The world of paper settlements and paper conveyancing is coming to an end. Victoria is now moving to an online system of e-conveyancing also known as Property Exchange Australia (PEXA).
e-Conveyancing minimises the manual process and paperwork associated with property settlements by enabling lawyers, conveyancers and financial institutions to transact together online. It allows lawyers and conveyancers to lodge and complete financial settlement electronically.
The new e-conveyancing system is beneficial for everyone, in particular buyers and sellers.
Some benefits that buyers will see include settlement occurring on-time as online document checks ensure the documents are validated prior to lodgement. They have a peace of mind as the relevant documents are lodged instantly with the Land Registry. Online settlement also means the end of bank cheques as all funds will be processed as an online funds transfer.
Seller benefits include greater certainty of settlement as there are fewer manual processes and less risk of delayed settlement. The seller will also have fast access to funds as there is no waiting for cheques to be processed.
PEXA the provider of e-conveyancing also provides a free settlement app called 'SettleMe'. This allows the clients of PEXA registered users to keep informed throughout their settlement process with customised checklists and real-time updates.