Electronic conveyancing of land (or E-con- veyancing) has now started in NSW.
E-conveyancing through the internet has two stages. Firstly it may involve the elec- tronic exchange of contracts for sale of land, title searching and all the other searches that solicitors perform. This stage is not compulsory but should, once fully up and running, speed up the exchange of contracts – when contracts for sale of land become binding.
The second stage is the settlement of land, farm, house and commercial sales. This stage will become compulsory. As from 1st August 2018 all transfers of land will have to be done via E-conveyancing. All banks (in- cluding credit unions), solicitors and convey- ancers will need to be registered with PEXA – the internet engine that facilitates settlement of land sales. Once settlement figures and searches have been completed and settle- ment of a transfer is agreed and authorised with PEXA by banks, credit unions and so- licitors, then PEXA registers the transfer, mortgage (or other documents) and pays out settlement funds almost immediately after settlement.
In a couple of years’ time, there will be no cheques and no paper title deeds. Monies will be sent electronically and title deeds will be a thing of the past. Title deeds to land will be held electronically by the Land, Property and Information Service on their comput- ers. None of these make conveyancing any simpler – just a different method. It is also designed to get rid of paper, but they said that about fax machines and emails… and it didn’t!
Matthews Williams is registered with PEXA and we have been performing E-conveyanc- ing for a couple of months. We are available to help you with buying or selling your land.