Changes to Approved forms and the National Mortgage Form
Friday, 14 June 2019
Changes to Approved Forms
The approved forms will be amended as follows:
- All certifications will be amended to use the word ‘Certifier’ instead of ‘Prescribed Person.’ This reflects changes that occurred in Version 4 of the Participation Rules to use the word ‘Certifier’ instead of ‘Subscriber.’
- The verification of identity certification will be amended to clarify that the person’s identity being verified may be the ‘administrator or attorney’ of the party to the dealing. These changes align with the amendments made to Schedule 3 in Version 5 of the Participation Rules.
- RevenueSA Online details such as consideration, duty and fees are no longer required on the approved forms. A field for Stamp Duty Document ID will be included on dealings that may incur stamp duty. To minimise requisitions it is requested that the Certificate of Stamp Duty provided by RevenueSA is attached to any paper dealing for verification purposes only. For further information on changes to Commonwealth Reporting Requirements and Stamp Duty Certificates visit RevenueSA.
- Minor changes to operative words for Lease and Underlease dealings to ensure compatibility with future electronic lodgement.
The changes to the approved forms are targeted to be implemented in August 2019. As previously advised a transition period of three months will apply to allow for inflight transactions.
National Mortgage Form
The National Mortgage Form with the updated certifications has been released nationally by the Australian Registrars National Electronic Conveyancing Council.
As the changes to the certifications have not yet been implemented in the Electronic Lodgement Network the Registrar-General will accept dealings which are lodged using the current updated National Mortgage Form or the previous version of the National Mortgage Form that was in force immediately preceding this version.
Mortgagees are encouraged to adopt the updated National Mortgage Form as soon as possible however to align with national transitionary timeframes and ensure sufficient lead time for Mortgagees to update their systems, either version of the certifications will be acceptable until 30 June 2020.