eConveyancing update from NSW Fair Trading

5 May 2018
EAC
1038
0

A recent report by KPMG to investigate the impact of eConveyancing suggests it brings opportunity, with these standout benefits:

  • elimination of almost all risks associated with human error, such as misplaced or incorrectly signed documents (since all parties can review transactions online and easily correct mistakes in real time)
  • immediate transmission of settlement funds in most cases
  • instant registration on title
  • time savings of 3.25 hours (65%) for a vendor’s lawyer and 4.25 hours (70%) for a purchaser’s lawyer

The timeline for transition to eConveyancing in NSW is advancing, with all stand-alone transfers and caveats, along with mortgages and discharge of mortgages, to be lodged electronically from 1 July 2018. This also means those who normally lodge paper documents in person without formal legal representation will need to consult a lawyer or conveyancer who is registered for eConveyancing from 1 July 2019.

Download the KPMG report in PDF format or visit the PEXA website to find a lawyer or conveyancer who is already using eConveyancing.

To learn more about eConveyancing in NSW, visit the Office of the Registrar General website.

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