Online conveyancing – the future is here
The legal process for buying and selling property is undergoing a radical transformation across Australia with the introduction of online conveyancing.
What does this mean?
While this is a whole new approach for property lawyers, the process will change what is required for buyers and sellers as well — and for the better!
In later blogs I will explain some of the specific differences, but it is probably best to first understand what is this new-fangled online conveyancing.
Traditionally conveyancing has consisted of 3 parts:
- Getting to a binding unconditional contract of sale
- Obtaining certificates and getting ready for settlement
- The settlement — where the money is exchanged for receiving the title to the land.
Online conveyancing brings that 2nd and 3rd step online. The steps getting ready for settlement happen through online posts (a bit like comments on facebook). No more phone calls and faxes to tee up settlement and confirm figures.
For settlements the traditional way, we would have to get bank cheques from the bank, physically attend the settlement where the documents and cheques were exchanged and then let you know the settlement had happened.
With online conveyancing the the actual settlement happens online — money passing between vendor, purchased and banks in an online environment with the title simultaneously been updated to the new owner. It’s quicker, safer and more secure.
If you are the seller this means you get your money quicker. For purchasers the process is more secure and less risk of settlement being delayed.
At OFRM we are loving this new process, the benefit for our clients is significant. Keep an eye out for later blogs highlighting the process and some of these improvements.