Attending settlement when the certificate of title Victoria is electronic
Land Victoria requires a certificate of title Victoria (CT) to support lodgement of conveyancing transactions. There are currently two types of CT’s that are accepted by Land Victoria. They are the paper Certificate of Title Victoria (pCT) and electronic Certificate of Title Victoria (eCT).
The pCT is traditionally provided at settlement to enable lodgement of the conveyancing transactions. With recent changes it is now possible to attend settlement when the CT is electronic. In this case, the party the controls the eCT Control nominates the eCT to the paper transaction prior to settlement.
Only subscribers who are authorised to lodge electronically via PEXA can hold or control eCTs. These subscribers are called eCT Controls. All PEXA subscribers are known and are verified Land Victoria customers.
Whether a certificate of title Victoria is pCT or eCT can be determined from a title search. A title search for an eCT will show the name of the eCT Control and provide details of any current Administrative Notices.
What are administrative notices?
Administrative notices are used to request the Registrat to deal with a certificate of title in a particular way. This notice provides a set of instructions about the use, control and output of the CT.
Prior to attending settlement you should do a final title search to confirm the format of the CT. If it is an eCT, this final search will reveal who the eCT Control is. If a nomination to a paper instrument has not been recorded, the eCT Control should be requested to nominate the eCT to the transaction. Contacting the eCT Control early in the process will help ensure the nomination is made well in advance of settlement.
Lodging at Land Victoria
Land Victoria will confirm whether the certificate of title Victoria is eCT and a nomination has been recorded. The lodgement process can then proceed as usual.
Post registration with Land Victoria the new CT will generally be issued to the lodging party. Whether the issuance will be an eCT or pCT will depend on the lodging party’s customer code. If they are registered with PEXA, the certificate of title Victoria issuance will be an eCT. If the customer code is yet to be registered with PEXA, the certificate of title will be issued as a pCT.
In summary, when attending settlement involving an eCT as confirmed by the title search, an incoming mortgage and the pruchaser’s representative should:
- Conduct a final title search on the eCT confirming that the nomination has been recorded
- Collect the usual transaction documents including the discharge of mortgage, transfer of land
The settlement process can continue in the usual manner without the paper certificate of title Victoria. Feel free to contact our office for further information.
