eConveyancing is an electronic system that replaces many of the traditional paper and manual processes associated with a property transactions. Margaret Young, Senior Paralegal at Snedden Hall & Gallop Lawyers, gives us an update here on what we need to know about eConveyancing.
At the moment, before exchange, the paper process is still used. However, in NSW, conveyances are now settled through the Property Exchange Australia (PEXA) eConveyancing platform. This means that, after signing the contract, neither the vendor nor the purchaser needs to manually sign any other documents, such as the transfer, as their legal representatives will do this.
One great advantage of eConveyancing is the immediacy of the transaction. On settlement, funds are electronically disbursed and the documents are lodged with the NSW Land Registry. This also decreases other delays and the risk of adverse documents being lodged on title before ownership is transferred.
Transition to eConveyancing
The NSW Government’s Office of the Registrar General (ORG) has dictated the transition to complete electronic conveyancing:
- Since 1 July 2018: all standalone transfers, caveats and all refinance documents must be lodged electronically.
- From 1 July 2019: all mainstream property transactions must be lodged electronically and all paper Certificates of Title will be cancelled.
How this affects you and your conveyance
As legal representatives and financiers must now sign documents electronically on behalf of clients, identity verification requirements have been heightened. This means that clients must provide specific documents at a face-to-face meeting to have their identity verified. The preferred documents are passports, drivers licences and, where applicable, marriage certificates; however, if you do not hold these documents, we can make other arrangements.
Clients must also sign a client authorisation form, which allows your legal representative to act on your behalf. Your authority can be ‘standing’ (meaning for any of your matters); for a specific matter; or a batch authority for clients with multiple transactions (such as a unit development).
How can Snedden Hall & Gallop assist you?
As the digital environment grows, Snedden Hall and Gallop continues to ensure that its team is up to date with new electronic processes and requirements. You can find out more about our Conveyancing team here – please contact us by phone on 02 6285 8000 or by email.