In a historic law passed by the Australian government, e-conveyancing has been made mandatory from December 1st of 2018. The introduction of this new technology is all set to make buying and selling of properties easier, faster and more conveniently.
What is e-conveyancing?
The processing of all property transactions electronically is known as e-conveyancing. Since manually filing these will cost you a lot of time and money, the Australian government set up the electronic system, which is also known as PEXA (Property Exchange Australia Limited). The PEXA system allows monetary and legal processes relating to a house sale get completed online.
The system is exclusive for the real estate conveyancer Perth based, lawyers and financial institutions who can submit all legal documents for transfer of property and funds electronically. This reduces manual paperwork significantly rendering it as a convenient and beneficial process.
Advantages of E-conveyancing
It is pivotal to notice here that there are significant benefits for the sellers because not only does the process gets completed within a few weeks of time, but they do not have to wait for the cheques to clear. To utilize and understand the benefits well here has been summarised the benefits of e-conveyancing.
1. Convenient to Use
Selling a property means having to sign lots of paperwork. But with e-conveyancing, paperwork is reduced. The process becomes simpler and more convenient.
2. Constant Notifications
Another seeming advantage of e-conveyancing is the otherwise stressful process becomes easy for constant updates are received by the vendors. Waiting for the sale to process is nerve-wracking. But with e-conveyancing, constant updates can be opted in to received via email and text, thus keeping the vendors informed about every step. This also reduces the time required to follow up with the people involved.
3. Safe to Use
Unlike the manual process, electronic transfers are safer to use. All the financial transactions are completed online. Everything happens online and a record of it is maintained. This makes the electronic system very safe to use, giving the vendors peace of mind. The security of the system is constantly being updated to ensure the safety of the users.
4. Quick Transactions
When you lodged all the papers manually, the process can take weeks to complete. Also, manual lodgement involves numerous steps to complete. However, with e-conveyancing, the process of transferring the house and funds get completed quicker.
To conclude, it can be easily deduced that e-conveyancing is a more efficient process and makes the transfer of homes a better process. You can opt for e-conveyancing services WA based from leading agents at a price which is affordable. Keep the benefits of e-conveyancing in mind and make your home transfer easier and better.
Isla
Thanks Waterways Conveyancing for posting such an informative article on electronic conveyancing. It goes without saying that PEXA will make the whole process of conveyancing much simpler and efficient.