Settlements Archives

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

Streamlining legal operations: Thompson Geer’s success story with SettleIT

November 16, 2023

Streamlining legal operations: Thompson Geer’s success story with SettleIT In the world of corporate law, efficiency, accuracy, and cost-effectiveness are paramount. For Thompson Geer, one of Australia’s leading independent corporate law firms, these principles form the foundation of their operations. Specialising in the commercial and legal interests of companies, governments, and institutions, Thompson Geer boasts a diverse range of legal services. This article delves into Thompson Geer’s experience using SettleIT to streamline and enhance the lodgment and registration processes for their legal matters. We spoke to Alexia Booth, Legal Administrative Assistant at TG Legal + Technology, to learn how they implemented SettleIT into their day-to-day operations and how this has benefitted both the firm and their valued clients. 1. When did your firm start using SettleIT and why? “We began using SettleIT around two years ago for a variety of reasons, including to help us manage our constant flow of matters requiring registration, to double check our lodgments with the aim to reduce requisitions and the additional costs of requisitions, and therefore provide the best service for our clients (efficiency and a great costs/benefit ratio).” 2. How has using SettleIT benefited your firm and your clients? “SettleIT and it’s agents (in

The importance of ethical conduct in conveyancing: best practices for conveyancers

November 8, 2023

The importance of ethical conduct in conveyancing: best practices for conveyancers In the realm of conveyancing, where transactions involving real estate are conducted, the importance of ethical conduct cannot be overstated. Conveyancers play a pivotal role in ensuring the smooth transfer of property ownership, and their ethical behaviour is not just a legal obligation but a cornerstone of trust, professionalism, and ultimately, client satisfaction. In this article, we will delve into the significance of ethical conduct in conveyancing, how it ties into quality customer service, and provide best practices that every conveyancer should uphold. Adherence to the industry code of conduct Each state division of the Australian Institute of Conveyancers (AIC) has their own Code of Conduct governing the behaviour of conveyancers. Common topics are present throughout the various codes, including: Client confidentiality, Professional responsibilities, Fairness and social responsibility, and Fees commissions and charges. Ethical conduct requires strict adherence to these codes, which outline the professional standards and responsibilities expected of conveyancers. Familiarise yourself with your local code and ensure continued compliance. Also, inform your clients about the industry’s Code of Conduct and how you are committed to upholding these standards. This transparency can reassure clients that they are working

Why conveyancing should be a key offering of your law firm

April 12, 2023

Why conveyancing should be a key offering of your law firm With the move to a national eConveyancing mandate, and subsequent changes in processes, general law firms are considering whether they should continue servicing clients in the property space. This is largely due to the hurdles of learning new e-settlement systems, implementing new processes and a lack of access to useful training, so it is understandable why many firms are considering referring this work to a qualified conveyancer. However, general law firms that practice conveyancing not only offer several key benefits to their clients, but this can also act as a means to acquire additional work in other areas of law and provide a full-service offering throughout a client’s lifetime. Conveyancing unlocks doors to clients Conveyancing has often been viewed as the bread and butter of a firm; a stock standard service offering. However, when considering the bigger picture of client interaction, conveyancing should be considered a much more lucrative business generation opportunity. Imagine your average couple; the most common reason they will first interact with a lawyer or conveyancer is when they purchase their first home. Ongoing from this, they might need to write a will, which will

New Queensland settlement law reform plays catch up

December 22, 2021

New Queensland settlement law reform plays catch up SettleIT General Manager, Daniel Petrucci, says “the announced reforms to Queensland property law are a welcome relief for home buyers but finally plays catch up with most other Australian states”. The reform, set to come into effect in January 2022, has been introduced to stop home buyers becoming penniless if settlement delays arise by giving Queensland buyers an extra five business days to complete settlement. “Purchasing a home is already a highly stressful activity for home buyers. When layered with a critical deadline that can result in the complete loss of a deposit, it adds to the anxiety and pressure for all involved.” Currently in Queensland, the date of settlement is a critical deadline. If a property settlement cannot be met in time, the contract can be terminated immediately. Once the contract is terminated, the vendor is legally entitled to receive the purchaser’s deposit. Reasons for not settling on time can come down to circumstances such as human error or bank delays. “The reforms will offer a grace period if settlement cannot be met,” Petrucci continues. Petrucci leads SettleIT, a solution built for lawyers and conveyancers to outsource matters when they need support and assurance with settling on time. Petrucci explains, “The SettleIT team are no strangers to managing matters which experience delays. We aim to make settlement as easy as possible for not only our clients, but the home buyer. Queensland’s latest move to add

Three levels of Certificate of Title (CT) usage in Australia

November 15, 2021

Three levels of Certificate of Title (CT) usage in Australia With the recent removal of Certificates of Title (CT) in New South Wales, and a consultation period taking place in Victoria, it is a timely reminder to take note of where each State and Territory currently stands with CTs. Across Australia, the States and Territories have adopted three approaches, effectively creating three different levels of CT usage. Level 1: Paper CT Issued: Tasmania Tasmania currently does not have electronic conveyancing and as such, it is the only state which still completely uses paper titles. They are required at settlement and issued upon registration. The primary benefit of this level of CT usage is to assist in verifying the identity of the registered proprietor, which infers a right to deal by having ownership of the Title. Level 2: CT Used: Victoria, Northern Territory and Western Australia Victoria currently has both paper and electronic CTs. Most transactions are required to settle through an ELNO, and therefore, remaining paper CTs need to be converted to an electronic CT and the paper CT is then destroyed. Once the electronic CT is on Title, the register will indicate who is control of the CT. Victoria

