Is E-Conveyancing Right for You?

Law Blog

When choosing a conveyancing specialist to handle the sale or purchase of a property, there are certain things that need to be clarified. Does the potential conveyancer have the necessary experience in the type of property in question? Are they a member of the Australian Institute of Conveyancers? What is their projected timeframe for the finalisation of the property settlement? And of course, what do they charge?

There are changes afoot when it comes to these last two question. Some states are already pushing for the mandatory adoption of e-conveyancing, wherein the entire transaction is completed electronically. This can also affect the cost of the process, often for your benefit.

The Potential Benefits of E-Conveyancing

E-conveyancing will become more widespread across Australia as the system becomes standard. If you are purchasing or selling a property, what are some of the potential benefits of handling the transaction electronically?

• You will not necessarily need to be present at the settlement of the property. The transfer of the deed can occur electronically.
• Lodgement of any documents can occur in real time, since no physical paperwork needs to be submitted.
• The transfer of funds from one party to another can take place with greater speed.
• You can view each step of the settlement process by logging in, rather than requiring an update from your conveyancer.

Your Security During the Transaction

Just as with any online transaction, every effort will have been made to protect your information, although you still need to do your part. This can include only accessing your e-conveyancing data with a secure internet connection and choosing an appropriately difficult to guess password. If you use the same password (or variations thereof) for multiple logins across a number of platforms, it can be prudent to choose another one. E-conveyancing handles the purchase or sale of a property, and while electronic protective measures are in place, you want to be as secure as possible for such a significant transaction.

A Change to the Method

E-conveyancing certainly doesn't reduce the required diligence of your chosen conveyancing specialist. All the necessary checks still need to be performed. It does, however, make it easier for them to lodge the mandatory documents for the settlement of the property transfer. It's merely a change to the methods utilised to finalise the settlement.

So while your conveyancer might still offer a traditional, manual service, an electronic service might well soon become what is traditional.

13 April 2018