Earlier this year, QLD parliament passed a bill amending the Land Title Act 1994 so that paper Certificate’s of Title (CT), will no longer have any legal effect. This will be in place from the 1st of October 2019. This bill means that a paper CT will become a piece of history, with only sentimental value.
Previously, every property in Queensland was issued with a paper Certificate of Title. The certificate was always required as evidence of your ownership of your property. Consequently, lost or stolen certificates raised huge issues for a homeowner.
As a homeowner, you will no longer need to protect this very important piece of paper. You are also not required to deliver this piece of paper to Settlement should you choose to sell in the future.
Finally, from 1 October 2019, there will no longer be the option to lodge a Form 19 application for certificate of title.
In the shift towards paperless, NSW recently mandated electronic settlements from July 1st, 2019. Prior to the mandate, there were some practitioners keen to embrace e-settlements. Equally however, there were also those who felt like the mandate was thrust upon them. It is these firms that have a real need for support during the transition.
As the number 1 legal tech innovator, InfoTrack created SettleIT - a solution that replicates the traditional network of manual settlement agents. With one click, InfoTrack clients can book a SettleIT agent to manage the administration of an electronic settlement once the contract becomes unconditional. This includes acting as the client representative in the ELNO workspace and phone verifying all bank account details before transferring funds.
While Queensland is currently exempt from the e-settlement mandates handed down to NSW and VIC, there are early adopters. These adopters are focusing on being at the forefront – focusing on the client and streamlining processes. This is allowing firms to develop strong relationships with their clients and provide for their 24/7 demands.
There’s every reason to embrace the paperless opportunities ahead. With elections and recent interest rate changes behind us, technology can put the legal industry on the forefront when it comes to times of downturn and helps practitioners connect with their clients to deliver more efficient and personalised services.
Click here for more information on SettleIT and to find out how it can help your practice in NSW, VIC and QLD.
To read more about reducing paper in QLD property conveyancing click here.