Benefits of eConveyancing
A recent report released by the Registrar General and developed by KPMG with input from lawyers and conveyancers has highlighted the benefits of digital conveyancing.
NSW is accelerating toward digital. In 2014, only about 4 per cent of transactions were being done electronically. However, just last month 40 per cent of dealings were being lodged via eConveyancing.
The report shows some big benefits to eConveyancing:
- For a standard paper transaction (after contracts have been exchanged)
- Time savings of up to 3.25 hours or 65% for a vendor’s lawyer or conveyancer
- Time savings of up to 4.25 hours or 70% for a purchaser’s lawyer or conveyancer
- eConveyancing eliminates risks associated with human error, such as misplaced or incorrectly signed document. That is, all parties can review transactions online and easily correct mistakes, in real time
- With paper, we hear generally “1 in 10 to 1 in 30 transactions” go wrong. These are the ones that stop someone from moving into their home. The removalist truck is parked outside but the paper lodgment process has let them down. Such a risk is removed with eConveyancing.
- Lawyers and conveyancers no longer need to attend settlement physically. This is much better for regional NSW, where in some towns such as Broken Hill you have to drive for hours to exchange papers.
- Lawyers and conveyancers also no longer have to spend time on hold when contacting banks and other parties.
- Financial institutions have their interest registered on settlement rather than waiting for days.
- Funds from the proceeds of a sale are available much sooner.
More information about eConveyancing can be found here http://www.registrargeneral.nsw.gov.au/eConveyancing