What is E-Conveyancing?

When the parties to a contract choose to settle electronically it essentially means that part of the conveyancing process that happens at the settlement meeting between lawyers and financial institutions now happens in an electronic workspace on PEXA.

A contract is still signed, the lawyers still take instructions from their clients, order searches and liaise with other parties about conditions of the contract but instead of the lawyers and financial institutions meeting in person on the settlement date to exchange Transfer and release of mortgage documents for the purchase price, that now happens electronically.

When e-conveyancing is adopted, one of the lawyers or financial institutions creates a digital workspace on PEXA, Transfer documents and release of mortgage documents are signed digitally and a time is set for settlement. If all the participants (the lawyers for each side and the financial institutions, where applicable) mark the electronic workspace as ready for settlement then at the agreed time the workspace locks, the funds are then disbursed as cleared funds almost immediately to the designated recipients’ bank accounts and the Transfer, release of mortgage and new mortgage documents are immediately lodged at the Titles Office for registration.

If you would like to know more about e-conveyancing please contact David Patton or one of our other property lawyers. We would be happy to discuss it with you and your clients.