The introduction of Version 2 of the Conveyancing Rules means that any discharge of mortgage signed on or after 1 March 2017 must be lodged by the discharging mortgagee or its representative, except where the discharge is to be lodged with any other dealing affecting the same folio(s) of the Register (e.g. a transfer of land and/or a mortgage).
Providing a stand-alone discharge to the registered proprietor to lodge at the Land and Property Information shall no longer be allowed
In addition to the above, if the mortgagee is an ADI (authorised deposit-taking institution under the Banking Act 1959 [Cth]):
- A mortgage or discharge of mortgage to which the National Credit Code applies, signed on or after 1 March 2017 must be lodged electronically, except where lodged with any other dealing affecting the same folio(s) of the Register.
- If an incoming mortgagee in a refinance transaction is also an ADI, any combination of mortgage and discharges of mortgage signed on or after 1 August 2017 must be lodged electronically, except where they are to be lodged with any other dealing affecting the same folio(s) of the Register
PEXA (Property Exchange Australia) is currently the only electronic lodgement network.
Matthews Folbigg Lawyers is a PEXA subscriber with users trained in electronic conveyancing. To discuss your requirements relating to the lodgement of mortgage documents, telephone Matthews Folbigg on 9635 7966.
DISCLAIMER: This article is provided to clients and readers for their general information and on a complimentary basis. It contains a brief summary only and should not be relied upon or used as definitive or complete statement of the relevant law.