Form 23 Settlement Notice End of Life

Further to Titles Registry Alert 138, please note that from 1 January 2018. Settlement Notices can no longer be deposited in the Titles Registry.

The current Queensland Settlement Notice mechanism will be replaced by a Priority Notice mechanism as part of a move toward national consistency in a range of titling processes to support national electronic conveyancing in Australia. 

While the fundamental purpose of the new Priority Notice will be the same as the current Settlement Notice, there are a number of minor changes, including application to a wider range of instruments and the ability to extend the effect of the notice for 30 days. The new mechanism will allow a person who is, or will be, a party to an instrument intended to be lodged to deposit a Priority Notice.  A Priority Notice will identify each instrument to which the notice relates and with a few exceptions, the deposit of a Priority Notice will prevent registration of other instruments affecting the lot or an interest in the lot until the notice lapses after 60 days or is withdrawn, removed or cancelled.  A Priority Notice will be able to be lodged through eConveyancing or through eLodgement or in paper.
This change takes effect from 1 January 2018 in line with the commencement by Proclamation of relevant provisions of the
Land and Other Legislation Amendment Act 2017.  
It is important to note that there will be no transition period.  
This means Settlement Notices can only be deposited until the Titles Registry’s close of business in December 2017. Settlement Notices can NOT be accepted by the Titles Registry from 1 January 2018 even if the Form 23 was executed prior to 1 January 2018.

A Form 23 - Settlement Notice deposited prior to 31 December 2017 will continue to have effect until it lapses or is withdrawn, removed or cancelled.
From the commencement of business in January 2018 only Priority Notices (and not Settlement Notices) will be accepted. Priority Notice Forms can be accepted from this date even if they were signed prior to 1 January 2018.

When a Notice is intended to be deposited after 1 January 2018 but is being prepared in the weeks prior to that date, it is the Priority Notice form (and not the Settlement Notice form) that must be used.

The fee to deposit a Priority Notice is the same as the deposit fee for a Settlement Notice (currently $34). The Titles Registry fee calculator will be updated in 2018 to include the new Priority Notice. 

The Priority Notice Form is now available online at https://www.business.qld.gov.au/industries/building-property-development/titles-property-surveying/titles-property/titles-registry-forms
Part 23A regarding Priority Notices and their withdrawal and extension has been inserted into the Land Title Practice Manual https://www.business.qld.gov.au/industries/building-property-development/titles-property-surveying/titles-property/practice-manual

Econveyancing and Verification of Identification

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PEXA has announced its options for verification of identity for property Lawyers and Conveyancers and their Clients'.

From PEXA's press release:

When joining PEXA, Property Lawyers and Conveyancers are required to have their identity verified to ensure the security and integrity of the system. PEXA has announced that this requirement can now be fulfilled at Australia Post branches nation-wide.

“Verification of Identity is the cornerstone in being able to provide a secure and safe e-Conveyancing environment to the Australian market,” PEXA CEO Marcus Price said. “By working with Australia Post, PEXA continues to take distance and geography out of the property exchange process.”

In addition, and as part of the land transaction process, Property Lawyers and Conveyancers need to take 'reasonable steps' to verify the identity of their client; the buyer or seller. From September, Property Lawyers and Conveyancers can send their clients to an Australia Post branch to have their identity verified if a face-to-face meeting isn't an option - a huge step forward for the growth of the industry.

There are two key steps in a property transaction that require a physical meeting of parties; the VOI check and physical attendance at settlement. Australia Post removes the first while PEXA takes care of the rest through its online lodgement and financial settlement capability.

In effect, this opens up new business horizons for Property Lawyers and Conveyancers who will now be able to operate nationally (provided they are certified to do so) without the geographical constraints experienced in today’s manual world.

It also provides more secure evidence of ownership and right to deal and, critically, that the person transacting with the property is the person named in the Register of Land as the registered proprietor.

In addition to Australia Post, PEXA is also working with ‘come to you' VOI service ZipID - an initiative supported by the Commonwealth Department of Industry.

“PEXA will be a faster and more efficient way of transacting property,” Mr Price said. “But more importantly, it will be the most secure way. Having Australia Post and ZipID work alongside us to deliver a convenient way to perform identity checks is a huge win for the entire industry.”

Why VOI is important to the Property Industry

It’s vital the Australian market has a safe and accessible means of providing identity verifications within a property transaction to prevent fraudulent activity and protect the integrity of its Land Registers.

In the manual world, a “reasonable steps” approach applies to the verification of a clients’ identity.
The Electronic Conveyancing legal framework formalised this requirement and as a result, all transactions completed through PEXA can be guaranteed to have been through the proper verification process.

Where next for PEXA?

PEXA Release 1 is currently live in Victoria, New South Wales, Queensland and Western Australia for new mortgages, mortgage discharges and refinances. The Major Banks as well as a number of additional Financial Institutions are currently using PEXA to perform these transactions.

Release 2 launched in June 2014 in a limited capacity (caveats only) for Property Lawyers and Conveyancers in Victoria. From Q4 this year, full functionality will launch to select Property Lawyers and Conveyancers in New South Wales and Victoria followed by the remaining states across 2015.

Property Lawyers and Conveyancers in New South Wales and Victoria can sign up for PEXA from late October. For all other states, the PEXA on-boarding process will begin in early 2015.

With the release of full functionality, PEXA will enable Banks and other Financial Institutions as well as Property Lawyers and Conveyancers to perform lodgements and financial settlements online. PEXA functionality will support new mortgages, mortgage discharges, transfers, settlements, caveats, notices and other administrative documents in one easy to use, intuitive electronic platform.

For more information please visit www.pexa.com.au or give us a call.

E-conveyancing with Atkinsons

It's coming...soon...

We've all heard about it for years, but it's here, and it's almost ready to go.

E-conveyancing.

Like it or not, you'll soon need to get used to dealing with e-conveyancing.

Atkinsons, through our partnership with our preferred information provider GlobalX, have all the solutions you need to get going right away.

Form online searching and practice management solutions, through to traditional manual legal support services like complex searching, document lodging, court filing and manual settlements (and of course the up-coming e-conveyancing monster) your portal to productivity though affordable solutions, with first-class service and support, is available here at Atkinsons now.

Likewise, Atkinsons are GlobalX's preferred Queensland manual services provider. Together, you have the best of both manual and electronic services to help you stay ahead of your competition.

Don't get left behind. Get ready today. Talk to us and we'll help you get ready for the revolution.

Are you ready for e-conveyancing?

Atkinsons e-conveyancing solutions

If you are using our online searching and settlement portal, then you can rest assured knowing you'll be ready!

E-conveyancing is slated to commence in Quarter 2 2014 for legal practitioners. Simple transaction like discharges of mortgages and refinances between the banks are on target to commence Q2 this year!

We are delighted to announce today that our Information Partners and friends at GlobalX have signed an agreement with NECDL to become the first sponsor of the Property Exchange Australia platform (PEXA) as the first step in delivering e-conveyancing solutions to our valued clients.

Alongside our searching, settlement, stamping and lodging services, the integration of PEXA into our online portal will provide our legal practitioner clients with a unified, seamless online conveyancing experience.

Why wait? Request your user ID now and experience better.

Stay tuned for more information on e-conveyancing…