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