New National Mortgage Form from 29 May 2017
The latest Qld Land Titles Registry Alert (134 — Introduction of National Mortgage Form commencing 29 May 2017) is highly significant for JPs. Our current witnessing of Form 2 — Mortgage will change considerably.
The National Mortgage Form standardises the content and presentation of mortgages lodged for registration through all lodgement channels with land registries in all Australian states and territories.
Up to 31 December 2017 mortgages will be executed using either the National Mortgage Form (NMF) or the current Form 2-Mortgage. From 1 January 2018 the NMF must be used.
The Qld Titles Registry will incorporate the use of the NMF into the electronic conveyancing system, PEXA, but not until the end of July 2017. PEXA gives a useful summary of e-Conveyancing:
e-Conveyancing is an initiative championed by the property industry to simplify and digitise the complex process of property exchange. Instigated by the Council of Australian Governments (COAG), it’s built around an online network of members supported by PEXA.
To ensure the integrity of the network, the Australian Registrars’ National Electronic Conveyancing Council (ARNECC) has developed a regulatory framework, under which PEXA operates. Industry safeguards include the Participation Agreement, Verification of Identity and Digital Certificates.
e-Conveyancing is currently live in five states and is a collaboration between many industry participants, including financial institutions, Land Registries and the Reserve Bank of Australia (RBA).
PEXA is committed to supporting the property industry as it transitions towards a 100% digital future.
It is clear that the PEXA online framework will be used directly by lawyers, conveyancers, financial institutions, buyers and sellers. JPs will cease to be part of the process which is often problematic at present when clients are not able to provide sufficient documentation for JPs to witness the Form 2. Avoiding such aggravation will be welcome.
NMF specifications can be found on the ARNECC site.
From 27 May 2017 the NMF will be available online.
