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27th Nov 2018| Posted by: Phil Haley
E-conveyancing
I have asked Kirin of Kilara and Associates to write a short spiel on the pending changes to conveyancing and in particular e-conveyancing.
What is e-conveyancing?
Electronic conveyancing is the way of the future for conducting the settlement and lodgement stages of a conveyancing transaction. It enables the lodgement of documents and financial settlements to take place electronically.
Along with the promise of greater certainty, reduced risk of error, delays and on time settlements.
All mainstream property transactions will be mandated from 1 July 2019 to take place electronically in NSW. This means no more outdated paper settlements and vendors waiting 3 business days for a bank cheque to clear. I am finding most of my vendors who choose to settle electronically have access to their money on the same day as settlement.
Property Exchange Australia, also commonly known as PEXA, is the online platform that settlements take place on.
All remaining paper Certificates of Title in NSW will be cancelled on 1 July 2019. This means anyone who has any of their title deeds in the safe at home or in a Safe Custody Deed packet with their solicitor should take note of these changes and how it will affect them.
With the changes to electronic conveyancing, solicitors and conveyancers must now complete Verification of Identity (“VOI”) with all their clients. VOI is normally completed in a face to face meeting whereby the verifier will sight original identification from a set list. The verifier must take reasonable steps to verify the identity.
Kirin Khatra – Director Kilara Associates PTY LTD
Ph: 02 4789 0144
Email: kirin@kilaraassociates.com.au
www.kilaraassociates.com.au
