E-conveyancing refers to property transactions that are settled electronically, and as of February 20 this year, they’re compulsory in Queensland.
Mandatory e-conveyancing aims to ensure property transactions are completely quickly and consistently. It also brings Queensland into line with New South Wales, Victoria, South Australia, and Western Australia, which have had e-conveyancing for some time.
Property settlements will now be completed using a platform provided by Property Exchange Australia Limited (PEXA). It’s an electronic workspace where several things will take place including:
- registry instruments are prepared and electronically signed (transfer, mortgage, discharge/release of mortgage)
- duty may be paid as a settlement disbursement
- the balance of the purchase money and its disbursement are agreed
- the documents to be lodged for registration are checked at the Land Titles Office
- at the agreed settlement date and time, the balance of purchase money is paid, and the proceeds of settlement are disbursed; and
- the relevant registry instruments are electronically lodged for registration
There are some exceptions to the e-conveyancing rule.
Self-acting buyers and sellers are not required to register for online platforms to complete settlement.
Other exemptions include lodgements which may not be straightforward or include other documentation to be lodged and are therefore out of the scope of e-conveyancing transactions.
However, any transactions that can be completed via e-lodgement now must be done this way. This has the benefit of doing away with archaic paper-based processes, making room for a quicker, more efficient way of doing things.
Here at GLG Legal, we have been quick to embrace e-conveyancing. We recognise the benefits it has for our clients, including:
- Cost effectiveness – avoids extra costs for hiring settlement agents, arranging for cheques, and paying for postage
- Time efficiency – lodgement takes place in a matter of minutes and funds are transferred within a few hours instead of having to wait days for cheques to clear
- Greater security – less chance of human error
The property experts at GLG Legal can help you with every aspect of property law, and conveyancing. Contact our office by calling (07) 3161 9555 or emailing info@glglegal.com.au today to make an appointment.
