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Victoria’s move to fully electronic property titles is coming soon….

Victoria’s move to fully electronic property titles is coming soon….

May 20, 2024

By 3 August 2024, Victoria will say goodbye to paper titles and fully welcome the era of electronic titles. Here’s a straightforward breakdown of what it means for you as a property owner or a real estate industry professional.

What’s happening?

From 3 August 2024, if you’re buying, selling, or mortgaging a property in Victoria, the process will involve an electronic title instead of the traditional paper certificate. Electronic titles and conveyancing is designed to make the whole property transaction process faster, easier, and safer.

Why the change?

Victoria is catching up with the other states and the Victorian Government has said it will make records and transactions cheaper, more secure and efficient. It’s also a move to reduce the environmental impact by cutting down on paper use and the logistics of dealing with physical records. All other Australian states have already made this switch.

If you own property

If you currently own property, you might wonder what you need to do. The good news is, it is probably not much right now. If your property was transacted recently by conveyancing, probate or transfer, you likely already have an electronic title. Your bank or lawyer will control your title if you have a mortgage.

For paper title holders

If you’re among those who still have a paper title, don’t worry—it’s still valid. Importantly, you will need to keep it safe. You only need to think about converting it to an electronic title when you next plan to sell or mortgage your property. Till then, make sure it’s in a safe and secure place!

Lost or damaged paper titles

If you lose or damage your paper title, the replacement will be electronic after 3 August 2024. It’s a good idea to keep your paper title safe, ie fireproof and locked away, to avoid any hassles in the future.

Not sure? How to check if your title is electronic or not?

Curious about whether your title is already electronic or not? The easiest way to find out is to do an online title search. This can quickly tell you the status of your title, the details and whether it is electronic or not. If you have a mortgage your lender will have your title and you will most likely never have seen it.

This brings up another point and if you have paid out your mortgage, your lender could still be the registered mortgagee on the Title Deed. If you want your title under your control you need to request a Discharge of Mortgage, this can be arranged by your conveyancer.

What you need to do

If you have a paper title and you’re planning any property transactions after 3 August 2024, talk to your bank, conveyancer, or lawyer early. They’ll guide you through what’s needed for an electronic property settlement with a paper title.

We’re here to help

If you’re unsure about any of this or need some advice, don’t hesitate to reach out. Whether you’re dealing with a current transaction or just planning, we’re here to make any property transactions as smooth as possible for you.

Disclaimer: This article has been prepared for general information purposes and may not apply to your situation. This information should not be relied upon for legal, tax or accounting advice. Your individual circumstances will alter any legal advice given. The views expressed may not reflect the opinions, views or values of Conveyancing Depot and belong solely to the author of the content. © Conveyancing Depot Pty Ltd.

If you require legal advice specific to your situation please speak to one of our team members today.

About The Author

Here at Conveyancing Depot Lorilea is our Marketing Manager. She has a bachelor's degree in...