How to manage tight settlement deadlines

November 12, 2021

How to manage tight settlement deadlines Even at the best of times, managing a settlement can be challenging. Between delays, adjustments, difficulty contacting banks, councils, and more, there are many opportunities for time to slip away. On top of this, for your client, the settlement process is usually the last hurdle before they legally take possession of a property, so they may be feeling anxious, stressed, and impatient. This pressure can often amount on you, as their lawyer or conveyancer. Fortunately, there are ways to manage tight settlement deadlines. Here’s three tips: Involve a settlement expert When a client submits an urgent request, it can be difficult to ensure the matter is attended to, and seen through to completion on time. In instances like this, it is helpful to have extra support. SettleIT, powered by InfoTrack, is a flexible solution, allowing you to outsource the lodgment of registry documents and settlements – both electronic and manual. Our team are dedicated, reliable and determined to help you from the moment you get in touch. Cornwalls recently enlisted the help of SettleIT to assist with a last-minute client request. “We were referred to SettleIT and the experience was brilliant. We engaged SettleIT for something that had a very tight timeframe,

How to add a layer of legitimacy to your identity verification process to reduce identity fraud

October 1, 2021

How to add a layer of legitimacy to your identity verification process to reduce identity fraud This is the second part of the SettleIT education series supporting practitioners to navigate the e-settlements and e-conveyancing landscape. See part one here. This article does not constitute legal advice. It is for general information purposes only.  There is the notion that introducing technology into sensitive areas such as identity verification is problematic, however it is much the opposite. With identity theft on the rise, security and legitimacy are of utmost importance to organisations, and by implementing trustworthy solutions, costly identity errors can be avoided. With the rise in identity fraud so too comes a rise in sophisticated ID verification tools. New methods of verification, such as video and fingerprinting, paired with high-quality facial scanning technology means more assuredness in confirming the question, “Is my client who they say they are?” Here are three cases which could have been completely avoided, or reduced any deemed negligence when identifying a client, had a technology solution been engaged. Case 1: Do you trust yourself? Michelangelo Alfredo Mascarello & Anor v Registrar-General of New South Wales [2018] NSWSC 284 The case: Two individuals impersonated property owners with stolen identification documents and instructed a lawyer to register a mortgage over their properties.

3 key influences that drive uptake of e-settlements

September 27, 2021

3 key influences that drive uptake of eSettlements When e-settlements first came into the Australian legal and conveyancing scene in 2010, there was initially some resistance to their uptake. At the time, with no mandates in place, the appetite for change was understandably low because of the need to learn new systems, upskill resources and transition away from traditional processes. In fact, Deloitte’s 2018 report, “Impacts of e-Conveyancing on the conveyancing industry”, found that only 2% of practitioners were completing property transactions electronically. “The lack of ongoing exposure to the electronic platform means that efficiency gains from mastering the systems are not fully realised…” Conveyancing has since come a long way in terms of embracing technology and adopting electronic solutions. Many Australian states already have mandates for e-settlements and others are closely following suit. Real Estate Business recently announced that the ACT are intending to go live with digital settlements before the year is out. Conducting settlements and lodgments online has proven to consistently save time, money, and resources. To explore this further, InfoTrack conducted a national survey investigating the key influencers which drive lawyers’ and conveyancers’ desire to adopt e-settlements and their opinions on interoperability of electronic networks (ELNs). The complete findings are published in the complimentary whitepaper, “Your guide to understanding the Australian settlements and Electronic Network (ELN) landscape”. Here are three key results: 1. The majority of Australian firms who conduct conveyancing matters complete their settlements electronically. 93% of

3 things instructing practitioners must know when engaging an eLodgment Subscriber

September 13, 2021

3 things instructing practitioners must know when engaging an e-lodgment Subscriber This is the first part of the SettleIT education series supporting practitioners to navigate the e-settlements and e-conveyancing landscape. This Article does not constitute legal advice. It is for general information purposes only. Instructing practitioners are responsible for briefing e-lodgment Subscribers to prepare ELNO workspaces, create and digitally sign electronic documents such as registry instruments, and authorise or complete any associated financial settlement. As a result of the adoption of electronic conveyancing within Australia, Settlement Agents now described as e-lodgment Subscribers have gone digital. Here’s how they support you with e-Conveyancing. 1. e-lodgment Subscribers allow instructing practitioners like you, to devote more time communicating and building stronger relationships with their clients Outsourcing electronic lodgments and settlements allows you to focus on advising clients professionally rather than focus on the administrative tasks of the e-lodgment. SettleIT is a flexible solution that allows law firms, conveyancers, and financial institutions to outsource the electronic lodgment of registry documents and settlements. SettleIT’s simple to use online portal provides legal practitioners with full visibility on their matters every step of the way, as well as tools to undertake verification of identity and electronic signing.   SettleIT can be used as part of your standard processes, like taking care of administration, or when times are busy, or cover is needed. It can also be

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