NSW - LPI - Revised Conveyancing Rules and Introduction of Priority Notices
On 26 November 2016, Version 2 of the Conveyancing Rules will replace Version 1 on the Land and Property Information (LPI) website.
Version 2 of the Conveyancing Rules includes new rules in sections 7 to 9 to support the first stage of the move to a paperless conveyancing future in NSW.
In summary, the new Rules are:
- Priority Notices will be available from 28 November 2016, but may only be lodgedelectronically
- A discharging mortgagee or its representatives must lodge a stand-alone discharge of mortgage signed on or after 1 March 2017
- Where the mortgagee is an Authorised Deposit-Taking Institution (ADI), stand-alone discharges of mortgage or mortgages to which the National Credit Code applies, signed on or after 1 March 2017 must be lodged electronically
- Where both discharging and incoming mortgagees are ADIs, refinance transactions signed on or after 1 August 2017 must be lodged electronically.
Version 2 also includes notes that indicate where changes have been made from Version 1.
http://www.lpi.nsw.gov.au/__data/assets/pdf_file/0016/215116/Conveyancing_Rules_October_2016.pdf
From 28 November 2016, a Priority Notice, Extension of Priority Notice and Withdrawal of a Priority Notice can be lodged in NSW using an Electronic Lodgement Network (Conveyancing Rule 8.1).
A Priority Notice is a notification of the intended registration of specified dealing(s) with land. Once recorded a Priority Notice will temporarily prevent the registration of other dealings with the subject land.
A Priority Notice:
- has effect for 60 days from the date of lodgment;
- can be extended once only for a period of 30 days by lodgment of an Extension of a Priority Notice; and
- can be withdrawn by lodgment of a Withdrawal of Priority Notice.
The fees will be:
- Priority Notice: $33.80
- Extension of Priority Notice or Withdrawal of Priority Notice: $14.00
For further information see the followinghttp://www.lpi.nsw.gov.au/__data/assets/pdf_file/0016/215431/2016-14_Introduction_of_priority_notices.pdf 
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