You might have heard… CONVEYANCING HAS CHANGED!
On 1 October 2018, the Victorian Government took the initiative as the first Australian State to lead us into a brave new world with mandated electronic (or digital) conveyancing, commonly known in the industry as eConveyancing. eConveyancing will be mandated across Australia in a steady rollout over the next few years.
PEXA (Property Exchange Australia) is Australia’s online property exchange network and is the system facilitating eConveyancing.
Robertson Conveyancing embraced and welcomed the news of the 2018 mandate. In fact, we had been actively using the eConveyancing based system for a number of years.
As technology progresses, it makes sense for property transactions to be settled and registered electronically.
As early adopters of eConveyancing, Robertson Conveyancing has been and continues to be very involved in how eConveyancing impacts the way we do business.
Not only do we hold Professional Indemnity Insurance, we hold Cyber Insurance to protect you and your transaction in the unfortunate event of a cyber threat.
We see some of the advantages to consumers as:
Efficiency
We all know that technology brings efficiency and the electronic workspace does just this. There is less time wasted on phone calls to banks and other financial institutions with communication via conversation tools.
Certainty
We are no longer relying on manual postage of documentation and the risks associated with this. Once documents are created electronically they are immediately available for us to see and all other parties are able to see our documentation.
Transparency
Transacting in real time means we have access to all details of the property transaction and it means we are no longer guessing where other parties are at in their part of the conveyancing process.
Accuracy
Data pre-populating from the Land Registry means correct data is being brought over from Land Victoria into the workspace from the beginning and all details are built around this, no more risks of typographical errors that cause bigger problems down the track.
Nothing is going to stop technology and as we forge ahead with eConveyancing there will be some transitional issues. Some of these have been reported by the media and this has created fear amongst our community for both practitioners and consumers and mis-information has been bandied around. If you have any concerns whatsoever, give us a call and let us inform and reassure you. Change is the world we live in and we must embrace it rather than fear it.
