First off, what’s conveyancing? Conveyancing involves an entity who takes care of the legal requirements during the purchase and sale of property. Conveyancers are crucial for the smooth transaction between the various parties due to the amount of paperwork and possible court hearings involved. The amount of physical paperwork involved to perform all these tasks can prove to be substantial as the paperwork is transferred across multiple law firms, governing entities and property firms. All the arduous running around and mundane nature of using physical paperwork wasted a lot of time for all parties involved as buyers and sellers were often required to travel to the office to sign the necessary documents.
One solution which is slowly being implemented Australia-wide is E-Conveyancing which is where all paperwork and communication is done online and buyers and sellers can often purchase property from the comfort of their own homes. Online settlements often save substantial amounts of time as all paperwork automated through digital systems. Data from property payouts can also be easily accessed through E-Conveyancing and the environmental benefit from the mass reduction of physical paper adds to the benefit of purchasing property using online systems.
For a Conveyancing firm to utilise E-Conveyancing, they have to become a Electronic Lodgement Network Operator (ELNO) with PEXA being the only registered ELNO in Australia.
For a firm to obtain the software required to perform E-Conveyancing they have to register with PEXA. Once registered, customers who wish to buy or sell property online link their bank account as well as any legal identification so the process is truly digitalised. A number of processes can be performed online including the transfer of ownership, simultaneous settlements, sequential settlements, caveats, priority notices and survivorship applications.
When looking for a Conveyancing firm, make sure the firm offers full service Electronic Conveyancing as all the majority of property transactions will be performed online within the next couple of years. Having a firm who is versed and knowledgeable in this area will be vital for smooth transactions in the property space.
Provey Conveyancing (https://www.provey.com.au/) is a Property firm in Melbourne, Australia who offers E-Conveyancing and is one of the leading Conveyancers in Melbourne.
