Embrace e-conveyancing now, it’ll be mandatory January 2019
The law surrounding property transactions continues to evolve. One recent change is mandatory electronic transactions as of 1 January 2019.
Whilst the legal industry is generally resistant to change, Phillips & Wilkins is always exploring the endless possibilities that new technology can provide and embracing change.
Recent e-Conveyancing Examples
The use of Property Exchange Australia (PEXA). a Government part-owned and recognised service to allow Australian property Lawyers, Conveyancers, Land Registries and financial institutions to transact together, on the PEXA website to enable registration of transfer of land and securities affecting land.
Phillips & Wilkins used PEXA to finalise a complicated property transaction following a family law matter which enabled several properties to be transferred and mortgages discharged and funds made available for a client and received at 5.30 p.m. on a Friday.
The benefit was that the client had clear funds and could purchase a new property the following day at auction.
Using a digital electronic Contract of Sale for a non-attending International client. Phillips & Wilkins broke down this usual barrier of having to wait on scanned copies being sent by email for printing by implementing an eContract of Sale. As a result, one of the executors, who were overseas in California and unable to attend the auction, was able to sign the Contract of Sale electronically at the same time that the attending executor was signing the same eContract of Sale. In a paper-based Contract, it may take up to an hour to have a fully executed Contract of Sale as the signed Contract of Sale would need to be sent by email for printing by the overseas client and returning by email (and relying on all the respective printers being workable). The simplicity was that all parties signed the contract within 20 minutes of the hammer falling and each party and their legal advisers and the estate agents had access to a copy contract.
If you would like to utilise PEXA or eContracts in your next property transaction, please do not hesitate to contact Phillips & Wilkins for further information.
At Phillips & Wilkins, Chris practices in the areas of Property Law, Conveyancing and Family Law. Chris has grown up in the Northern Suburbs and continues to be a part of the local community as being a member of the Old Paradians Amateur Football Club and the Mill Park Cricket Club. Learn more about Chris' legal experience.