in support of interoperability between Electronic Lodgment Network Operators (ELNOs) in the Electronic Conveyancing National Law (ECNL). In addition, New South Wales, Queensland, South Australia and Western Australia further agreed to develop the technical and regulatory regime for legislation to be in place by mid-2021, with the aim to have the solution live as soon as practicable, and by no later than the end of 2021. Tasmania noted that it was taking steps towards implementing e-conveyancing locally. Interoperability is common in industries where data is shared between networks. For example, telecommunication companies. They operate by sharing data to facilitate calls and text messages. This enables consumers to communicate with each other irrespective of which network carrier they are a customer of. Interoperability links ELNOs to enable a user (conveyancer, lawyer, or financial institution) to be a subscriber to one ELNO, say PEXA for example and transact with a user of another ELNO, like Sympli, without having to subscribe to both. So, what will interoperability mean for you when it comes to settlements? Interoperability can be designed in such a way that ensures users continue to interact with

Why you need a property lawyer or conveyancer when you buy a property

July 28, 2020

Why you need a property lawyer or conveyancer when you buy a property Buying a property is a huge milestone and likely to be the biggest purchase you’ll ever make, so it pays to have your wits about you. The process of buying a home can be exciting, but scary to navigate. There are plenty of things that you can do yourself, like a title search, but how do you know what you’re looking for or in fact where to find it? A property lawyer or conveyancer can gather the right documents, recommend the right connections to make sure your finances are in order and review the contract when you buy. Here’s some things a property lawyer or conveyancer can do to support your next property purchase. Conducting a title search There are many reasons why you may need to conduct a title search such as buying or selling property, proving ownership or refinancing your mortgage. A Certificate of Title (CT) is a public and legal record of land ownership, including interests and restrictions on the land. In Australia, state land registries hold the title information. It can be viewed by doing a Title Search through an authorised provider, like InfoTrack.

Your seamless settlement and lodgment solution