E-conveyancing is becoming more popular, and if you are getting ready to sell a property and you want to use this convention, you need to know a bit about it. In many cases, e-conveyancing is still in its infancy stages, but you can use it for some transactions. Here's what you need to consider:
1. Only select banks and professionals offer e-conveyancing.
To date, 80 banks and credit unions around Australia have the capabilities to use e-conveyancing, and if you want to handle some of your next real estate transactions electronically, you need to turn to one of these companies. Similarly, you also have to ensure that your broker, real estate agent or conveyancer are also on board with the right e-capabilities.
2. E-conveyancing saves time which can save you money.
E-conveyancing can save a lot of time during a real estate transaction. In particular, your representatives no longer have to attend a meeting where they exchange bank cheques and documents. Instead this process happens electronically, and if your conveyancer bills by the hour, this can save you money.
3. Different states and territories have different rules.
E-conveyancing is still being established, and as a result, its availability and the rules governing its practice may vary depending where you live. For example, in New South Wales, financial institutions will be bound to use the e-conveyancing platform to lodge certain mortgage documents as of March 2017. Most other states won't have that requirement by then.
4. Safe and effective IT systems need to be in place.
If you hire a conveyancer and they do not have the equipment set up to use the e-conveyancing system, do not rely on the fact that they could make that transition quickly. E-conveyancing relies on IT systems being able to communicate with each other, and these systems need to have the right software and safety provisions in place. If you want to use e-conveyancing, you need, as suggested above, to select a conveyancer and a financial institution who are set up and ready to use the system.
5. E-conveyancing is the future.
Although e-conveyancing is not the norm yet, the entire real estate industry is transitioning in that direction, and most state governments are making guidelines to push the industry in that direction. When you select a conveyancer who already uses e-conveyancing for at least a portion of his or her business, you are not just choosing the convenience of e-conveyancing, you are also choosing a forward thinking professional who has the foresight to understand the direction of the industry and how best to serve their clients. This quality will shine through in other ways as well.