The new financial year is fast approaching, and with it brings changes to conveyancing rules in NSW. In a constantly evolving digital landscape, it is no surprise that the legal sector must keep pace and adapt to the technological times. There has been a large shift in recent years within the conveyancing field, from the traditional paper methods of transacting, towards utilising technology in order to move towards more streamlined, more efficient, more convenient, more economical and less resource-reliant ways of conducting property dealings with the eventual goal of achieving 100% digitalised conveyancing.
Electronic Lodgement Networks (ELN’s) such as PEXA (Property Exchange Australia Limited) are secure online property exchange platforms – virtual spaces in which subscribers are able to prepare, lodge and register documents, and facilitate the financial settlement of property.
July 2019 changes – Up until now, electronic conveyancing within NSW has not been compulsory, and some solicitors (especially the ‘old school’) still choose to use the “normal” method. The introduction of electronic lodgment of certain documents has been staged over the years, along with the gradual replacement of paper title deeds with electronic versions. However, as of 1 July, e-conveyancing is to become mandated insofar as the following lodgments will take place online:
Mortgages and discharge of mortgages;
Caveats, and withdrawal of caveats;
Essentially this means that the majority of conveyancing and property dealings will occur online. Like everything, there are always exceptions, but the aim of the changed rules is that all mainstream transactions will be dealt with within an electronic platform.
E-conveyancing poses practical benefits for both solicitors and clients. E-conveyancing is timely – there is far less chance of substantial delay with a PEXA settlement, and lodgment of documents can occur almost instantaneously. Ultimately, e-conveyancing is a far more convenient and streamlined approach, all the while saving a lot of time for solicitors - and therefore costs, for the client.
We can help! Understandably, change can be daunting. At Jenkins Legal Services, our experienced property team has embraced electronic conveyancing via PEXA and all the advantages it brings. We will assist you with all your conveyancing requirements and talk you through each part of the process.
Please contact us on (02) 4929 2000 or email us at firstname.lastname@example.org