Companies are always looking for innovative ways to streamline business operations by reducing redundant processes and cutting time-consuming tasks. Similarly, consumers are on the lookout for the latest technological advancements that they can apply in their daily activities. Thanks to technology, processes that were once performed manually can now be completed with just a click of a button.
Now, even the real estate industry is ready to embrace the digital shift through electronic conveyancing, also known as e-conveyancing. Just recently, mandatory e-conveyancing now applies in some parts of Australia like Victoria and Western Australia. It’s a digital effort initiated by the Council of Australian Governments (COAG) and operated by Property Exchange Australia (PEXA).
E-conveyancing is geared towards simplifying and digitizing the complex and manual processes of property exchange. So if you’ve been putting off dealing with your property’s paperwork because you don’t have enough time, or simply because it’s such a tedious chore, then this digital innovation is a good option to explore with your conveyancing lawyer in Townsville. They might even thank you for that.
Of course, settling your property online still applies the same process as traditional conveyancing. However, this time, it means less paperwork and fewer manual processes since everything is done digitally. In general, e-conveyancing benefits not only home buyers and sellers but lawyers and financial institutions alike. Here’s how:
Lawyers and Conveyancers
Lawyers and conveyancers are probably the ones who derive the most advantage from online property settlements. Through this technology, they can minimize their workload without sacrificing customer service. As transactions are done online, there’s no need for them to attend settlements in person. This gives them the privilege to work anytime and anywhere they want to. And even if this is the case, they are still able to provide real-time feedback and update to their clients with just a click of a button. As funds are transferred electronically, there’s also no need for bank cheques anymore. Electronic lodgments also reduce the risk of manual errors and fraud, which generally result in delayed settlements. Overall, it’s a win-win situation for them.
Through e-conveyancing, financial institutions can provide more efficient and transparent property settlements with the help of pre-lodgment verification and direct access to Land Registry data. Similar to lawyers and conveyancers, representatives from financial institutions no longer need to attend settlements physically. Hence, this gives them better control of their workflow. Going paperless also equates to efficient and even environment-friendly file management system for these institutions.
Buyers and Sellers
Settling properties online enables buyers and sellers to track all parties’ progress throughout the entire process. This gives them better peace of mind and greater assurance that their settlements will occur as scheduled. Receiving real-time updates on their settlement status also means fewer visits to their lawyer’s office. Through the online agreement, sellers need not wait for the three-day cheque clearance as sale proceeds are automatically processed as cleared funds to their accounts. Likewise, the buyers’ interest in the title is registered immediately upon settlement. Thus, there’s no room for lodgment gap risk.
Indeed, technology has drastically redefined people’s way of life. While there might be no shortcuts in life, there are always alternate routes. From being the road less traveled, digitalization has become the highway to success. And in this fast-paced digital world, the only way to keep up is to embrace these digital transformations.