There have been many recent changes in the way that conveyancing is completed for the sale and purchase of property, with property transactions now being handled in the digital environment. The changes include:
1. Electronic Titles
Electronic titles are replacing paper titles. All titles which have a registered mortgage with any recognised lender have already been converted to electronic titles and the old paper titles destroyed. The Titles Office is working towards converting all titles to electronic titles.
2. Electronic Settlement and Registration
This will involve all elements of the transaction being conducted online including settlement, stamping and registration of the transfer of title through the online conveyancing platform, PEXA. The benefit of the electronic system will be the significant reduction in paper documentation, immediate stamping and registration of transactions and the logistics of arranging a physical settlement.
3. Paper Conveyancing
Paper based conveyancing will still be an option while we are moving to electronic conveyancing, but this is also changing. Transfer documents are now signed by solicitors and conveyancers on behalf of the client. The client is required to verify their identity with their solicitor or conveyancer, and provide authorisation to sign Land Use Victoria documents on their behalf.
4. Duties Online
The State Revenue Office has replaced many of its paper based forms with a single online form. When completing a sale or purchase of land, the parties are now required to digitally sign the form online.
Harwood Andrews is committed to being at the forefront of all of these changes including the move to electronic conveyancing. Please contact team members below if you would like any further information about the recent changes.
For further information on anything in this article or related areas of interest please contact:
T 03 5226 8595