|
Facts you should know about e-dealing
1. 70% of all routine title dealings can be done in Landonline e-dealing. Routine dealings consist of DTMs (Discharge, Transfer, Mortgages) and include the following types of dealings:
- Discharge of Mortgage
- Withdrawal of Caveat
- Discharge of Family Benefit Charge
- Withdrawal of Notice of Claim
- Discharge of Charging Order
- Discharge of Compensation Certificate
- Discharge of Encumbrance
- Discharge of Statutory Land Charge
- Transfer
- Mortgage
(Note: The above Discharge-type documents include partial discharges where a whole title is involved, giving a total of 17 different instruments that can be registered electronically.)
2. The solicitor doesn't need to be directly involved on settlement. Their only legal requirement is to certify and sign, which can be done well before settlement day.
3. Legal executives and other support staff can be assigned the ability (privileges - see below) to prepare instruments, pre-validate and (after the solicitor has certified and signed the dealing) release the dealing on settlement date. (For more information on privileges, read the NZLS Guidelines for the use of the Landonline e-dealing).
4. Solicitors with a current practising certificate and licensed landbrokers are the only people authorised to certify and sign e-dealings.
5. The State Guarantee of Title is the same for an e-dealing as for a paper dealing. Indefeasibility of title remains.
6. Hours of Accessibility. Landonline will be available from 7am-7pm. The hours for effecting registration will be the same as for paper dealings 9am-4pm.
Frequently asked questions
The following are frequently asked questions taken from New Zealand Law Society CLE Seminars about Electronic Registration.
Banks
Caveats
Certify and Sign
Client Authority and Instruction
Compliance Review and Fraud
Digital Certificates and Digital Signatures
Electronic Dealings
Fees
Licences
Paper Dealings
Pre-validation
Priority
Retention of documents
Settlement
Sole Practice/Locums/Delegations outside a firm
Training
Last modified 5 October 2006
|
