Monday 4 July 2016 marked the date as one of the biggest changes to the reform in the past 150 years as Electronic Conveyancing was officially introduced to South Australia.
Like any change, there are mixed emotions. Some are a little cautious of the idea, while others are extremely excited and can’t wait to be able to settle their first file on the new secure online platform created by ‘Property Exchange Australia Ltd (PEXA)’. This office definitely falls into the last category and we are already in the process of planning for our first electronic settlement.
At the moment not all transactions are able to be completed on the electronic platform, however this is being worked on and in time will be phased in. For settlements that aren’t able to be completed electronically, they will be completed manually at the Lands Titles Office.
Electronic conveyancing comes with many benefits, including but not limited to the following:
Along with this introduction there are now extra requirements on the conveyancer to not only verify the clients identity, but also their right to deal with the property, known as ‘Verification of Authority’. If you find your conveyancer now asking a few more questions and requiring a couple extra signatures, rest assured, it is for your added protection to ensure that this major decision of your life runs as stress free as possible.
For more information on the new requirements to be complied with, please refer to the attached information sheet or feel free to contact this office.