In efforts to facilitate a more efficient process when it comes to purchasing property, the NSW government has implemented an e-conveyancing system to assist purchasers and sellers.
Imagine buying a property and having the ability to watch every stage of the transaction digitally unfold right before your very eyes. This is already becoming the reality for buyers, with the government making it for property transactions to be done electronically in NSW by July 2019.
How does this impact you?
A KPMG report tasked to examine the system’s progress showed that it saved up to 70% of time and involved less paperwork. The e-conveyancing system is almost instant where funds can be cleared within thirty minutes, as opposed to the paper based system which could take weeks, or even months to process and then another three days for funds to clear into an account. However, the e-conveyancing system makes it more efficient where documents can also be lodged online anytime.
The e-conveyancing system both provides buyers and sellers with a higher level of certainty and allows less room for human error. Often, misspelt names within documents or situations where the cheques are out by a mere 10 cents would ordinarily delay settlements – or even see them fall through. However, with the e-conveyancing system, information can be shared easily across parties – allowing them the ability to cross check and eliminate any errors found. Currently, 787,000 property transactions have been completed electronically.
What can you do electronically?
- Register instruments such as transfers, mortgages and discharge/release of mortgages;
- Lodge caveats; and
- Electronic settlement.
How we can assist you?
At Coleman Greig Lawyers, we are proud to have jumped onto this initiative in the early stages, with most of our property transactions now done electronically – so we are always more than happy to sit down and explain the processes of electronic transactions to you. Being one of the first firms to use the digital platform PEXA (Property Exchange Australia Limited), we are highly experienced with the processes of electronic property transactions, which will save both time and money for you!
- Processing time is quicker and funds are cleared into accounts faster
- More efficient and saves time and money
- Can reduce settlement delays
- Less room for human error
- More certainty and stability for both buyers and sellers
- Once a property is purchased, you can be lodged onto the title immediately
As technology propels us into a more paperless society, the introduction of this system to accommodate a more efficient process for all is a real winner.
If you are selling or buying a property, or have any questions regarding the e-conveyancing system, please don’t hesitate to get in contact with our Commercial Property Team.