When a property transaction settlement takes place In NSW, your
solicitor must meet with your bank, the other side's solicitor
and their bank at a specific time where paperwork and bank cheque
will be passed between those attending. In a move to update this
outdated practice the Law Society, banks and Government bodies have
developed a system which will soon be available to all
practitioners, nationwide, to make the transaction more efficient
and relevant in today's modern world.
A system of eConveyancing is currently being trialled that
comprises an electronic settlements room where documents are
uploaded by the solicitors and funds are electronically transferred
by the banks. Documents can be checked prior to settlement to
ensure they are correct, which will save on any delays, and doing
away with cheques means vendors will have access to the proceeds of
For some this move away from physical Certificates of Title and
the transfer of money may seem daunting, however stringent
requirements will be implemented by the overseeing body PEXA and,
in the case of Kenny Spring, within our own firm as well to ensure
the security of the transaction. Proper identification and
verification of the parties to the transaction will be closely
inspected and documented, in addition to the close examination of
the lodged documents by at least two people at various stages of
For those who would still prefer the current approach,
eConveyancing is optional and will not be imposed on any vendor or
purchaser. It also requires both parties to agree to proceed with
the transaction electronically.
At Kenny Spring Solicitors we are ensuring that we are ready for
the launch of eConveyancing in the New Year so that our clients
have the option to utilise these new and improved practices and
their transactions will be as efficient as possible.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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