Using technology to streamline the conveyancing process is gaining momentum – July 1 2018 slated by the NSW Government as the next major milestone.
In a month, all mortgages, refinances, discharges of mortgages, standalone transfers and caveats will be lodged electronically.
To be able to lodge the appropriate documents online, lawyers and conveyancers need to register their details with the Property Exchange Australia (PEXA). Buyers and sellers can also browse the PEXA website to find a lawyer or conveyancer who offers eConveyancing.
And from July 1 next year, all mainstream property transactions will be lodged electronically and there won’t be any more paper Certificates of Titles.
For buyers and sellers of property, hopefully digitisation will make the process easier, quicker and safer.
The shift towards eConveyancing began in 2013 when banks, lawyers and conveyancers started to lodge some documents electronically. In 2014, we saw the first electronic settlement and in 2017 all refinances and standalone mortgages went digital.
When the rollout is fully operational, it’s hoped that the digital environment will provide a secure, online workspace where lawyers, conveyancers and banks can interact and transact together.
“Electronic conveyancing (eConveyancing) is a more efficient, accurate and secure way of conducting the settlement and lodgement stages of a conveyancing transaction. It replaces many of the paper and manual processes traditional involved in property transactions,” as stated on the Registrar General website.
“eConveyancing is part of the government’s commitment to leading digital innovation.”
The consulting firm, KPMG recently released a report into the impact of eConveyancing. They found that electronic processes will:
- Deliver a time saving of around 60 to 70 per cent
- Reduce the potential risk associated with human error
- Deliver cost savings including a reduction in bank cheque fees, travel, courier and other administrative costs.
The report also found that there would still be a need for expert advice for both vendors and purchasers. The electronic platform simply provides assistance to the process for lawyers and conveyancers but it doesn’t eliminate the need for their expertise. Contract advice and negotiation skills will still be required once the processes are fully digitised.
For more information on eConveyancing, contact your Strata Manager at Netstrata.