To put it simply, the term “electronic conveyancing” refers to a conveyancing transaction settled electronically through the platform provided by Property Exchange Australia Limited (PEXA). In the modern world of technology, we can do just about anything online and property transfer documents are no exception. As we move towards a paperless digital future, we are excited about the option to electronically prepare and lodge registry instruments giving you access to real time lodgement and payment.
The financial settlement is also carried out in real time, something the industry has lacked and had previously left the industry in the dark ages.
Here are some facts about electronic conveyancing to get you up to speed with what is possible and available online for your future property transfer.
Name: Electronic Conveyancing or e-conveyancing
Platform: Property Exchange Australia (PEXA)
What it is: A virtual settlement room for agreements, gathering electronic signatures, disbursement of settlement monies and immediate transfer of title
What can you use it for: Preparation and signing of settlement and registration certificate for transfer, mortgage and release or discharge of mortgage, caveat.
The representatives of the parties and their financiers participate in an electronic workspace, where:
Electronic conveyancing does not cover the whole of the conveyancing transaction; just the preparation for and execution of settlement and registration. In relation to the settlement itself, the platform is essentially a virtual settlement room.
PEXA is an electronic platform that operates as a virtual meeting room for settlement. It means that your conveyancer does not have to physically attend a meeting for settlement. It also eliminates the need for bank cheques and the swapping of paper documentation on the day.
All the data in PEXA is pre-populated and verified against the land registry system, which eliminates issues of misspelt names, mismatched bank cheques and human error that can cause delays and faults in settlement success.
The Electronic Lodgement Network (ELN) that processes the digital documents is also able to provide electronic funds transfers. With a direct connection to all major Australian banks, it means fewer delays and the handy option to bypass the hassle of bank cheques. This means you get your money faster as a seller.
This virtual workspace enables representatives of a settlement to meet from any location along with their financiers, to sort out the balance, set a date and time for settlement and prepare documentation. Having a virtual workspace means a conveyancer who is registered in NSW can settle any property in NSW, without physically being where you are, which gives you greater flexibility when choosing your conveyancer.
Once completed, the registry instruments are lodged at Land Registry Services (LRS), which further eliminates delays and hassles down the line as any errors can be addressed before settlement. This also avoids postal delays.
On the due date and time for settlement, the settlement funds are disbursed electronically and the registry instruments are electronically lodged for registration. That means fewer errors, faster lodgement times and immediate availability of both funds and the name on the title.
Because all the identification and verification documents are sorted well before the settlement, it means there are far less risks and fewer hiccups.
At Towns Conveyancing Services, we are at the cutting edge of electronic conveyancing, completing numerous e-conveyancing settlements and continuing to do so. Kristi Towns has been awarded PEXA Certification for completion of the required modules of understanding and competency in e-conveyancing.
If you would like to know more about what electronic conveyancing would mean for you at your next property sale or purchase, please contact us today as we would love to go over the details and options with you.