eConveyancing

 eConveyancing-  2017.

PEXA has  now been in South Australia for over a year, and we are proud to advise we are consistently transacting in the top ten transactors of the state. As the platform improves we are able to transact more of our files on this platform that delivers efficiency to both the Conveyancer and the client. The latest upgrade now allows for Encumbrances and various Applications to be dealt with on the platform. If you would like more information on eConveyancing contact us here.

 eConveyancing- UPDATE – July 2016.

PEXA has arrived in South Australia and we have transacted South Australia’s first regional online transaction. Fore more information check out our blog here.

Since that first transaction we have been transacting where possible on the PEXA platform as we firmly believe this is the best option for our clients. If you would like more information on eConveyancing contact us here.

 eConveyancing- Latest news –February 2016!

eConveyancing will hit this May – and we are ready!

We’ve on-boarded to the first national eConveyancing platform – PEXA. We’ve got our client authorisation forms ready and you’ll see our correspondence updated to allow for transactions in the ‘online space’…

We are just waiting now!

 

What does this mean for you??

From May – it means that if your transaction meets the criteria of the online system we will be able to ‘electronically’ finalise your settlement.

This means we can settle at a mutually-agreeable time between 9-5 (gone are the days of those rigid 11.30 settlements).

Ownership transfer is immediate and, the best bit… Cash is transferred in real time using the Reserve Bank of Australia. No more clearance days on your bank cheque!!

It’s a fantastic leap forward for our profession, and there are a few more changes you’ll see along the way:

Client Authorisation Forms

From May, you are required to sign a prescribed form that outlines the nature of the transaction and who is involved in the transaction. If you are currently in the process of transacting with us, you’ll notice we have rolled these out already.

Your ID

This process has been in place since 2013. You are required to have your identity verified.

It’s not the standard 100 point check – it’s a structured, tiered requirement (more information below). If it’s not us seeing your ID, then Australia Post makes this process really efficient and secure – a form will be provided to you at the start of your transaction.

Your Conveyancer will sign for you

From May – your Conveyancer will be signing your real property document, regardless if you use the paper or electronic space. This is a huge change in our profession – the responsibility for your Conveyancer is greater than ever. Now more than ever you need to make sure you select your Conveyancer carefully. You’ll need to check they are on boarded to PEXA, and willing to transact in this platform. Your Conveyancer should be a Certified Practising Conveyancer and a member of Australia Institute of Conveyancer SA Division.

Not all transactions will be able to be processed in the electronic space- your Conveyancer will advise you as to the requirements based on your individual transaction. For more information contact us.

More information can be found on eConveyancing and Verification of Identity at;

ARNECC

PEXA

Land Services Group

Australia Post[/vc_column_text][/vc_column][/vc_row]

Verification of Identity – Implemented April 2014

You will be required to show ID to your Conveyancer at the start of your transaction. Your appropriate ID will be copied and stored by your Conveyancer (this has been rolled out already). You can get more information here.

 

Implementation of Priority Notices – Implemented July 2015

Lodging a Priority Notice means that your intention to purchase or transact on a parcel of land can be registered against the title prior to settlement.

When your Conveyancer attends settlement to effect the transfer of property ownership, generally the incoming mortgagee collects the series of documents and lodges them with the Lands Titles Office (LTO). Given that in many cases lodgement may by delayed by up to a month after settlement, it is prudent that the purchaser’s Conveyancer protects the interest of its client by lodging a Priority Notice

In effect, a Priority Notice is a limited scope caveat that will prevent any interests being registered on title during the ensuing period from when a contract of sale becomes unconditional until the new owners are registered on title.

Priority Notice in the South Australian context is a vital reform package that will facilitate the gradual phase out of the duplicate certificate of title. For more information you click here.

 The abolishment of Duplicate Certificates of Title (Deed) – expected May 2016

From mid 2016, you will NO longer be issued with a Certificate of Title to reflect your land ownership. Your ownership will be registered at the Lands Titles Office and no further paper documents will be issued to you. The abolishment of the Duplicate CT is to push us into the direction of eConveyancing.

 eConveyancing- update 2015

Over the next 12 months, our State Government will be rolling out significant changes to the Conveyancing process. These changes are to ensure that we are ready for the start of eConveyancing in South Australia by mid 2016.

Whilst the changes are varied and vast, some of the changes that will significantly affect you are:

 eConveyancing- expected mid 2016

All going to plan, next year your Conveyancer will be able to undertake certain transactions online via the first national electronic property transfer system in Australia. This will mean your Conveyancer can undertake and complete your transaction online. You will not be required to sign a transfer of land (your Conveyancer digitally encrypts it). Your settlement can be booked for any time of the business day and your sale proceeds will show in your account almost instantaneously. Change of ownership will register on the title within moments of the transfer occurring.

*not all transactions will be able to be undertaken this way, and the paper system will still work in conjunction with the eConveyancing process. Marshall Conveyancing Group will be encouraging clients who have appropriate transactions to opt for the online system, as it is more efficient, cost effective and “instant” at the settlement stage

Marshall Conveyancing will continue to offer you expert service and ensure that your transactions are seamless by being at the forefront of the change to our industry.

For all your conveyancing enquiries, contact a specialist at Marshall Conveyancing Group.

If you require more information please look at the following websites:

 

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