In Australia, property conveyancing has been for a long time a lengthy and stressful process. It also involved a considerable amount of paperwork and various legal hurdles. The process starts with entering a contract for selling or buying land, exchange of documents and registration of your property’s title.
Townsville residents now have a cause to celebrate with the electronic conveyancing process introduced in 2016. E-conveyancing, as it is popularly known, bears some stark differences to the traditional method of conveyancing. Here are some of these differences.
With e-conveyancing, you no longer need to sign the official documents related to your land title. These documents are signed by the conveyancing lawyer on your behalf under the power of a client authorisation form. This form authorises a legal practitioner to lodge and execute the instruments needed for your conveyancing for a set period.
Verification of Authority
Before signing the client authorisation form, your attorney will have taken logical steps to verify your authority to sell the property. There are various documents your attorney might require for verification of authority. These include utility bills, contract of purchase/sale of property and loan documentation showing the land and transaction parties.
In e-conveyancing, a change of property ownership is registered immediately instead of the six-week wait common in the past. This assures a buyer that his/her name will be recorded on the property’s electronic title within minutes of full payment. The vendor also gets proceeds from his/her sale within minutes of the registration.
For property sellers, the above changes have several advantages including decreased costs, real-time notification, and easy use. They also assure them of safety since they get electronically printed receipts for all their monetary transfers. For property buyers, these changes assure them of a quick transaction and title change and the safety of their property transaction.