With the concept of electronic conveyancing catching up, many property owners are accepting the way. Since it is being mandated from December 1st, it is important to know as much you can about the same. Keep reading to find out more.

1. Everything You Need to Know About
Electronic Conveyancing
As we slowly but gradually move to an online era, which is becoming paperless,
there is now a process to make conveyancing electronic as well. In fact, the
conundrum surrounding electronic conveyancing finally comes to an end as it is
being mandated from December 1st. If you are still not sure about electronic
conveyancing, here is an article explaining the same. Keep reading to learn more
about electronic conveyancing.

2. What is Electronic Conveyancing?
Conveyancing is defined as the law which deals with the preparation of all
documents for the transfer of property from one owner to another. This is the
process that includes all documents related to a property until the ultimate
settlement and confirmation of the financial transaction. Buying and selling of all
residential units including houses, commercial properties, deceased estate, land
subdivision and change of title are all considered to be a form of conveyancing.
Conducting these transactions online is termed as electronic conveyancing. From
lodging to paying, everything is conducted online, the name has been aptly
provided.
How Does Electronic Conveyancing Work?
PEXA or Property Exchange Australia (PEXA) has been operating as the
electronic platform which serves as a virtual room for all the settlements to take
place. This indicates that the conveyancer doesn’t have to physically attend
settlement with paper documents, but can conduct and further settle the entire
transaction online. The details available in PEXA are verified against all
information in the land registry system, prior to settlement, thus eliminating
human errors such as incorrect signing of documents, misspelt name, incorrect
address and mismatched bank cheques to point out a few.
The Electronic Lodgement Network Operator (ELNO) process the digital
documents and facilitate the transfer of funds. The ELNO is connected with the
major Australian banks, thus ensuring faster transfer of funds for the sellers. Like
mentioned, a conveyancer doesn’t need to be physically present for the transfer
to take place. A mutual date with the buyer and seller can be fixed and used to
complete the process. This is highly flexible, making things easier for all.
The registry instruments are lodged at Landgate , which eliminates all delays by
addressing errors in the applications made. This entire process takes place before
the settlement is finalized, thus saving a lot of time. Since the entire process
takes place electronically, it is faster, easier and has fewer risks.
What Are the Benefits of Electronic Conveyancing?
The benefits of electronic conveyancing can be summarized as follows:
The risk of identity fraud is minimal due to the high­security measures taken The
entire process is completed within a day The number of faults and errors reduces
significantly Not only financial settlements but caveats, discharges, withdrawals

3. of caveats, land transfers and mortgages can also be processed The funds get
transferred immediately No bank cheques are required and Real­time lodgement
and settlement
What is the date for Electronic Conveyancing being mandated?
Electronic conveyancing is being mandated from December 1st 2018 in Western
Australia.
Things to Remember
The paper­based settlement process has been a long and tiring one that has been
in use in the country for more than a century. However, from 1st December
2018, all new stand­alone transfers, mortgage, discharges, caveats, and
withdrawal of caveats will have to be lodged electronically. Contracts that have
been signed prior to December 1st can still be lodged at Landgate using paper
lodgement. But paper lodgement may not be accepted for eligible transactions
registered after December 1st 2018.
So, if you are buying or selling a property, you should request electronic
conveyancing process. You can avail the services from the top conveyancers to
ensure a smooth and seamless transaction.
Waterways Conveyancing
Unit 4, 16 Sutton Square, Mandurah WA 6210
Phone No. (08) 9586 9992 Fax: (08) 9586 9660
Mail us: lyn@waterwaysconveyancing.com.au
Website: http://www.waterwaysconveyancing.com.au/