Digital innovation is transforming most industries in Australia. In particular, the conveyancing landscape went through a lot of changes throughout 2018. And now, as of the 1st of December 2018, all new eligible, stand-alone transfers, caveats and withdrawal of caveats, and all other lodgement cases must be lodged electronically.
What is e-Conveyancing? And what do these new mandates mean for property transferrals in Western Australia?
e-Conveyancing is the new standard for transferring property in Australia. It enables lawyers, conveyancers, and financial institutions to engage with each other online, consequently minimising the manual processes and paperwork usually involved in property settlements.
e-Conveyancing is fast, efficient, and reliable. Lower probabilities of errors and delays ensure successful, on schedule settlements.
Who is at the forefront of these industry changes? Currently, Property Exchange Australia Ltd (PEXA) and Sympli are the only approved Electronic Lodgement Network Operators (ELNO) to provide an Electronic Lodgement Network (ELN). PEXA, widely regarded as Australia’s most reliable online property exchange network, has been committed to supporting the property industry as it transitions to an e-Conveyancing future.
PEXA has collaborated with banks and financial institutions, state governments, and various minds from the practitioner community to create a dependable online network, able to facilitate the transactions of conveyancing firms across Australia.
At C&R Law, we have been operating with PEXA, Australia’s online property exchange network, for over 3 and a half years. We are well accustomed with the system and all changes to the current regulatory environment. Through PEXA, C&R Law has settled properties to the value of over $191.1 million dollars. We have committed our firms to understanding their responsibilities towards meeting the mandatory obligations of e-Conveyancing.
Katherine Hanson, our Director, was the first Western Australian settlement agent to complete the most electronic settlements in Australia with PEXA. Describing the online property exchange network, Katherine explained, “Working with PEXA has transformed the way we operate. By moving to a digital platform, our processes are more streamlined, and this helps us provide a more effective and reliable service to our customers. Double deals can be booked early in the morning and access to title deeds can be completed by close of business. This saves our customers valuable time and money.”
Furthermore, with the platform, an ability to check PEXA transactions from a smartphone, outside the office, has enabled us to continue to remain competitive as Perth property settlement experts.
Despite the new mandates, C&R Law continue to be able to guarantee all our clients, the provision of clear and concise legal guidance, at an affordable settlement agent cost.
Find out more about mandatory e-Conveyancing here.