The processes surrounding the transfer of properties have become increasingly simpler thanks to electronic or e-conveyancing. Through a network enabled by Property Exchange Australia Limited (PEXA), practitioners are now able to work fully in a virtual space. The cost savings and conveniences of this are the first obvious merits, and they are just the beginning.
First rolled out close to a decade ago, electronic conveyancing has become safer and more trustworthy. Many professionals, including mortgage brokers, bankers and lawyers have become intimately familiar with all the technicalities. Being part of the larger public infrastructure means any resident can use it for personal or professional transactions.
The cost savings have already been highlighted, as well as convenience. The way people buy and sell property has truly changed. With fewer disbursements and fewer trips to the bank, you also save on time.
E-conveyancing encourages certainty. The whole pre-lodgment verification process ensures that every bit of information provided is accurate before any other steps are made. Every party involved in the process is transparent because all the information is readily available. All parties are also protected because there are no delays experienced as registrations are done immediately after settlement.
It also brings about a great degree of flexibility. Unlike in the past, where you had to set up meetings with legal professionals, you can now do everything online. This allows you to get legal counsel from far away lawyers, and reach settlements while you are at the comfort of your own home.
As far as the business side of it goes, e-conveyancing has dramatically improved client relations. You can easily and conveniently arrange your settlements online, and can fast track settlement processes if the financial institutions involved are quick.
While it all sounds very straightforward, participating in e-conveyancing is a bit involving. Once you have a good grasp of how the regulatory framework operates, you need to sign PEXA documents, obtain digital certificates and register trust accounts. Thankfully there are firms that are well versed in the business of e-conveyancing, and can guide you through the process either by offering precise information, products, or legal support to help you understand all there is to know.
As with any kind of business that relies on computer infrastructure, there are bound to be some inherent risks. Electronic conveyance is no exception, and there are a few worth highlighting. The security risk is there if the computers used lack any kind of virus or firewall protection. Passwords and digital certificates have to be kept safe at all times. The lack of paper records, while an advantage, is also a shortcoming in itself as records of client identity verifications and client authorizations do become essential at times. There are also the fees that are applied when using PEXA.
The benefits, however, far outweigh the risks. The government of Australia readily provides all the information that you need to know about home e-conveyancing freely online, should you care to learn more about it, which, for both the novice and initiated, is highly recommended.