Our team at Conveyancing Matters are thrilled to announce that electronic conveyancing starts on Monday 4th July 2016 which will make the settlement and conveyancing process easier for everybody.
The term “electronic conveyancing” refers to a conveyancing transaction where practitioners have elected to settle electronically through the electronic platform provided by Property Exchange Australia Ltd (PEXA). The electronic process facilitates a secure, electronic exchange of documentation and online funds transfer via the Reserve Bank.
What does this mean for you?
Less paperwork for you to complete. Your conveyancer will enter the required information into the electronic workspace on your behalf and monitor the progress of your settlement throughout the process.
For the person selling, it means your funds will be in your account straight after the electronic settlement. With the manual settlement now, funds are either send by electronic transfer or banked in the clients account which are usually accessible within 1-4 days (depending on the bank).
For the person buying a property, the Lands Titles Office will update the property ownership details at the time the electronic settlement occurs. Whereas with a manual settlement, the documents are lodged at the Lands Titles Office and can take up to 6 weeks to be examined and the ownership updated.
To view the formal changes the electronic conveyancing brings click here: New Conveyancing Requirements
Electronic Conveyancing commenced in NSW and Victoria in 2015, and in Queensland and Western Australia in May 2016 and has been working efficiently for consumers. The Registrar General of South Australia, Brenton Pike has announced that electronic conveyancing will commence on Monday 4th July 2016.
At Conveyancing Matters our mission is to provide the best conveyancing experience for our client so that their settlement occurs smoothly. The implementation of electronic conveyancing will further enhance our customers experience making our conveyancing process even easier and more efficient for you.