The final stages of E-Conveyancing are set to be implemented in new South Wales and it is anticipated that the new system will improve the efficiency of property transactions.
E-Conveyancing allows parties to a transaction, which includes lenders, to electronically view and complete documents in a property transaction.
Furthermore, the system enables transactions to be completed on a pre-determined date, including all payments. Also, the documents required for title to be passed can be lodged electronically.
E-Conveyancing officially went live in New South Wales in October 2013, with this beginning allowing financial institutions to electronically lodge mortgages and discharges of mortgages electronically.
Now, further E-Conveyancing measures have been implemented in new South Wales that will allow, among other things, the financial settlement of transactions to occur electronically and the electronic lodging of transfers of land and caveats.
With the full implementation of this new system it is anticipated the rate of failure of settlements will fall. Most often these failings are caused by having to have all the parties in the same place at the same time. Moreover, the process of dealing with the money involved and registering the relevant documents will be simplified – this should lead to a much more expedient service.
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If you require advice or assistance about buying or selling property or any other conveyancing transactions in new South Wales, contact Szabo & Associates Solicitors today.
To speak with one of our specialist solicitors, call us on (02) 9281-5088 or fill in the contact form to the right of this page.