What are the changes you as a purchaser or vendor will benefit from by having your property transaction occur online?
The biggest change is a less documents to sign, which also means less trips to our office to sign those documents.
As mentioned in my earlier post, the commencement of the conveyancing process remains the same — a contract prepared with a s32 vendors statement, then signed by both parties.
Regular readers would be aware that in recent times there has been an added process added to property transactions known as "verification of identity" or VOI. The VOI involves the owner having to produce documents confirming you are who you say you are (and be warned the process even involves a photo being taken!).
Of course, in these modern times VOI provides great protection against fraud.
With online conveyancing at that time of verifying you are who you say you are, you will also sign a "client authority to sign". That document authorises your lawyer to sign the documents needed to effect the settlement on your behalf. To get even more hitech when we sign on your behalf it is a digital signature - not signing and faxing, not even emailing or scanning but signing by clicking a button when logged in, passwords and with a dongle that confirms we are authorised!
So what does that mean for you — you don't actually sign the transfer of land — we sign that on your behalf. Leaving you more time to get on with the packing!
Stay tuned for more about online conveyancing.