E-Conveyancing, as it is to be known, will involve electronic settlement of sales and purchases in an online workspace.
The early stages of a sale or purchase will remain the same, with solicitors preparing the contract for sale of land and submitting same to the legal representative of the purchaser. Once the contract has been reviewed, and the purchaser has obtained all necessary pre-purchase inspections (such as pest & building reports, survey and finance approval), the contracts will be exchanged and both parties locked into the deal.
From there, the paper process of arranging settlement will be done away with for most standard conveyancing transactions. At this stage, not all real estate will fall under the new system, however that is the goal. E-Conveyancing will also bring a standardised system into play across most Australian states and territories, which will make moving or buying/selling interstate a much simpler process.
Essentially, E-Conveyancing will mean faster lodgement of title deeds with NSW Land & Property Information which will ensure less room for human error (including postal delays). The days of drawing bank cheques for settlement will soon be a thing of the past, as financiers will liaise with vendor & purchaser (together with their respective solicitors) to book settlement of the transaction and funds will be provided electronically. For vendors, this means direct deposit of funds following settlement, and for purchasers no more waiting in line at the bank for cheques to be drawn!
Obviously time will tell as to whether the time and cost saving benefits of E-Conveyancing will be realised, however we look forward to coming online with the new system in mid-late 2014 because Helping You is Our Business.
Click here for more information on Rebecca Greenland.