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6/11 Prince of Wales Avenue South West Rocks,
PO Box 16 South West Rocks NSW 2431

T 02 6566 6250

Level 1 22 Belgrave Street Kempsey
PO Box 161 Kempsey NSW 2440

T 02 6562 3300

Electronic Conveyancing

What does Electronic Conveyancing mean for you?

Electronic Conveyancing is being phased into NSW as of 1st August 2017.

What does this mean for you if you’re buying or selling?

At first, you probably won’t notice too much difference between a paper or electronic conveyancing matter. All the magic comes alive at settlement.

The most obvious benefit to you will be that the transfer happens almost immediately.

Government department records are updated promptly.
Delays in getting transfer details to local councils meant out of date rate notices were still being issued. This causes confusion for both parties as to WHO had to pay, if anyone.

No bank cheque fees! Cheques will no longer be used.
Instead, funds will be electronically transferred on settlement and made available as clear funds. This gives the seller quicker access to their money and the purchaser doesn’t have to pay for bank cheque fees.

Smoother settlement.
Pre settlement lodgement checks are carried out prior to settlement. This eliminates the risk of documents being rejected for registration AFTER settlement.

When is all of this happening?

We are in a transitional period now where some matters are electronic and some are still on paper.

From 1st August 2017
All major banks and financial institutions will be required to process mortgage transactions electronically.

July 2018
All stand alone transfers of property where there is no mortgage will be lodged electronically.

October 2018
All Certificates of Title, which is the piece of paper proving who is the owner of the property, like vehicle registration papers, will be converted to e-Titles. Paper certificates of title will be cancelled.

July 2019
All transactions will be lodged electronically!

Have some questions about electronic conveyancing and what it means to you? Call us!