Electronic conveyancing for property transactions will become compulsory in NSW from 1 July 2019.
The NSW government has announced the schedule for transition from paper-based conveyancing to e-conveyancing.
- The benefits of switching to digital conveyancing include:
- The conveyancing process will be fully automated from creation to settlement.
- A faster and more cost-efficient contract process.
- Better quality control and tighter security.
- Contracts can be entered into and settled at any time, regardless of geographical location of the signatories and other participants.
In order to prepare for the 1 July 2019 deadline for mandatory e-conveyancing, when you lodge paper conveyancing documents in person, without formal legal representation from 1 July 2018, you must engage a lawyer or conveyancer who offers e-conveyancing.
How does e-conveyancing work?
Your lawyer, or conveyancer, and your project financier will use a secure online workspace where they can interact and transact together. Information entered into this portal will then populate all conveyancing documentation, with automatic cross-checks by the system.
The transaction is then settled within the online environment through the digital signing and lodging of conveyancing documents. Electronic signatures will be legally binding, and a digital certificate showing the time, location and order of signing for each document will be available to download.
How to get on board with e-conveyancing?
The NSW government is encouraging developers to make the switch as soon as possible, so you can put the right support in place and enjoy the benefits of going digital.
If you need guidance on the best way to prepare for the e-conveyancing deadlines, the Office of the Registrar General has further information available. They are also offering a range of workshops to help developers make the transition.
You can find out which conveyancers and financial institutions have e-conveyancing capability using the PEXA (Property Exchange Australia) searchable database. PEXA is currently the only electronic lodgement network operator (ELNO) in NSW, but more ELNOs are expected to come on the market as e-conveyancing gains momentum.