The NSW Government is currently mandating the transition to eConveyancing of all core conveyancing transactions.
eConveyancing will replace many of the paper and manual processes traditionally involved in property transactions with secure online processes. It is said to be the most significant change the property industry has undergone since the introduction of the Torrens system in 1863.
Benefits of eConveyancing:
• Home buyers will be able to lodge documents online 24/7, creating flexibility with time critical transactions.
• In most cases, settlement and lodgement will occur simultaneously instead of at the convenience of the bank, which can take days, weeks or months.
• Electronic funds transfers remove the cost of cheques and are more secure, removing the traditional three-day wait for funds to clear.
• Electronic conveyancing eliminates settlement fees and reduces the potential for fraud and other issues that arise around paper-based transaction.
• There will be reduced labour and preparation costs.
Property Exchange Australia (PEXA) was formed to deliver a national eConveyancing solution to the Australian property industry. PEXA is currently the only Australian Electronic Lodgement Network Operator (ELNO) and eConveyancing platform.
July 1 2018 was a significant date for property lawyers In NSW. Stand-alone transfers and caveats must now be transferred electronically and the current requirement for electronic lodgement of discharge of mortgage, mortgages and refinance transactions by Authorised Deposit Taking Institution’s is extended to all mortgagees.
Around October of this year all Certificates of Title held by banks will be cancelled greatly increasing the number of eCertificates of Title. By July 2019 all paper Certificates of Titles are to be cancelled, all mainstream property transactions are to be transacted electronically, and the entire system will be digital.
Aqua Legal & Conveyancing is a Member of PEXA and can assist you with all your eConveyancing needs. Speak to us today.
The contents of this blog, current at the date of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Legal advice about your specific circumstances should always be sought separately before taking any action based on this publication.