Victoria’s Transition to Electronic Certificates of Title

Victoria's Transition to Electronic Certificates of Title

The Victorian Government’s initiative to phase out paper certificates of title marks the end of an era in land registration and property records.

From August 3, 2024, all newly issued Victorian certificates of title will be exclusively electronic, streamlining property conveyancing and transactions.

What’s Happening?

From August 3, 2024, if you’re buying, selling, transferring or mortgaging a property in Victoria your paper title will be converted to an electronic certificate of title. This change is designed to make the property transaction process faster, easier, and safer.

Why the Change?

Victoria is aligning with other states by transitioning to electronic titles. This shift aims to make records and transactions cheaper, more secure, and efficient. Additionally, it reduces the environmental impact by using less paper and reducing the logistics of dealing with physical records.

If You Own Property

If you currently own property, you might wonder what you need to do. The good news is, probably not much right now. If your property was transacted recently, you likely already have an electronic title. Your bank or lawyer will control your title if you have a mortgage.

For Paper Title Holders

If you’re among those who still have a paper title, don’t worry—it’s still valid. Importantly, you will need to keep it safe. You only need to think about converting it to an electronic title when you next plan to sell or mortgage your property.

What can I do If I Have Lost or Damaged Paper Titles

If you lose or damage your paper title, the replacement will be electronic after August 3, 2024. If you lose your paper title there is a process to get another title. It can take some time to arrange as various documents and statutory declarations need to be made to support the application for a replacement title.

How to Check If Your Title Is Electronic or Not

Curious about whether your title is already electronic? The easiest way to find out is to do an online title search. This can quickly tell you the status of your title, the details, and whether it is electronic or not. If you have a mortgage, your lender will have your title, and you likely have never seen it.

What You Need to Do

If you have a paper title and you’re planning any property transactions after August 3, 2024, talk to your bank, conveyancer, or lawyer early. They’ll guide you through what’s needed for an electronic property settlement with a paper title.

We are accustomed to dealing with the phasing out of electronic titles as this has been already happening for some time now.

We’re Here to Help

At Conveyancing Depot, we are committed to ensuring you stay informed and ahead any changes in the property industry. Our expertise and insights ensure you’re well-prepared to handle any changes.

For more information and tailored advice, reach out to our team of property conveyancing lawyers. Whether you’re dealing with a current transaction or just planning, we’re here to make any property transactions as smooth as possible for you.

 

Frequently Asked Questions

Q: What happens if I need a replacement title after August 3, 2024?
A: After August 3, 2024, all new replacement titles will be issued electronically. If you lose your paper title before this date, you should follow the existing process to replace it, which involves submitting the necessary documents and statutory declarations. After this date, replacement titles will be provided electronically, simplifying and expediting the process.

Q: Can I convert my paper title to electronic before August 3, 2024?
A: Yes, you could convert your paper title to an electronic title, but it is not necessary to do that. It will automatically be converted to an electronic title the next time there is a change of ownership or mortgage etc registered.

Q: What changes if I already have an electronic title?
A: If you already have an electronic title, there will be no changes required on your part. Your title remains valid, and you can continue with your property transactions as usual. The transition is to ensure there are no new paper titles created.

Please note: the above article is not legal advice. Every circumstance is different. It is critical that you obtain legal advice in relation to your personal circumstances before taking any action.

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