What is the difference between Conveyancing and E-Conveyancing and is it mandatory?

date November 22nd, 2019 category Uncategorized

Conveyancing is the name given to the process of transferring legal ownership of a property from one person to another.

In 2017, Victoria’s land registry announced that they planned to phase out paper lodgements for all property transactions in the state in a bid to realise its goals of becoming a more efficient and environmentally friendly, paperless organisation.

As of the 1st August 2019, all property transactions in Victoria must be conducted via an electronic settlement platform such as Pexa and its most recent competitor Sympli. E- Conveyancing allows for the simplification of the traditional manual conveyancing process by both simplifying and digitising it to ensure its compatibility with the 21st century.

E-Conveyancing reduces the delays and potential human error associated with traditional paper based transactions allowing for greater security and flexibility when dealing with real property.

Benefits of E- Conveyancing:
– Faster and more secure transactions as the settlement system is highly regulated and ensures both relevant documents and funds are processed immediately at the time of settlement
– Fewer Costs
– Receive proceeds of sale immediately upon settlement including agent commissions.
– More environmentally and time friendly as there is a reduction in the amount of paperwork required to be completed.

Conveyancer.com.au is trained in all facets of E- Conveyancing, speak to our friendly experts today for all your property needs.