New legislation set to open the doors to electronic leasing

The NSW Government has proposed an amendment to the Conveyancing Act 1919 (NSW) to support electronic property transactions. One of the primary objectives of the amendment is to encourage a transition towards ‘paperless’ transactions by removing the existing obstacles regarding electronic land transactions.

The result will rapidly increase online conveyancing and title settling; deeds and lease agreements will be able to be electronically signed and attested.

It is also expected that further amendments will follow, in order that an original hard copy lease is not required to be presented to NSW Land Registry Services for the lease to be in ‘registrable form’.

Law firm Colin, Biggers & Paisley make note that while these changes may initially appear relatively minor, they believe that the future benefits will be significant over time. This amendment marks the beginning of electronic agreements that in the future will be commonplace.