CONVEYANCING RULES EXTENSION
THE conveyancing industry has been granted an extension to prepare for electronic transactions.
The requirement to electronically lodge certain documents during property settlement was due to come into effect on May 1, but has been extended until December 1.
Lands Minister Rita Saffioti said the decision would provide the industry, including settlement agents and lawyers, with more time to prepare for the transition to electronic conveyancing.
Many industry members are already using electronic conveyancing, with more than half of eligible documents being transacted electronically, but some require more time to ensure a smooth conversion.
Ms Saffioti said electronic conveyancing will ensure the State maintains best practice systems, which provide superior protection of West Australians’ property assets from fraud while meeting consumer expectations around the ease and efficiency of online transactions.
“Electronic conveyancing is the simplest, fastest and safest way to conduct property transactions within the digital economy,” she said.
“The industry is encouraged to work as one to adopt the new practice before the December 1 deadline for the benefit of consumers, the property sector and to further strengthen integrity of the State’s land titles register.”