Electronic Conveyancing

As we continue to adjust the way we live and work during the COVID-19 pandemic, so too does our industry. With all states having already transitioned to electronic conveyancing, those adjustments may not appear as drastic, for others, it means adjusting a raft of industry practices to adapt to the current climate.

Electronic Conveyancing allows practitioners and financial institutions to lodge and settle conveyancing transactions in an electronic workspace provided by an Electronic Lodgement Network Operator.

This platform enables parties to:

• upload transaction information, which the system then checks and verifies for completeness, accuracy, and compliance
• prepare instruments and reports to register changes in property interests and ownership
• settle financial transactions, including payment of duties, taxes, and disbursements
• comply with the tax and duty requirements of revenue offices
• lodge instruments with Land Services SA and receive confirmation of their lodgement and registration.

The current most common used electronic conveyancing platform is PEXA.

Benefits of PEXA

• Cost and time effective. With paper settlement, delays often arise due to inaccuracies and mismatching information in the paper documents and processes and, on occasion, documents being misplaced or lost.
• Certainty of property title. The PEXA platform automatically alerts the parties to possible disputes around competing interests in the property, for example where a caveat or writ is lodged over the property title by another party in the period between settlement and registration. With PEXA, final title searches are carried out minutes before settlement, reducing the registration gap so the chance of a post-settlement conflict over title will disappear.
• Sellers receive settlement funds quickly. PEXA provides sellers with the proceeds of sale more quickly than a paper settlement, immediately depositing the settlement funds electronically in their account allowing access within half an hour of settlement. Electronic settlement also removes the need for bank cheques and the associated fees.

Risk Management

PEXA introduced a Residential Seller Guarantee (Guarantee) which is designed to assist sellers impacted by a compromised electronic conveyancing settlement or fraudulent transaction. The Guarantee allows a seller to make a claim for recovery with PEXA, granting PEXA the power to step into the shoes of a seller to recover losses from a fraudster, or any other party to the transaction, including the acting conveyancer.

If you would like to conveyance a property, Straits Lawyers are now offering online services at https://straits-lawyers.square.site/product/conveyancing-/2?cs=true.

Alternatively, if you would like to find out more about your rights and options, Straits Lawyers are here to help. Simply send us an email at info@straitslawyers.com or give us a call on 8410 9069 to arrange an appointment for an online interview.

Please note that this article does not constitute legal advice and Straits Lawyers will not be legally responsible for any actions you take based on this article.