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Caveats don’t have to be time consuming and complex. Here’s how.

Caveats continue to be a complex topic in the legal and conveyancing world, and while they are not always a necessity, failure to lodge a caveat can result in loss of finances. 

Electronic conveyancing is reaching its peak in Australia, and mandates in key states have amplified the nation-wide transition even further.

In states such as News South Wales, the introduction of the 100% electronic conveyancing mandate in October 2021 meant all land dealings had to be lodged electronically with no further grace periods on manual over-the-counter lodgments.  

As of today, this means that Certificates of Title (CTs) are no longer required to be produced and are not required to lodge a dealing or plan for registration. Similarly, Authorised Deposit-Taking Institutions, such as banks, are no longer issued with Control of the Right to Deal (CoRD), which is the electronic equivalent of a CT. The abolition of CT’s is a key legislative change to allow for 100% eConveyancing. Hear from industry experts on why these changes were implemented and the current industry requirements.

These electronic requirements coincided with the development of three streamlined caveats. In May 2021, the NSW LRS introduced a Purchaser’s Caveat, Registered Proprietor’s Caveat and NSW Trustee and Guardian Caveat. The purpose of these standardised residual caveats was to make it easier for clients to lodge caveats for common scenarios, eliminate requisitions, reduce Electronic Lodgment Network Operator (ELNO) incidents, provide a better customer experience and ensure customer protection is available at the click of a button.  

Lodging a caveat is a beneficial activity for your client, as it can minimise the risk of fraudulent activity on a property. It is an effective way to ensure you and your client are notified when someone registers an interest against the property. Now, as CT’s can no longer be relied upon to identify the owner(s) of property, we can expect to see a surge in caveat requests from clients, to protect their interests. 

Although favourable, the intricacies of the caveat process can prove quite daunting, and when paralleled with electronic lodgment, they can prove time-consuming and complex. With strict supplemental document requirements from the NSW LRS and costly re-lodgment fees if done incorrectly, caveats have gained somewhat of a bad reputation, despite the overall client-protection they deliver.  

For conveyancers or lawyers who may need support to process these matters, SettleIT can help. Powered by InfoTrack, SettleIT brings over 100 years of collective professional conveyancing experience and can support you to complete a caveat quickly, accurately, and in line with all ELNO requirements. Completing a caveat through SettleIT requires filling out one simple online form, which is easy to amend, meaning no more double handling. 

Time is a precious commodity and SettleIT‘s smart technology, paired with unrivalled client support allows you to outsource the tedious administration associated with lodgments, settlements and caveats. Whether it be for efficiency purposes or the need to meet mandate requirements, using technology enables legal services to be delivered more quickly and more transparently. SettleIT’s legal tech solutions reduce administration to allow you to live up to client demand.

Caveats don’t have to be time consuming and complex. Here’s how.
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