Electronic conveyancing—now streamlining, securing and speeding settlements in South Australia

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To the delight of the whole Conveyancing Matters team, National Electronic Conveyancing (NEC) was introduced in South Australia on Monday 4 July 2016 under the Real Property (Electronic Conveyancing) Amendment Act 2016. This followed its successful implementation in New South Wales and Victoria in 2015, and Queensland and Western Australia earlier this year.

Electronic conveyancing refers to transactions settled electronically through the platform provided by Property Exchange Australia Ltd (PEXA). It facilitates the secure exchange of electronic documentation and online funds transfers via the Reserve Bank.

To view a brief explanation of electronic conveyancing in video form, click here: Exciting new changes in Conveyancing!

This new way of working has brought our profession’s systems and documentation up to best-practice standards in this electronic age, allowing us to provide an even more efficient and responsive service to our clients.

Key benefits for sellers

  • less paperwork for you to complete
  • your conveyancer can electronically track your settlement’s progress
  • funds will be transferred to your account immediately after electronic settlement has been finalised—saving 1–4 days over a manual settlement
  • updated Verification of Identity and Verification of Authority provisions to protect you against fraud.

Key benefits for buyers

  • your ownership of the property will be recorded by the Lands Titles Office (LTO) at the time electronic settlement occurs—saving up to 6 weeks over a manual settlement
  • updated Verification of Identity and Verification of Authority provisions to protect you against fraud.

What our staff are saying about electronic conveyancing

“ My first e-conveyancing transaction settled today. It was really smooth and an easy process and I’m looking forward to settling all matters this way. Having the settlement go through electronically was so much quicker than wait around down at the LTO” – Simon Gerlach

At Conveyancing Matters we have wholeheartedly embraced the concept and practice of electronic conveyancing, because it enables us to provide our clients with an effective, efficient, speedy and secure service at the time they most need it.

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By | 2017-05-29T09:20:24+00:00 August 28th, 2016|Penny's blog|0 Comments

About the Author:

Penny commenced work in Conveyancing Matters in 1992 as receptionist and has progressed through roles as conveyancer and Practice Manager to her current role as CEO.