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Wisewould Mahony Lawyers

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Level 8
419 Collins Street
Melbourne VIC 3000
Australia

Postal Address
PO Box 239
Collins Street West
Melbourne VIC 8007
DX 470


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Property Update - E-CONVEYANCING

Property Update - E-CONVEYANCING

By Bernadette Zaydan
February 10, 2016

Solicitors and conveyancers can now utilise e-conveyancing on behalf of their clients.

E-conveyancing is a means of conducting settlements online and parties exchange documents and cheques electronically through the PEXA network without leaving the office.

Currently, Wisewould Mahony physically attends more than 2,300 settlements each year at various locations around the CBD and regional Victoria. E-conveyancing will eventually alter the need for physical attendance to settle property transactions.

How e-conveyancing started

PEXA’s origins came about when the major banks joined forces in 2013.

Arguments in favour of e-conveyancing are:

  1. Cost savings as titles will be issued and stored electronically.
  2. Efficiency and greater certainty for parties involved in conveyancing transactions.
  3. Consistency because e-conveyancing is a national system.
  4. Safeguards land owners from fraud.
  5. PEXA settlements can take place until 6.30PM, instead of 3.30PM.

However, e-conveyancing will ultimately increase the cost of conveyancing because each party pays a fee to PEXA.

What Wisewould Mahony has done

Wisewould Mahony is a registered user of the PEXA network and we have successfully conducted electronic transactions on behalf of our clients.

The Registrar has imposed an obligation to verify the identity of individuals who enter into a property transaction after 1 January 2016:

  • Wisewould Mahony is registered with Australia Post to verify the identity of clients on our behalf.
  • There is a $39 fee for ID check, photocopying/scanning and certifying ID documents, witnessing clients signature, capturing clients photograph and delivering the verification of identity report to our office

Conclusion

Wisewould Mahony has vast experience advising clients in relation to their property transactions. We are committed to adapting to new practices to ensure our clients receive the best service available.

For more information about e-conveyancing please contact Frank Field of Julie Barkla of our office on (03) 9612 7326 or via frank.field@wisemah.com.au or julie.barkla@wisemah.com.au.