Electronic conveyancing or “e-conveyancing” is an online platform provided by Property Exchange Australia Limited (PEXA), where conveyancing transactions are settled electronically.
By 1 August 2019 it is expected that all conveyancing transactions (with very limited exceptions) will take place electronically in Victoria.
E-conveyancing allows for online interaction between all parties involved in completing a conveyancing settlement by enabling lawyers, conveyancers and financial institutions to transact together online. This has proved to be beneficial as is provides for easier transactions and quicker turnover times in relation to receiving and sending documents to the mortgagees; interacting with other parties to a transaction through the platform; and allows for greater transparency in the overall settlement process by being able to track the progress and status of a workspace waiting to settle.
E-conveyancing is aimed at reducing the number of processes and paperwork involved in a property settlement. It has, for example, completely removed the need for bank cheques at settlement. The process allows for instant notifications, allowing for your conveyancer to always stay on top of your matter and never miss a thing.
ASAP Lawyers is a subscriber to PEXA and able to accept instructions on e-conveyancing transactions.
If you need a conveyancer or lawyer for your property purchase/sale, contact us on 03 9450 9400 to speak with an expert. Our staff members can guide you every step of the way and help you to navigate through the conveyancing process.