Once e-conveyancing is implemented at a major scale, the conveyancing industry will never be the same again. This was the focus of one of the top meetings of the Australian Institute of Conveyancers, known as their National Conference.
The rise of e-conveyancing in Australia
Electronic or e-conveyancing was set to begin in New South Wales and Victoria. The transactions change as the process got streamlined. It all started with property refinancing and mortgage discharge operations. These were to come into effect through the Property Exchange Australia, in a way similar to how the Australian Stock exchange transactions were completed on the Internet. Since there hasn’t been enough transparency, some explications and guidance are still needed.
Easier and quicker transfers, without any delays, are facilitated by conveyancing software. This can be employed to transfer funds and ownership too. There are no requirements of a double of the Certificate of Title, so these documents are discontinued. Clients are formally identified compulsory, whether they are buyers or vendors and no physical settlements are needed.
Benefits of e-conveyancing
The essential benefits of electronic conveyancing include improved risk management, possibility to track profitability (with much easier tracking and reporting overall), automatic time costing (thanks to the time recording function) and a simpler way to access and open files. In addition, the search function helps one instantly find the matter they are interested in, even when they have very little information about it.
The software provides the full range of standard form and letters, including cheque requests and completion statements. Each of these can be further edited by the user, in order to be customized just as needed. Each transaction will benefit of a progress summary that can be viewed instantly, which helps improve work flow in the office. The e-conveyancing system can be set to alert the user whenever a certain tasks needs to be completed and when priority periods are close to expiry.
Managing your documents
Users will be operating with client files, to which they can easily attach new documents and manage them more efficiently. To each file, they can attach a note or an alarm. The central database stores details regarding solicitors, authorities and offices, insurers, estate agents, lenders, banks and more. The software can be integrated with Microsoft Outlook, which allows managing and attaching documents received via email. As expected, it also enables online searches. Conveyancing training is now available for all new users.
Australian land titles administration has been immensely helped by e-conveyancing. It is convenient to both consumers and practitioners, as it renders the latter much more efficient than before. All stages benefit of electronic processing and all the national businesses are handled on a unique interface. Cross border transactions are made easy and information can be shared instantly. Taxes, fees etc. can be paid without a cheque and mail delays. Instant messages enable quick communication with every party involved. Every action taken can be recorded. Besides, all the registered data can be verified for completeness and accuracy.
With e-conveyancing, reports are delivered in electronic form, eliminating additional parties like couriers. A lodgement or a registration can be confirmed electronically and multiple transactions linked together as needed. From a practitioner’s perspective, as well as from a consumer’s point of view, the method helps save time and money, too.