This article is sponsored content from Access Law Group.
FROM July 1, 2019 it will be mandatory for all property transactions in NSW to be completed electronically.
For the past 150 years, property settlements have been completed face-to-face: lawyers and banks meet, check and swap documents and cheques and following settlement the discharge of mortgage, the transfer and the new mortgage documents then had to be physically lodged at NSW the Land Registry, and government authorities were notified as to the change in ownership.
It was not uncommon for settlements to be delayed, or to fall over completely, if there was any problem with the physical document in the transaction at the time of settlement (no matter how minor the error).
If this situation occurred, settlement would then be re-scheduled to a later date – causing unwanted inconvenience and stress to the vendors and purchasers. Electronic Conveyancing will bring much needed speed, efficiency and accuracy to the conveyancing process.
E-Conveyancing provides an electronic online platform for completing property transactions. All documents are now lodged electronically with Land Registry Services NSW and funds are paid electronically to all parties. This process is facilitated via a secure online environment allowing:
The Benefits of electronic conveyancing are many and include:
An online property exchange platform known as PEXA has been established nationally to provide a standardised platform for the completion of online property transactions.
The PEXA platform has been rolled out gradually since December 2013 under an initiative lead by the Government-backed National Electronic Conveyancing Development Limited.
PEXA allows Land Registries, Financial Institutions and lawyers to access the platform and transact together online in real time.
Following exchange, one party creates the workspace on PEXA and they invite the various participants to the workspace, all settlement documentation and processes are performed via this workspace from the comfort of the participant’s offices wherever they happen to be located throughout NSW.
As at July 1, 2018 the following stand-alone transactions must now be completed electronically in NSW:
E-Conveyancing dramatically improves the current settlement process by removing the requirement for a physical meet up to exchange printed documents and bank cheques to enable a property to settle.
Simple errors like a misspelt or missing name, names that don’t match across documents, or wrong cheque details can cause settlements to fail.
Using the PEXA online platform, the property information is verified against the land registry system in real time days out from the scheduled settlement time. This process reduces errors and gives certainty to all parties involved that the matter will settle as scheduled.
Full transfer functionality including online lodgement and financial settlement is now available online in NSW.
If you would like to know more about E-conveyancing or would like assistance with your property matter contact us on 02 4220 7100 or email our property team at conveyancing@accesslawgroup.com.au.
This article is sponsored content from Access Law Group.