The Australian Institute of Conveyancers National Conference has just been held in Hobart, where the focus was on Electronic Conveyancing. This is an exciting time in the industry and it will change many factors of a conveyancing transaction by streamlining the process.
The roll out of Electronic Conveyancing will start in Victoria and New South Wales with mortgage discharges and re-financing of properties. These will be effected through an online property exchange called PEXA (Property Exchange Australia). This is similar what CHESS did for the Australian Stock exchange where transactions are completed online. More complex transactions interstate will be added later this year with South Australia coming onboard in 2014 after the Lands Services Group upgrades its systems.
What does this all mean to you? Most of the finer details will still be behind the scenes but it will allow for more streamlined transfers eliminating the delays that can occur now. Transfer of ownership and funds will all be done electronically. The impact of Electronic Conveyancing will alter the way conveyancing has been handled in the past in a number of ways:
- There will no longer be a requirement for a duplicate Certificate of Title to be provided at settlement and these documents will be discontinued.
- Formal identification of clients will be compulsory in a form similar to the 100 point check that the banks require now. This will be required for both purchasers and vendors.
- Eventually there will be no physical settlements at the Lands Titles Office as conveyancers and banks will complete the transaction online.
It is certain that once Electronic Conveyancing is implemented the benefits will be obvious.