Electronic Conveyancing in NSW

Property Exchange Australia Limited (PEXA) offers the electronic conveyancing  facility. Interested parties, financiers and lawyers interact on this forum within legal ambit. Though the entire conveyancing does not take place electronically, a huge amount of legwork can be accomplished through the online forum. The list of electronic conveyancing NSW activities that can be done online include:

·         Drafting and preparation of registry instruments.

·         Payment of duties and settlement disbursement

·         A thorough checking of all documents at Land and Property Information

·         Etc.

Guidelines by the law society of NSW

It was the Electronic Conveyancing National Law that set precedent for all property settlements online. The Australian Registrar’s National Electronic Conveyancing Council has formulated these regulations. Members constitute of registrars from each and every state and territory in Australia. Important regulations are segregated into two distinct sections: Model Participation rules and Model Operating Requirements.

Though the existing rules are not all encompassing, every online property transaction in Australia has to follow these guidelines. There is a constant process under which these rules are evolving and new set of regulations are being updated. Those associated with the system are required to be in sync with the latest changes and updations. That’s how they can guide parties making financial transactions in a more holistic way.

According to the NSW participation rules anybody interested in subscribing must comply with the set of regulations. To begin with a subscriber must have an Australian Business Number. A subscriber can be an individual lawyer, a corporate firm or a registered partnership.  It is extremely important for the subscriber to have a clean record with respect to conduct, insolvency, conviction for fraud or any criminal activity or refusal to participate in any electronic lodgement activity.  There are special insurance rules that the subscribers have to follow.

Benefits of E-conveyancing

One of the greatest positives of making property transactions online is that legal paperwork is done quickly and efficiently.  The property sector is not burdened with mountains of paperwork. The system has proved especially beneficial to the buyers because using an e-platform eliminates the risk of lodgement gaps.

No more waiting for bank cheques to clear so the transaction can go through. Digital transactions help immediate and faster fund settlement thereby expediting the process.

Another major benefit is that the chance of errors is reduced drastically because the number of errors are bound to be more in a manual process. In fact PEXA has a special online settlement tracking application called SettleMe. You can actually monitor your to-do checklist and progress on any handheld device at any time.

E –conveyancing has helped buyers and sellers in more ways than one. Now one doesn’t have to travel distances to be at a courthouse or registrars office. Each party can login from the comfort of their home or office and complete a property transaction smoothly.