So what is E-Conveyancing?
PD Law are excited to have Recently completed our first E-Conveyancing settlement using the new PEXA online platform.
So, what is E-Conveyancing and how is it different from the normal paper conveyancing process?
E-Conveyancing minimises the manual processes and paperwork associated with property settlement by enabling us to transact with other lawyers, conveyancers and financial institutions through the PEXA platform.
Anyone who has bought and sold property before will be familiar with the seemingly endless stream of paperwork involved in a single transaction, not to mention tracking down qualified witnesses to witness signatures on legal documents and tedious trips to the post office.
A report published by Price Waterhouse Cooper states that 20% of settlements are delayed an average of seven days and in 25% of these, customers suffered financially! E-Conveyancing reduces the risk of errors and delays giving our clients a greater certainty of a successful, on-time settlement by enabling us to sign and lodge documents on their behalf and complete financial settlement electronically.
By transacting through the PEXA platform sellers will receive the sale funds into their bank account within 20 minutes of settlement, whereas in the world of paper conveyancing these funds can take up to three days to be processed through the normal banking system. Buyers received the advantage of receiving title to their property within the similar time frames to this rather than waiting weeks or sometimes even months to receive confirmation that the title has registered into their name. E-conveyancing also eliminates the risk of delays by financial institutions in lodging the necessary documentation to transfer the title after settlement to the client, something that we see all too often which can have a significant financial impact on the buyer.
After an initial identification verification of the client, the remainder of the conveyance can be completed online, without the need for the client to leave the comfort of their computer chair, and let’s face it most people would most likely have started this process by searching for real estate and solicitors online, so it makes sense to finish the process that way too. “E-conveyancing offers a convenient, secure and streamline process, reducing the risk of delays and extra costs to the client”.
At PD Law we can discuss with you the benefits of completing your conveyancing using the PEXA E-conveyancing process, call Bernie on 1300 1PDLAW or book a phone consultation using our online booking system at www.pdlaw.com.au