Times are changing, and technology is playing a more pivotal role in conveyancing and the property services industry as a whole. As a Gold Coast law firm that helps clients with conveyancing and property work, we wanted to highlight to all our clients in NSW the changes that have recently been made in the legislation.
Conveyancing Legislation Amendment Bill 2018 (NSW)
On November 13 last year, Conveyancing Legislation Amendment Bill 2018 (NSW) was passed. One of the objects of the new amendment is to support the transition to paperless property transactions, by removing existing impediments to electronic land transactions.
So what does this mean?
Well, the new legislation provides that deeds and leases are able to be electronically signed and attested. Prior to this, documents were able to be signed digitally but not witnessed, with the concern that electronic witnessing documentation was too able to be abused. However, technological advancements are able to detect where a signature is being signed, making it safer than a wet signature.
What is e-conveyancing?
The new legislation is but one step forward in an industry that is booming quick. E-conveyancing is probably something you have heard of… but that’s about it, right? Well, e-Conveyancing minimises the manual processes and paperwork associated with property settlement by enabling lawyers, conveyancers and financial institutions to transact together electronically! Basically, you can lodge documents and complete settlements online.
What are the benefits of electronic conveyancing?
In 2017, it was estimated that 24 per cent of all conveyancing transactions in NSW experience an issue during settlement. However, the electronic platform eliminates all risks regarding this process. E-conveyancing is fast, flexible and accessible. Burying conveyancers under piles of paperwork is no more. There are already a number of technologies and digital platforms to assist prospective purchasers.
Under the electronic system, home buyers are able to lodge documents online 24/7 and, in most cases, settlement and lodgement will occur simultaneously instead of timing at the discretion of the bank. Electronic conveyancing provides significant time and cost savings and greater certainty during settlement for home buyers and the conveyancers themselves. By July 2019 in NSW, it will be mandatory to conduct all standard property transactions electronically. This type of process enables a lot more collaboration between the parties and everyone can see online what’s happening, so there’s a lot more transparency.
While the new amendments may seem minor, we believe they are a huge step in the right direction for NSW, bringing the industry in line with other industries, embracing technology and streamlining business practices.
For more information about the conveyancing provided at our Gold Coast practice, we invite you to call us (07) 5591 2222 or contact us regarding a free 30-minute initial consultation.