NSW conveyancing as we know it, is changing.
With the advancements in modern technology, conveyancing is switching to electronic.
First of all, what is conveyancing? Simply put, it is the process of transferring a property from one owner to another.
Traditionally, the process includes transferring of physical documents and cheques. This produces some delays with cheque clearing, postage and registration. It could take months to register the transfer details.
Electronic conveyancing eliminates all of these documents, therefore, waiving those delays.
On settlement, no cheques are exchanged. All funds are electronically transferred. The title from vendor (seller) to purchaser is also electronically transferred and any incoming mortgagee will have an electronic record of the mortgage over the property registered at the same time.
The benefits of electronic conveyancing include:
• There will be no delays in changing ownership on the Land & Property Information NSW records.
• Government departments, such as the local council, are informed of the change of ownership instantly.
• Funds will be available straight away to the vendor. In the past, a bank cheque could take up to 5 business days to clear.
• Increased efficiency & reduced delay.
Contracts are also turning electronic
Some solicitors are now offering electronic contracts for the sale of a property. The vendor and purchaser can sign a contract on their computer, tablet or smart phone.
The vendor or purchaser can be anywhere in the world, as long as they have access to modern tech.
At Sheridan Legal, we have many clients who travel or live interstate. A paper contract could take weeks to arrive with the vendor or purchaser. Postage alone can add significant delays. The benefits of electronic contracts & conveyancing is that, overall, delays are reduced.
How is this all possible?
All of this process takes place through the Property Exchange of Australia (PEXA) secure website.
Want to learn more? Have a conveyancing matter you’d like us to represent you with? Contact our team today.