E-Conveyancing - What is it and how does it affect me?
In 2012 the NSW Government announced the introduction of electronic conveyancing and encouraged solicitors, conveyancers, banks and other affiliated parties to begin lodging documents electronically using PEXA, the only Australian Electronic Lodgment Network Operator (ELNO). PEXA stands for Property Exchange Australia.
Members of PEXA can log in and initiate and settle up to 3 related conveyances within a day. Over the past 5 years, both PEXA and members have continued to refine the system to ensure a more accurate, secure and streamlined transaction for all parties involved.
How does e-conveyancing affect me?
- Legislation now requires the verification of identity (VOI) of each and every party of a conveyance to protect Australia and its people from property theft and fraud. This means that each person intending to use the e-conveyancing system (including buyers and sellers) must have their ID confirmed by a 100 point check.
- It is now easier than ever to convey a property as an entire conveyance can be done paperless! This makes the conveyance more secure and instant; removing the risk of human error, bank error and time delays of the paper settlements of the past.
- Money is usually paid instantly to the bank and into the buyer's account, meaning the money from a sale can be used in a purchase of a home on the same day (a related e-conveyancing transaction).
- There is an elimination of the time and cost in instructing a lawyer or conveyancer to attend a physical settlement.
- E-conveyancing has introduced a Client Authorisation Form, meaning less visits to the lawyer's office because the authorised lawyer or conveyancer can now sign the usual required conveyancing documents electronically on your behalf!
The NSW Government has committed to a timeline for e-conveyancing and has aimed for all conveyancing to be undertaken electronically by 1 July 2019.
By 1 July 2018, all caveats, transfers and refinance documents must be lodged online.
It is important that your solicitor or conveyancer is a PEXA member and can manage your transaction online to ensure a fast and secure conveyance for you.
If you are looking for a lawyer or conveyancer in Nowra or the Shoalhaven who will provide you with a smooth transaction at a low price, look no further. Ardent Lawyers is a PEXA member and for a simple conveyance we charge $1,100 incl GST plus disbursements.
If you would prefer a home visit, we are more than happy to come to you! Servicing the Illawarra & Shoalhaven districts.