There is no doubt that the introduction of artificial intelligence and digital banking has changed the landscape for property conveyances. These changes have enabled the conveyance of property to happen in a faster and more efficient manner, eliminating the need for paper documents, in-person signatures and the exchange of checks to secure a conveyance of property.
There are specific steps to conveying property. These steps include;
- Due Diligence: completing your research by investigating and searching your property to determine if the property is encumbered by liens or easements and to define the boundaries of the property you want to purchase
- Negotiations: for the final purchase price of the property and/or the responsibilities of each party as the process moves toward final conveyance to the new owner
- Exchange of Documents: contracts must be exchanged and reviewed by both parties
- Property Transfer: the exchange of funds and the title to create ownership with the purchaser
In the past all of this was done in person at the various places where the necessary information could be found and reviewed and in the offices of the parties engaged in the process. But now, many of these steps can be done online eliminating the need to travel to secure the information and documents and monies needed to make the conveyance official.
Electronic Conveyancing
Also known as e-conveyancing is overseen and processed in New South Wales via the National Electronic Conveyancing System (NECS). This system is in place to cover the process, electronically, from the creation of the documents through to and including the registration of the steps of the conveyance and the final transfer and notification to parties. This system eliminates the tradition need for paper transfers in many forms including mortgages and the discharge of mortgages.
In addition to the conveniences provided by the NESC, professionals and buyers and sellers can now perform their due diligence online by searching property titles and possible encumbrances and necessary zoning information quickly and easily.
It is no longer necessary to have all parties in one room reviewing, revising and signing contracts and documents. These tasks can be taken care of by exchnging documents back and forth via technology, allowing parties to review and redline and share document amendments and adjustments in real time. And, when the documents are ready for signature, all parties can receive and sign them immediately from whatever location gives them access to an email and a keystroke.
Benefits
There are cost benefits to the new system which include no more outlay for travel costs, reduced time frames for review and signing and overall efficiency of getting to the final documents faster and with greater accuracy.
Safety Factors
Increased safety is also a benefit to using e-conveyances. There is no longer a need for checks to be written or transported to the seller. Instead, monetary transactions can safely occur via secure financial systems transfers.
Conclusion
As electronic conveyancing becomes more sophisticated and more prevalent the time and energy it takes to investigate properties, buy properties and successfully transfer ownership, will only become more efficient and more secure.
In the event that you find yourself in need of assistance, please contact the law offices of Owen Hodge Lawyers. At Owen Hodge, we are always happy to assist clients in understanding the full ramifications of any and all of your legal needs. Please feel free to call us at your earliest convenience to schedule a consultation at 1800 770 780.