In the modern world of being able to do everything online, conveyancing and real estate matters are no exception. Here’s some information about online conveyancing, what it can do and what it can’t do, and how it can help you.
Online conveyancing is also known as e-conveyancing, and it makes it easier for you to handle settling a property transaction in terms of the paperwork required. For one thing, it allows the different interested parties, including agents for the buyer and seller, their lawyers, their conveyancers, their banks, and others to all handle official paperwork together through the Internet.
Having agents do it this way also has the benefit of making it less likely that errors occur. It also often has the advantages of making it so that agents can get paperwork done more quickly and with fewer delays and confusion, all with the benefits of an easy organization in an online setting.
Benefits to Buyers
One major advantage of doing the online approach to conveyancing is that you’re going to end up with fewer surprises. You’ll know when the settlement is going to occur, and you can see the timelines for all of the documents in terms of transference. You can monitor it all happening and any gaps are going to be obvious.
Additionally, when you do all of this manually, it can take as long as weeks for the official documents to come to you showing that you’re the owner of the property in question. Obviously, this period of time is going to be stressful to some people since it might seem like everything is up in the air and not settled. But, if you go the e-conveyancing route, this becomes less of a problem. Plus, you don’t have to worry about using common ways of transferring money in the old days that involved physical cheques from your bank. Everything is hassle-free and done online.
Benefits to Sellers
There are a lot of things you have to get right as a seller, doing this online instead will help simplify it. You’ll be able to see what paperwork you’ve finished and which you haven’t, you can use automatic checks to make sure no obvious errors were made, and you can have a greater assurance that everything will be done on time.
Additionally, you will often have the option to automate enough of the money transfer process to allow funds to move online and right into your bank accounts faster than they might if you had done it all manually the old way. Plus, everything is easier in the sense that you don’t have to go hunt down paperwork in person or hunt down signatures in person, for that matter.
Other Interested Parties
Additionally, other parties such as financial institutions will appreciate online conveyancing because of the safeguards in place. These include a full Participation Agreement document as well as full processes for verifying internet transaction such as with digital certificates and a full identifying verification process. Since the processes here are online, it’s also easier to accommodate changes to laws and guidelines than it would be trying to do that with physical documents as well. For example, there are frequent Land Registry Changes that can affect this industry.
This will also be useful to lawyers since you can get those Land Registry documents in real-time, and the online portal will also let you access the data you need directly. Plus, you have the advantage of being able to see how far along the process the buyer, the seller, the financial intuitions and anyone else connected to the deal are at any given time.
In other words, it makes the potential for miscommunication less of a problem since everyone is on the same page in terms of what is happening.
Beyond the secure transfer and other general benefits, property developers will like online approaches to conveyancing because of the universal document access such as to any linked settlements you might want to read. Access will also often give you the ability to lodge a caveat if you need to do that or withdraw it as well. This will all happen over the Internet and instantly. You won’t need to wait for physical documents to make it to some place in the mail, physically.
Security can be a bit of a concern with manual documents, but as long as you use a strong enough security option for your online conveyancing, this will be less of a concern. Generally, the third-party app will connect to PEXA, which is the official online property exchange for Australia. You can also stay up to date with the process by getting notifications, depending on the app that you use. This might be through email or through a text message.
If you need to travel around a lot, you’ll also have the advantage of being able to access the documents from wherever you are even if you can’t be in the area of the transaction and property while the key parts of it are happening.
Overall, using the PEXA system is going to be useful to a wide number of people for a wide number of reasons due to the flexibility that it provides. It also brings all of these parties together in a platform where they are all on an equal footing and have maximum transparency to view what everyone else is doing.
Would you like to find out more about the rise of e-conveyancing in Australia? Or do you need a conveyancer for your upcoming purchase or sale? Get in touch with one of our friendly team members today – they are ore than happy to help.