CBOS understands that electronic conveyancing commenced in Tasmania in August 2024. The Electronic Conveyancing National Law (Tasmania) and the Electronic Conveyancing (Adoption of National Law) Act 2013 apply as law in Tasmania.
- Electronic conveyancing transactions are prepared and lodged through an Electronic Lodgement Network Operator (ELNO).
- Tasmanian licensed conveyancers may register with an ELNO as subscribers to conduct electronic conveyancing transactions. In Tasmania one ELNO is currently offering electronic conveyancing services to conveyancers and legal practitioners.
- A conveyancer’s client has to sign an authority that they approve the use of electronic conveyancing. If this consent is not given or is not possible, the paper-based system must be used.
CBOS met in 2023 with representatives of the Australian Institute of Conveyancers (Tasmanian Division) to discuss the introduction of electronic conveyancing in Tasmania. Practitioners have been actively participating in this change for a number of years including discussing developments, learning about the proposed model and attending mainland events.
Trust accounting requirements
- Tasmanian licensed conveyancers are required by the Conveyancing Act 2004 to:
- maintain a trust account in an approved institution with a branch or head office in Tasmania; and
- deposit any money received for, or on behalf of, a client in that trust account; and
- keep that money in that trust account until it is paid as the client directs.
- Licensed conveyancers should use their existing trust accounts to settle conveyancing transactions lodged electronically with the Recorder of Titles.
- In order to use a trust account with the electronic system, a licensed conveyancer must hold the trust account(s) at an Approved Authorised Deposit Taking Institution (ADI) that is capable of receiving payment instructions for the purposes of a property transaction. The conveyancer should liaise with an ELNO to confirm if their ADI is able to provide this capability.
- Records of the electronic transactions created by the subscribers of an ELNO should be carefully maintained by licensed conveyancers. Trust accounts are required to be audited after each financial year. The Director of Consumer Affairs and Fair Trading may also arrange for any trust account maintained by the conveyancer to be audited, to ensure that it complies with the trust accounting requirements of the Conveyancing Act 2004.
Conveyancing transactions using electronic lodgement systems may also be subject to compliance examinations by the Recorder of Titles. All lodgements with the Tasmanian Land Titles Office are subject to examination pursuant to Directions and Participation Rules administered by the Recorder of Titles.
Reference: Introduction of Electronic Conveyancing (Recorder of Titles office)
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