QLD Legislation for Property Sales Live Next Week

New legislation taking effect next week makes buying and selling real estate in Queensland faster and more efficient, with conveyancing transactions to be conducted electronically.

Queensland is the last of the major Australian States to mandate a digital transition for property  transactions, which will favour the use of digital platforms to assist both buyers and sellers.

The Titles Queensland e-conveyancing mandate is effective from next Monday (20 February) and  brings Queensland into line with Victoria, South Australia, Western Australia, and New South  Wales.

InfoTrack’s Head of Property Australia, Lee Bailie, said the mandate was good news for everyone  involved in the buying and selling process.

"Prior to electronic conveyancing, buyers and sellers were expected to travel to a law firm to sign  the necessary paperwork in person or post them by mail. That takes time and requires documents to be manually uploaded which leaves room for error, and is slower, than using a  digital system.

“Adopting a digital approach to conveyancing is much more efficient. It’s a positive step forward  in reducing the number of sales held up because documents weren’t lodged in time or were lost,” Bailie said.

“There’s also more transparency with notifications throughout the process keeping everyone  updated, and there’s greater security with receipts for all digital transactions issued immediately.”

From this month, unless exempt, documents relating to a transfer, mortgage, caveat, and priority  notice, as well as applications to represent a deceased property owner, will be completed and  submitted digitally.

They will be lodged through a secure Electronic Lodgement Network (ELN).

Last year, InfoTrack facilitated more than 35,000 e-conveyancing property transactions across  Queensland through their e-Conveyancing solution, SettleIT.

Mr Bailie said e-conveyancing was first adopted in Queensland in 2013, but the new laws will see  legal practices and real estate agents still using manual processes, adopt digital.

“Many law firms have embraced digital transactions over the past 10 years, but the benefits were  particularly apparent during COVID when fewer face-to-face interactions were possible. “We welcome the new mandate, and the convenience, security, and efficiency it will bring to  property transactions throughout Queensland.” Bailie stated.

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