Electronic Conveyancing is being phased into NSW as of 1st August 2017.
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Delays in getting transfer details to local councils meant out of date rate notices were still being issued.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.
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.
All stand alone transfers of property where there is no mortgage will be lodged electronically.
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.
All transactions will be lodged electronically!
Have some questions about electronic conveyancing and what it means to you? Call us!