Improving customer service; national conveyancing reform
The new Real Property (Electronic Conveyancing) Amendment Act, 2016 (the Act) has been a welcome change for both Public Trustee (PT) and customers of real estate transactions. It is anticipated that simpler internal administrative processes, more secure transactions and faster turnaround times will be realised over time.
For PT customers of either deceased or living estates with property transaction needs, the new online system will incorporate verification and client authorisation procedures to ensure the safety of transactions by allowing only authorised users to act on behalf of our customers.
It is important to note that process changes adopted by PT to ensure compliance with the new Act are internal only and customers do not need to take any action.
The reforms are an initiative of the Council of Australian Governments (COAG) and are designed to:
- streamline existing real estate processes, including registering changes in property ownership, settling financial transactions and lodging instruments with the Lands Title Office;
- strengthen the integrity of conveyancing practise by creating one regulatory framework for paper based and electronic transactions; and
- ensure up-to-date modern e-commerce technologies are being used.
On 4 November 2016, compliance of the new Act is required from Australia’s real estate industry. Read more about the national electronic conveyancing reforms here.