In recent times, we have successfully completed electronic conveyancing settlements for our clients through use of the PEXA e-Conveyancing Platform. What does this mean to you? Well, for one, it can reduce the need for buyers to deliver bank cheques to us for settlement, saving them time and hassle. Essentially, all Land Titles Office documents can be signed digitally. This can be very helpful for clients overseas or those who live remotely. Also, financial settlement of your property can occur electronically whereby we, as your conveyancer, transact on-line in real time with your Lender and the other party’s conveyancer (if they are a Subscriber). Settlement funds are transferred safely and securely involving your Lender, PEXA, the Land Titles Office and the Reserve Bank of Australia. Registration of your name onto the title can also occur immediately (rather than 2 weeks or so after settlement , as with standard “paper” settlements). Settlements conducted in this way can save time and money. Eventually, by July 2019 , it would seem that all Victorian Land Titles Office conveyancing transactions will be lodged electronically. The above photo provides a look “under the bonnet” at the PEXA workspace created for one of our clients whose matter was recently settled using e-conveyancing.
We live in an ever-changing world and this has never been truer than in our digital age. There has been more changes in the conveyancing industry in the last 3 years than I’ve seen over last 17 years combined! In this short timeframe, we’ve seen numerous changes to Governmental Transfer and Duties forms and concessions, the introduction of foreign buyer additional stamp duty and “Verification of Identity” checks, changing requirements for properties over $2 million, as well as the big one – the advent of “e-conveyancing”. Change brings with it fresh ideas, new concepts and new challenges. The challenge for me is not just to embrace change, but to be a part of creating it. No matter what changes may present in the future conveyancing landscape, rest assured, Conveyancing Excellence will be at the forefront and capably manage your purchase and sale with skill, care and diligence. Despite things ‘going digital”, the property you buy or sell is unique and given that it’s probably you’re most valuable financial asset, the need for the qualities and service of an experienced and “human” conveyancer to help you avoid the pitfalls and reap the rewards of a smooth property transaction have never been greater.
Please let us know if you would like your next settlement to be conducted using “e-conveyancing”.