As of the 1st of July, the majority of property transfers in NSW must be done electronically. The new rules have been applied to certain transactions requiring registration NSW Land Registry Services since July 2018, and many have already made the transition. The day of reckoning has now arrived for those still holding back. Be sure to speak to a conveyancing lawyer if you require assistance with this.
The NSW government’s embrace of digital innovation seems to be a forward-looking reform. There are considerable advantages to eConveyancing and eLodgment for both buyers and sellers, and property solicitors and conveyancers are ready to guide you through the process.
Why electronic settlements?
The truth is that many people are now conducting almost all their other financial transactions electronically, so the real issue may simply be the difficulty of maintaining and updating an old, and frankly cumbersome, paper process.
Electronic property transfers through an Electronic Lodgment Network (including Property Exchange Australia (PEXA) and Sympli) offer speed, security and the potential for savings. More specifically, they offer the opportunity for:
- Higher security and reduced risk of identity fraud
- Quicker lodgement times – with registration often occurring on the settlement date
- Cost savings for all parties involved
- Availability of online payout figures
- Fewer clerical errors from manual input
- Ability to process financial settlements, mortgages and discharges
- Immediate availability of funds
- No surprises about the readiness of parties
- Ease of processing of financial settlements, caveats and withdrawals, mortgages and discharges, and land transfers
- No need for bank cheques or travel
- Updates on title activity after the exchange
But these changes to property transfers do take a little getting used to, some information and perhaps a bit of help, especially for those less digitally adept. Fortunately, our qualified property settlement lawyers are here to guide you through the process.
Safety and Security in Property Transfers
Following a small number of attempts by hackers to access the electronic settlement systems, with very limited but still unfortunate results, the ELNs have been working to improve the current system. Through considerable consultation with government authorities, financial institutions, solicitors and conveyancers, ELNs have enhanced and improved the security and safety systems at each stage of electronic property transfers to ensure that the seller or buyer is protected as far as possible against any such fraudulent activity.
One of the ELNs now offers a Residential Seller Guarantee providing protection to sellers in the event of certain kinds of fraud.
If you need more information, the attorneys at Owen Hodge Lawyers will be happy to help with all of the details of your property transfer, including the ins and outs of the new electronic property transfers system for conveyancing and lodgment.
Our experienced attorneys are always here to guide you in your legal matters. From estate planning to migration law, we offer the best commercial, personal and family lawyers Sydney has. Please contact one of our lawyers at your earliest convenience on 1800 770 780 to schedule a consultation.