New Conveyancing Rules - Effective from 1 May 2016
The Real Property Amendment (Electronic Conveyancing) Act 2015 has introduced a new section 12E into the Real Property Act 1900 which allows the Registrar General to make Conveyancing Rules. From 1 May 2016, the first version of these Conveyancing Rules will come into force although, the Registrar General is allowing a transition period of three months. Full compliance with these new rules will be required with effect from 1 August 2016.
The first version of the Conveyancing Rules covers the standards required from a lawyer to verify an entity’s identity in a paper conveyancing transaction as well as verifying an entity’s right to deal with or enter into a conveyancing transaction. The rules also specify what supporting evidence is required to be obtained, as well as how long this evidence is to be held by the lawyer undertaking such conveyancing transaction.