e-Conveyancing

Perhaps you have read the term ‘e-Conveyancing’ in various articles, but you are curious to know what it is all about. To put it simply, e-Conveyancing, sometimes called online conveyancing or digital conveyancing, is a revolutionary breakthrough that is becoming more popular every day. It is turning the conveyancing world on its head by speeding up the process and making the traditional paper method of handling transactions seem almost prehistoric by comparison. Here is everything you need to know about what exactly is involved in the e-Conveyancing process.

1. The basics of e-Conveyancing

To put in simply, e-Conveyancing is a system by which property settlements and lodgements are able to be performed online via an electronic workspace. Property Exchange Australia (PEXA) completed the first e-Conveyancing transaction successfully in June 2013. PEXA is an electronic workspace that is used specifically for financial settlement transactions in the land title arena. PEXA allows property and lodgement settlements to be performed online. This includes notices, settlement, mortgage discharges, caveats, transfer of ownership and new mortgages being performed in an online environment. Click here for PEXA information.

2. How will PEXA handle these transactions?

As an online workspace for the handling of conveyance transactions, PEXA will be able to be easily accessed by all parties involved in the transaction. It will be a place where progress and documents can be viewed. Information can be shared by all parties in this workspace. By creating a central location for the transaction to occur, there is no longer any need to make endless phone calls to find a certain document and to get a status update on a specific transaction. This creates a tremendous amount of transparency during the conveyance process that offers many benefits to all of the involved parties such as:

– The amount of settlements that can occur is limitless.
– Every transaction will take a fraction of the time that a paper transaction would take.
– Because the service provision is more efficient, expenses will be lowered.
– All parties will be able to see exactly what is going on for every stage of the process.

3. Additional information

Nobody will be forced to use PEXA. Its use will be completely voluntary and it will not amend fundamental land title law. As time goes by, PEXA will be gradually updated so it will be able to handle a larger variety of transactions. The functionality of the PEXA system will also be improved. All conveyancers, solicitors, financial institutions and land registries are encouraged to use this incredibly efficient and cost-effective system. Those people or companies who insist on performing conveyance transactions the old way are destined to get left behind. It won’t be long until paper transactions are a thing of the past.