27 Jul E-conveyancing
What is e-conveyancing?
Electronic conveyancing is the way of the future with conducting the settlement and lodgement stages of a conveyancing transaction. It enables documents to be lodged documents and financial settlements to take place electronically.
Along with the promises of greater certainty, reduced risk of error and delays and on time settlements.
All mainstream property transactions will be mandated from 1 July 2019 to take place electronically in NSW. This means no more outdated paper settlements and vendors waiting 3 business days for a bank cheque to clear. I am finding most of my vendor who choose to settle electrically have access to their money on the same day as settlement.
Property Exchange Australia also known commonly known as PEXA is the online platform that the settlements take place on.
All remaining paper Certificates of Title in NSW will be cancelled on 1 July 2019. This means anyone who any their title deeds in the safe at home or in a Safe Custody Deed packet with their Solicitor should take note on these changes and how it will affect them.
With the changes to electronic conveyancing, Solicitors and Conveyancer must now complete Verification of Identity (VOI) with all their clients. VOI is normally completed in a face to face meeting whereby the verifier will sight original identification from a set list. The verifier must take reasonable steps to verify the identity.