eConveyancing is an ability to perform lodgments and property settlements online through a special electronic workspace. The system has been on the horizon in Australia for a number of years, gaining momentum to grow and prosper. Just like every single improvement in the modern digital world, it brings us a change - a major one affecting various aspects of dealing with property settlements.
Creating an online workspace for transactions, eConveyancing is designed to be accessible to all parties of a property transaction. Furthermore, it is a place for each party to share information, see the overall progress and view documents within. The kind of transparency with all parties included in the eConveyancing system shows results with impeccable benefits. Basically, the eConveyancing system shifts the traditional into digital in another form of transparency - forming a competitive advantage over the old-fashioned, traditional model of a conveyance.
So, what are the benefits of eConveyancing?
Firstly, the main benefit is the lowered costs due to efficient service provision. Additionally, the time required to complete a transaction is substantially decreased with eConveyancing, making the whole process fast, practical and innovative.
The visibility of the stages in the property transaction are digitalized and made better with the principles of eConveyancing. All parties within the transaction (including banks), can now have full visibility on how and whether each stage in the process is completed, with no limit to the number of transactions that can take place in a settlement.
Apart from the fact that the use of the PEXA (Property Exchange Australia's) system is voluntary and does not amend any fundamental land law, its release offers the marketplace an increased functionality and safer transactions over time. With Land Registries and financial institutions having started to perform single party transactions such as discharges, mortgages and even refinances - a process which began in 2013, the digital shift towards eConveyancing is expected to be much larger and to accommodate caveats, transfers, notices and settlements as well.