On the 17th of April 2020, the Registrar General announced the mandating of eConveyancing. As a result from COVID-19, the electronic lodgements platform of settling properties doubled between January and March 2020.
The Registrar indicated at this time of restrictions on social gatherings, the imminent closure of the Lands Titles Office and the transition to electronic conveyancing was inevitable, the industry was forced to embrace the change permanently.
The announcement confirmed mandating of eConveyancing as from the 3rd of August 2020.
Our firm embraced the electronic platform prior to the forced closures and have been settling majority of our client matters on the PEXA Platform for a number of years. For us and our clients, the instant funds transfer and simplicity of the electronic process changed our conveyancing process from the outset.
What does eConveyancing mean for our clients?
The main feedback we’ve received from our clients, is that they love the opportunity to move into their property earlier, where possible. There is no longer that set time of 11:30AM for settlements, settlements done electronically can be scheduled for anytime during the day.
We’ve also noticed that the ability to “pick a time” has meant any delays with settlement can be rescheduled up to 4:30PM that day. This means, less chances for the settlement to fall over to the next day.
The instant funds transfer and the non-delay of having cheques to clear is also an added bonus.
The positives to eConveyancing are endless, which is why our firm adapted to eConveyanicng early. We definitely welcome the change and pride our service offering to be modern, adaptable and efficient.