If you follow these blogs, or have sought our help before you will know what conveyancing is. If you haven’t come across that term you should head to one of our blogs about conveyancing, but the short version of it is;
The legal and statutory processes required to effect the transfer of ownership of real estate from one person to another.
More or less a conveyancer will help you with all of the legal documents involved in the process of purchasing or selling property. However, as we move forward as a society and edge ever closer to making the use of paper almost redundant, our legal processes can become more accessible via online/electronic avenues. E-Conveyancing or Electronic Conveyancing is a much more streamlined, accurate and secure way of going about your conveyancing. The new process allows lawyers/conveyancers and the associated financial institutions (banks) to work within an online space which allows them to interact and transact together.
In this new e-conveyancing environment, information can be delivered from the original source and then be transferred to all relevant documentation, with the ‘system’ checking that specific information. You can also sign and lodge documents via this process. E-Conveyancing operates via a platform known as PEXA which stands for Property Exchange Australia Limited. It was formed in 2010, due to a COAG (Council of Australian Governments) initiative to create exactly that, an e-conveyancing solution to the Australian property problem. It is meant to eliminate mistakes that may be made due to clumsiness and so on. It should be noted that e-conveyancing does not cover the whole conveyancing process. It is just for the preparation and execution of the settlement and registration.
Below is a list of key terms that are used in the e-conveyancing process (via – https://www.lawyersconveyancing.com.au/what-is-electronic-conveyancing/).
- ARNECC – Australian Registrars’ National Electronic Conveyancing Council: A body comprised of the Registrars from all Australian States and Territories.
- ELNO – electronic lodgement network operator: Is the party operating the electronic platform. The first ELNO is PEXA.
- MOR – Model Operating Requirements: The rules governing the relationship between the ELNO and the land title registries.
- MPR – Model Participation Rules: The rules governing the relationship between the electronic lodgement network operator (ELNO) and participants in the system such as lawyers.
- PEXA – Property Exchange Australia Limited – The company providing the electronic platform and the electronic platform system itself.
- Subscriber – A person or entity authorised to conduct electronic conveyancing transactions using the ELNO on behalf of a client, such as solicitors or conveyancers, or on their own behalf, such as financial institutions and government agencies.
Here are some noted benefits of using the e-conveyancing process (via – https://www.lawyersconveyancing.com.au/what-is-electronic-conveyancing/) ;
- Greater assurance and protection for parties that dealings will be registered almost immediately after settlement, avoiding the risk inherent in delays
- Reduction of risk associated with using cheques for settlement
- Reduction in time and cost spent chasing mortgagees (both discharging and incoming) and other parties, with the increased transparency of parties readiness to settle through the PEXA workspace
- Elimination of the time and cost involved in instructing staff or agents and their attendance at physical settlements and lodgement at land registries
- Access to pre-settlement lodgement checks, reducing post-settlement requisitions from the Land Titles Office
- Immediate distribution of the proceeds of sale post-settlement.
If you would like to know more about e-conveyancing or how we can help you go about this newly introduced process. Remember to get in contact with us via; (03) 9707 1155 or email@example.com