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15 February 2017

FASTER, MORE SECURE CONVEYANCING A BOON TO DEVELOPERS

Electronic conveyancing – the electronic lodgement of eligible land transfer documents – has been talked about since the 1980s, and been the norm overseas for more than a decade.

Now Australia leads the world with an electronic conveyancing system that includes the financial aspect – something not before achieved and quite an advance – so settlements can be managed entirely online.

This takes the final, mediaeval, paper-based aspects out of conveyancing, and it will save an enormous amount of time and effort. For developers managing multiple titles, it means a simpler, more streamlined land transfer process.

It also means no more trekking into town – or paying someone else to trek into town – and no more waiting for fee cheques to clear.

Also no more discovering at the last minute that a hard copy form contains a completely avoidable error, and thus having a settlement fail, especially that one scheduled for 3pm Friday. The electronic platform, PEXA, allows for checking and correcting documentation right up to the last minute.

Western Australia is forging ahead with the move to electronic conveyancing:

From 1 December 2017, all eligible mortgages, discharges of mortgages and refinances must be lodged electronically.

From 1 May 2018, transfers, caveats and withdrawal of caveats and any lodgement case consisting of eligible discharges, transfers, mortgages, caveats and withdrawal of caveats must be handled electronically. In flight transactions will not be affected by this date.

Managing eligible land transfers electronically is an innovation that leaves developers more time free to concentrate on what matters – creating cityscapes that inspire.

There’s more information on Landgate’s website.