Electronic Conveyancing: Usefulness Described

Electronic conveyancing is basically the process through which the whole process of land registration can be completed electronically at each stage through a platform provided by the Property Exchange Australia Limited (PEXA). This includes the whole process of online preparation of property title documents, their lodgment and the disbursement of funds.

Rules for electronic conveyancing: - Electronic conveyancing has undoubtedly proven to be a highly useful tool to make the land registration process hassle free. The prerogative of PEXA to provide a definite platform to make this possible has proved to be quite innovative and helpful at the same time. But before you find it as a cakewalk let me state some of the basic rules relating to the process of electronic conveyancing. The basic rules to be kept into consideration are: -

1. This should be made sure that all the parties involved in the process of electronic conveyancing be willing and able to lodge the registration electronically. It is the first prerequisite for the transaction to take place electronically.

2. For the transaction to take place authentically the transacting parties must complete the conveyancing through a conveyance petitioner with a PEXA registration and Digital Signing Certificate.

3. The details of the settlement would be available offline for tracking. The rules are different for each state and the parties should be willing to abide by those rules. Apart from these basic rules there are other rules which are more specific, and the clients get detailed information of them before they enter the process of electronic conveyancing. It is advisable to go through them carefully before getting into the process.
   

Benefits of electronic conveyancing: - The whole idea of developing an electronic platform for the people to transact electronically was to make the whole process more sell able and useful to the customers who find the conservative process more tiring. The benefits of the process are: -

1. The first and foremost benefit of electronic conveyancing is that it makes the process virtual which means that there is no need for the conveyances to be physically present at the time of the transaction which helps in saving time and resources.

2. Secondly it makes the process almost paperless which means there will be no need of scrapping through legal documents, bank cherubs etc. This makes the process more convenient and easy for the transacting parties.

3. All the data that is required for the process is already loaded and verified against the concerned land registration parties which avoid any kind of misinformation or any room for human error.

4. The network carrying out the process of electronic conveyancing also allows electronic fund transfers which makes transferring and receiving of money easier for the parties. It also provides digital documents which is certainly a great help to the clients.

5. On completion, the proper registry instruments are lodged at Land and property information eliminating delays and hassles of any kind making the process faster and error free. Apart from having so many shining benefits, it is sad to inform that the whole process of electronic conveyancing has not got the response that it deserves. Even though various pushes have been made by industrial bodies etc. the process hasn’t taken up its full pace and it should be made sure that more and more people come to know about it. This hassle-free process will benefit parties a great deal as we have already observed, so you should make a point to have an idea of this. The goal should be to make the process more popular among the people you know and make sure to have your grievances relating to the process that is to be addressed. So, make the most of it folks!