What is an eCT?
An eCT is an electronic certificate of title, which replaces a paper certificate of title and embodies the transition to electronic property transactions in New South Wales (NSW).
The NSW Government has mandated a bulk conversion of all paper Certificates of Title (CTs) held by Authorised Deposit-Taking Institutions (ADIs) to electronic CTs (eCT) by 1 October 2018.
Over the first four weekends in September 2018, NSW Land Registry Service (LRS) will be performing the conversion of all ADI held paper certificates of title to an eCT.
This means that your mortgagee will no longer hold a physical hard copy CT for your property or be required to produce the physical copy CT for a property settlement.
Instead, the CT holder is required to lodge a control of the right to deal (CORD). A CORD holder has the right to deal with an interest in the land to which the CORD applies.
This is another step forward in the conversion of all NSW property transactions to being conducted electronically.
An eCT will never be misplaced or stolen and a CORD requires certain verification requirements to be satisfied, meaning a party with “control” of the CT has greater security for their property interest than when paper CTs reigned.
For more information contact KS Law or visit the website of the Office of the Registrar General http://www.registrargeneral.nsw.gov.au/eConveyancing/bulk-conversion.
