Electronic Conveyancing (e-Conveyancing) is an electronic way of conducting property settlement and lodgement. By replacing paper processes, it allows lawyers, lenders and conveyancers work together online and speeds the process up. E-Conveyancing sites can also create documents pre-populated with the relevant information, and the parties involve can just cross-check and approve the information.
Soon there will be no paper certificate of title. Once settlement occurs online, the title issued is called an eCT, and works just like a paper CT.
What is PEXA
PEXA stands for Property Exchange Australia Limited. On PEXA’s national eConveyancing platform, parties can prepare and electronically sign the registry instruments (including the transfer, mortgage and release of mortgage), lodge registration documents and make payment of the purchase price. PEXA does not only facilitate property transfers, but other dealings with property such as lodging and withdrawing caveats.
Is it safe?
E-Conveyancing sites such as PEXA allow the participants to enter a secure, online workspace. In fact, it is hoped that eConveyancing will reduce risks of errors and fraud. By reducing delays, the risk inherent in any delay is reduced. Moreover, between 2013 and 2018, the NSW Registrar General paid out more than $2 million for errors in paper transactions, and over $7 million for paper fraud. The paper system has issues that will be avoided by eConveyancing.
A legal practitioner cannot conduct a conveyance for you without your written Authorisation, and there are steps taken to identify the client to avoid identity theft.
If you would like assistance in a property dealing, please do not hesitate to contact our team at Freedman & Gopalan Solicitors, on 02 8999 9837 or fill out the enquiry box and we will get back to you ASAP.