E-Conveyancing means Electronic Conveyancing, many conveyancers have been embracing this new technology since it was first introduced in 2016.
It was not mandatory to use the e-conveyancing platform when first established, however it was recognized in these changing times of technology the need to convert to e-conveyancing and the importance of a reliable and secure platform to be used.
On the 3rd August 2020 the Office of the Registrar General made it mandatory to use e-conveyancing moving forward.
This is exciting news for all conveyancers and their clients and will change the way we interact when dealing with property.
E-conveyancing brings more flexibility and benefits to the industry.
Firstly, the Purchaser gets the security of Title Registration taking place within 48hours of settlement and the vendor(seller) gets cleared funds immediately.
Prior to e-conveyancing conveyancers had to obtain bank cheques to exchange money and when paying a vendor (seller) had to wait for clearance times on cheques. Conveyancers also had limited times they could settle a property transaction and settlement would fall over if not achieved on time.
With e-conveyancing, timeslots are reset every half hour to enable settlement of your property to proceed throughout the day. Giving more time to fix any problems encountered on settlement day.
It is also a great solution for current restrictions in place due to the Covid 19 pandemic allowing people to still facilitate buying and selling property.
In recent years we have had many changes for our industry. Verification of Identity was introduced along with other documentation that would protect the integrity of the land registry.
There are further legal requirements on our clients at settlement, one being a GST Withholding Tax implemented for certain sales and another one being Foreign Resident Capital Gains Withholding (FRCGW) for certain sales.
As a Conveyancer we now have additional workload and must guide our clientele to ensure they are carrying out their obligations to the contract of sale.
Daws Conveyancing have been using the e-conveyancing platform for a few years now and fully aware of all the extra requirements needed to facilitate a smooth property transaction.