What is e-Conveyancing?
To answer this, we must first answer the question ‘What is Conveyancing?’. Conveyancing is the legal process involved in buying or selling property. e-Conveyancing is the same process, only done electronically meaning the traditional processes and paperwork involved in a manual conveyance are substantially reduced. e-Conveyancing aims to simplify and digitise what can be a complex process as it brings the manual conveyance into the 21st century.
Legal documents are electronically signed and lodged online, instead of in person. In addition to this, funds are paid and received electronically instead of via bank cheques. It is because of this that e-Conveyancing eliminates the need for a physical presence, be it to sign documents and/or at settlement.
e-Conveyancing is already being practiced across several states of Australia including New South Wales as we as an industry try to transition toward a 100% digital future.
How will this benefit me as a seller?
You get your money faster. Funds are paid and cleared in your account instantly, on the day of settlement. There is no more waiting for cheques to be banked and for funds to then clear. With e-Conveyancing you have immediate access to funds from settlement.
Safety first. e-Conveyancing is tightly regulated. Processes are in place to verify the identity of the parties and allow parties to electronically sign documents securely. For all those tech savvy people, the data is encrypted and the receiving computer checks the data to make sure it wasn’t changed in transit.
Less paperwork. Sending documents in the post to be signed increases the risk of delays to settlement, particularly when documents are lost. With electronic signing, there are less documents being posted.
Saves time. In order for Contracts to exchange, you must sign the Contract, and in order for settlement to occur, you must sign the Transfer. Electronic signing means you can exchange sooner – there’s no waiting for the ‘original’ signed Contracts to be provided. It means you can avoid the hassle of printing, scanning and posting documents too. You don’t need to make time to drop into the office to sign the Transfer either. The Transfer is signed by the Conveyancer on your behalf, using their digital certificate.
How will this benefit me as a buyer?
Reduces costs. Some banks charge $10, even $15 per bank cheque required for settlement. With e-Conveyancing, funds are paid electronically, eliminating the need for bank cheques and additional expenses like bank cheque fees.
Safety first. e-Conveyancing is tightly regulated. Processes are in place to verify the identity of the parties and allow parties to electronically sign documents securely. For all those tech savvy people, the data is encrypted and the receiving computer checks the data to make sure it wasn’t changed in transit.
Less paperwork. Sending documents in the post to be signed increases the risk of delays, particularly when documents are lost. e-Conveyancing allows electronic signing. This reduces the chances of a delay to settlement.
Saves time. Electronic signing means you can sign the Contract and/or loan documents in the comfort of your own home, at a time that suits. You don’t need to take time off work or print, sign and post originals in.
Less risk and more certainty. I was reading something the other day that reported 1 in 5 people surveyed experience delays to settlement. As a buyer, if the delay is with you, the seller can impose penalties. Delays can also be quite stressful particularly when removalists have already been organised. With e-Conveyancing the risk of errors and delays is significantly reduced, giving you added certainty of a successful on-time exchange and settlement. This is achieved through electronic signing as well as better checks and balances through electronic channels. For example, there are no cheques drawn in e-Conveyancing, the funds are electronic. This eliminates the chances of cheques being drawn incorrectly resulting in a delay or even a cancellation to settlement.
Peace of mind. In the manual world documents required to transfer ownership to you are typically not lodged for days or sometimes weeks after settlement. With e-Conveyancing it is instant, giving you peace of mind. You can be sure you become the owner on the day of settlement with electronic lodgement to the Land Titles Office. This also means Government authorities like Council and Water are advised of the change of ownership sooner.
How will this benefit me as a Real Estate Agent?
Have you ever waited days, even weeks to receive a cheque for your commission? Only for you then to have wait for the cheque to be banked and cleared into your account. Instead of drawing cheques, e-Conveyancing pays funds instantaneously on settlement. Where the commission is required to be drawn from the sale proceeds, rather than deducted from a deposit you already hold, they are transferred and appear as cleared funds in your account on the day of settlement.
Buying or selling a house? Get your fixed fee conveyancing quote from Coutts Lawyers & Conveyancers today.
