Conveyancing has changed over the last 10 years.
The implementation of licensing for conveyancers, coupled with evolving legislation and taxation conveyancers are, now more than ever, required to maintain a high level of professional development.
However, perhaps the biggest change to affect the industry in the last decade has been the implementation of electronic conveyancing, often referred to as e-conveyancing.
Long gone are the days where settlements of property transactions would take place in a physical location with representatives of both sides of a transaction meeting and handing over the relevant documents.
The development and ever-increasing prevalence of electronic conveyancing have seen a massive reduction in the manual tasks associated with the transaction of property.
Platforms such as PEXA, shorthand for Property Exchange Australia Pty Ltd, have completely changed the way that lawyers, financial institutions and conveyancers in Melbourne transact property on behalf of their clients.
What is Electronic Conveyancing?
E-conveyancing allows conveyancers, lawyers and financial institutions to lodge documents and complete settlements electronically.
Online platforms such as PEXA and Sympli allow all parties acting for those who are transacting property to communicate and lodge the required documents on the path to settlement.
These platforms are used to all type of property transactions and lodgements including:
- Purchase and Sales
- Simultaneous Settlements
- Survivorship Applications
- Priority Notices
Almost every property transfer happens online these days.
On its website, PEXA states it has over 8,900 members engaged with the PEXA network, including conveyancers, lawyers and financial institutions and that over 5,000,000 property transactions have been completed on the platform.
How has e-conveyancing changed the industry?
E-conveyancing has drastically changed the conveyancing industry.
Once upon a time, a typical file for a matter could be as thick as a volume of the Encyclopaedia!
These days, almost every document is recorded and lodged online, less paper is required, adjustments are calculated automatically and settlements are completed online.
Some of the positive ways e-conveyancing has changed the property industry include:
- Increased transparency throughout the process
- Settlements occur online
- Increased Verification of Identity protocols
- Standardised settlement process
Does Tick Box Conveyancing use e-conveyancing platforms?
Tick Box Conveyancing was using e-conveyancing platforms, particularly PEXA, well before it was mandated.
We would push for all settlements to take place electronically and would only settle on paper if the transaction couldn’t take place electronically.
This meant we were well across how PEXA worked and our systems were PEXA friendly prior to it becoming compulsory.
Our principle, Martin Galea, has over 30 years of conveyancing experience and as former vice president of the Australian Institute of Conveyancers (VIC), Martin also served on a steering committee which helped develop the initial subscriber guidelines for PEXA prior to its inception.
Our practise manager, Tegan Distel, has developed extensive experience on PEXA and other e-conveyancing platforms and works with all staff to ensure all Tick Box Conveyancing team members are up to date on the latest developments on the platform.
This e-conveyancing expertise is a big part of the reason Tick Box Conveyancing is at the forefront of the new era in conveyancing.
We blend extensive and practical conveyancing experience with an intimate understanding of the modern conveyancing practices and platforms.
Because of this, we are able to use e-conveyancing platforms to offer our conveyancing services in Melbourne and help our clients settle matters in an efficient and transparent manner.