Article 1: Don’t ignore a Subscriber Compliance audit request
The Registrar General has published a note on the ORG website cautioning Subscribers against ignoring an audit request. The email will come from the email address [email protected] and you should also add this email address to your safe senders / exceptions list to ensure that it doesn’t land in your junk or spam folders.
If you have doubts about the validity of the Compliance Examination, please contact NSW LRS using a telephone number from an independent resource (not the email) promptly.
Article 2: Build to Rent Scheme Commences
The Build to Rent scheme announced a few weeks back commenced on 12 February with the release of the Guidelines and the appropriate amendments relevant SEPPs. The Guidelines can be found here
The scheme will have land tax and land tax surcharge implications. See the RevenueNSW webpage here.
An overview article by Mills Oakley can be found on the Lexology website here
Article 3: New single- party eLease available
From a new single-party electronic lease (eLease) dealing form is available through Property Exchange Australia (PEXA).
The new version of the eLease will replace the existing two-party eLease.
Article 4: PEXA Tutorial Webinars
PEXA’s next tutorial webnar is NSW Residual Documents on Wednesday 24 February 2021 at 12.30pm. Join the PEXA’s Virtual Hub Team as they discuss Residual Documents, demonstrate how to complete Residual Documents in PEXA, using both the Phase 1 and Phase 2 process, as well as explore where you can find useful Help Resources.
NOTE: Not all these sessions are recorded and need to be watched live.
Article 5: Real Property Amendment (Certificates of Title) Bill 2020
ORG has released the exposure draft for the above Bill for public consultation
The purpose of the Bill is to allow for 100% electronic lodgment of land transactions and move away from paper-based processes including the abolition of paper titles.
Article 6: Strata legislation review
Public consultation is now open and will close on 7 March 2021.