In simple terms an eCT is an electronic Certificate of Title.
All of the major banks commenced replacing paper Certificates of Title with electronic Certificates of Title in September 2016 in line with electronic conveyancing guidelines.
In October, 2016 Land Victoria conducted a bulk conversion of paper Certificates of Title to electronic Certificates of Title.
Since then thousands of certificates of title have been converted to electronic titles when they have been lodged at Land Victoria for the registration of a dealing, i.e. a transfer of the land, mortgage, etc. Upon issue of the eCT from Land Victoria control of the title is held by the CT Controller, i.e. if your bank has taken a mortgage over the property then the bank would be the CT Controller or if your conveyancer has completed a conveyance of the land for you and no bank was involved then your conveyancer would be noted as the CT Controller.
An eCT can easily be identified. When conducting a title search of the property eCT is notated at the bottom of the search in the Administrative Notices section. This section also identifies who holds CT Control of the title.
In April, 2020 Land Victoria ceased issuing paper titles upon registration of all dealings and accordingly only eCT’s are now issued.
This has the advantage of titles no longer being misplaced, lost or destroyed and they can easily traced back to the CT Controller.
Short answer: ‘The process of transferring land ownership from one person to another.’
In more detail: ‘…It is carried out under the terms of a contract between the buyer and seller. A conveyancer provides advice and information about the sale and purchase of the property, prepares documents and conducts the settlement process.’
A Section 32 is or Vendor Statement is document containing information about a property that the seller (vendor) is legally required to provide to a buyer (purchaser) prior to the signing of a Contract of Sale.
It must disclose all information that affects the property that would not be obvious during an inspection, including information that may affect the decision of a potential buyer.
Information that should be included:
- Title search
- planning information and reports
- sewer plan
- building permits, including owner building works, if applicable
- council and water rate notices
- owners corporation certificates, if applicable
Once you sign a contract for sale, you will have an insurable interest in the property you are purchasing. We therefore recommend you take out insurance to ensure that the property is covered in the event that something happens between now and settlement taking place. Most insurers will provide a cover note at no charge until settlement.
You are entitled to conduct a final inspection of the property in the week before settlement. You can arrange this inspection with the agent. The purpose of the inspection is to establish that the property is in the same condition it was on the day of sale, with fair wear and tear excepted.
You must accept minor deterioration, such as an overgrown garden, but you may be entitled to complain in relation to more serious deterioration in the property, such as a tree falling on the house.
The vendor is obliged to pay the rates on the property up until the date of settlement. To adjust rates as to the date of settlement, any amount outstanding for rates is deducted from money paid to the vendor. The purchaser then makes an allowance to the vendor for their share of the rates from the settlement date to the end of the rating period with payment made to the rating authority for any amount outstanding during settlement.
Keys are usually collected from the agent after settlement. The agent will only hand over the keys to you once they have received written authority from the vendor’s representatives that settlement has taken place. Other keys will normally be left in the property, along with instruction books and household information.