The Queensland Parliament has passed amendments to the Land Act 1994 and Land Title Act 1994 to enable the implementation of a national approach to settlements and a secure e-conveyancing system.
The Land and Other Legislation Amendment Bill 2016 will enable greater use of electronic conveyancing following a decision made in 2010 by the Coalition of Australian Governments (COAG) to take property transactions online.
Financial institutions and legal practitioners can become subscribers to the service that provides a single national online hub for documents to be prepared, signed, settled and lodged. Properties are exchanged via a secure platform with final funds settling through the Reserve Bank of Australia.
The amendments also enable other red tape reduction measures and will prevent registration of other dealings occurring on a parcel of land when a contract is being finalised.
The Property Council’s submission to the amendment bill can be found below.