ConveyancingTechnology

Is Online Conveyancing secure?

By December 19, 2016 No Comments

The looming and frankly scary costs of buying a property are upon you, so why not reduce the hassle with the efficiency of online conveyancing?

Entering an increasingly technological age, the timely process of transferring papers appears archaic and costly. With paperwork and postage increasing the risk of errors and delays, approximately 20% of hardcopy settlements were delayed a median of seven days, with 25% of these customers suffering financially. With online conveyancing enabling a more streamlined process, it can help you focus on celebrating your purchase, not stressing.

In Australia, online conveyancing occurs through PEXA which seeks to provide a fast, accessible and efficient service through providing benefits such as:

– Faster transfer of money through eliminating the need for waiting for cheques to clear.

– The ability to track your settlement from any device provides a transparent and instant method of appraisal.

– With the ability to sign documents online, time and money is saved on the need to physically obtain documents.

– Without the hassle of physically attending settlements, you can have greater piece of mind that your property will be settled on time and without incurring additional costs.

But is it safe?  Although computers have not taken over the earth just yet, some may fear that an online approach does not carefully monitor their conveyancing process. However, operating under a regulatory framework developed by the Australian Registrars’ National Electronic Conveyancing Council (ARNECC), PEXA utilises a variety of industry safeguards to ensure the efficiency of the process is not undermined.

These safeguards include:

– Participation Agreement: This is a contract between PEXA and each member including obligations concerning privacy, confidentiality, liability, suspension, termination, insurance, disputes and change management. This document highlights the prioritisation of your privacy to ensure your safety in the process.

– Verification of Identity: During the process, you will be asked to verify your identity face-to-face through an app called IDfy using a smart phone. This ensures that your identity is not being fraudulently attained, to further protect the security of the process.

– Digital Certificates: This process enables you to easily sign electronic documents. Each signature is data encrypted to ensure the safety and security of the transaction.

With the efficiency and security of the PEXA system seeking to allow you peace of mind as you undertake the stressful process of buying a property, the further assistance of a capable and vigilant team at Titlexchange™ monitoring your progress at every step will only further allow you to focus on the more important things – like what colour you should paint your new bedroom.

Would you like to know more about Titlexchange’s fixed fee conveyancing? Drop us a line here.

Just a reminder that this article and all other content on the website is a guide only and is not to be considered legal advice. If you would like legal advice, please call us on 1300 776 775 and speak to one of our lawyers.
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