If you have not heard about Electronic Lodgment Networks (ELN’s), or PEXA (a platform through which an ELN is operated) from 20 February 2023 it will become more of a permanent fixture in the Property space.
The changes have been legislated pursuant to the Land Title Regulation 2022 which will come into effect on 20 February 2023.
Local governments who buy and sell land will no longer be able to submit paper transfers to Queensland Titles as transactions must be processed through an ELN, subject only to limited exceptions.
ELN’s have been used in the residential conveyancing space for a number of years. The benefits include a reduction in paperwork signed by the parties and an instant transfer of the settlement proceeds to the seller’s nominated account.
Preston Law has used ELN platforms for a number of years for the benefit of our clients. We are well equipped to continue to manage the conveyancing process on behalf of our Local Government clients.
If you have any queries about the changes please contact our Team today.