A step closer to Electronic Conveyancing

For some time now, the Northern Territory has lagged behind the rest of Australia when it comes to the ability to complete property transactions electronically, known as “E-conveyancing”. However, this is changing and an important step was taken recently.

On 30 November 2022 the Land Legislation Amendment Bill 2022 was introduced into the NT Parliament and is expected to be debated during the upcoming Parliamentary sittings commencing on 14 February 2023.

Some of the main purposes/provisions of the Bill are:

Purpose

• to amend Electronic Conveyancing (National Uniform Legislation Act 2013, Land Title Act 2000, the Law of Property Act 2000, Electronic Conveyancing (National Uniform Legislation) Act 2013 and other land related legislation necessary for the purposes of electronic conveyancing.

Key provisions

• to provide that documents may take the form of electronic conveyancing documents, references to signing or executing of documents are references to documents that are electronically signed, requirements for clients authorisations for electronic conveyancing and requirements for verification of identity

• to increase requirements regarding the identification of mortgagors

The NT Government has noted that, operationally, the key change is to provide for the independent identification of mortgagors of land.  Currently, the cost is $49.50 and is organised through Australian Post for dealings in land for those states and territories that have already adopted electronic conveyancing.

 This is an extremely important safeguard and will mean that people and firms involved in conveyancing will be relying more heavily than ever before on technology to assist with the independent verification of the identity of their clientele.

 There will be more changes required before electronic conveyancing is permitted in the NT, however there is no doubt, in our view, that it will happen – a question of when, not if. While it will bring challenges, it will also provide for a more transparent and streamlined process - a good thing for each and every client involved in the buying or selling of property in the NT and beyond.

 For the buying or selling of any property, please call Coralie Waters on (08) 8941 6355 or 0427 885080, or email conveyancer@bowden-mccormack.com.au