Experience Electronic Property Settlements

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Experience Electronic Property Settlements

Published by Sharon at
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Conveyancing Insights From A Licensed Professional

Experience the benefits of settling your next property settlement electronically. Electronic Conveyancing has recently been introduced to Australia and will become mandatory for most property settlements in Western Australia quite soon with the current paper-based process being phased out for the majority of transactions.

What is Electronic Conveyancing or E-Conveyancing? The term “electronic conveyancing” refers to a property transaction where settlement agents or solicitors have elected to settle electronically through the electronic platform provided by Property Exchange Australia Limited (PEXA). The parties participate in an electronic workspace, where documents are prepared, electronically signed and the balance of the purchase money and its disbursement are agreed. The platform is essentially a virtual settlement room.
Stenhouse-Blog-Settlement-Agent-Questions

What are the benefits of electronic conveyancing to you?

Registration of the legal documents
Any property purchased is at risk until full registration is obtained. That process can take 2-6 weeks within the manual registration process, but normally only takes a number of hours within the Electronic Conveyancing Platform. The process has great benefits to buyers as the certificate of title information held by Landgate, (the Statutory Authority that maintains the State’s official register of land ownership in Western Australia) is updated very quickly, meaning that you have the title deed in your name faster, increasing your security over the property.
Speed and less delays
An electronic settlement is a more efficient, faster and surety of settlement completion greater. With the current paper-based system, all parties are reliant on their settlement representative and banks attending a pre-determined location at the same time and exchange bank cheques for the legal documents and certificate of title. Attending parties get caught in traffic or held up at prior settlements constantly – or simply do not even turn up! Sometimes buyers signatures don’t match their signed mortgages, causing delays for all. This can be heartbreaking when you have a removal van packed with your belongings waiting to obtain keys to a property. All clients want is for their settlement to go through smoothly and as fast as possible.
Communication
All parties to the transaction have increased transparency and simplified communications leading to a more efficient and smoother settlement for you. Clients can sign you up for SettleMe. SettleMe is a really valuable add-on service with PEXA. It is a tracking tool that instantly alerts you to the progress of your settlement. Clients advise that they feel more involved and informed with the milestones and key dates of settlement. You can also watch the clock count down towards settlement. It is completely free and a fun way to be involved with your settlement.
Security for all parties
Fraud is a concern for everyone. Whilst not a new phenomenon, it has devastating effects for everyone. In WA there has been instances of real property sold without the owners knowledge as the owners identity was stolen by overseas scammers. The previous property owners are in the process of suing the government for compensation, however the heartache and costs involved are devastating. Verification of Identity, (VOI) is mandatory for sellers and buyer completing their settlement electronically. Verifying the identity of the parties provides better protection and important safeguards against fraud for all.
Near immediate access to money post-settlement
Whether you are selling your property or simply increasing your mortgage, you will receive your cleared funds in your bank account within minutes. Currently parties have to wait for bank cheques to clear, which takes days. Cheques can be lost, stolen or even cancelled.
We are here for you
At Stenhouse Settlements we are proud to embrace this technology and are both Certified and Accredited in E-Conveyancing practices. Call us on 9405 8327 and discover a fast, safe and efficient way to settle your property. Alternatively, email me directly on sharon@stenhousesetts.com.au.
Sharon
Sharon

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