Home buyers and business will save time and money when engaging in property transactions, under electronic conveyancing reforms announced this week by the NSW Government.
Following extensive industry consultation, the Government has committed to a detailed timetable for the introduction of paperless conveyancing. By July 2019, all standard property transactions in NSW will be conducted electronically, and all Certificates of Title will be phased out in favour of e-Titles.
E-conveyancing is a COAG initiative intended to provide a national electronic conveyancing system throughout Australia. NSW was one of the leading states to introduce e-conveyancing in 2013. The benefits to home buyers and business include:
- Home buyers will be able to lodge documents online 24/7, creating flexibility with time critical transactions;
- In most cases, settlement and lodgement will occur simultaneously instead of at the convenience of the bank, which can take days, weeks or months;
- Electronic funds transfers remove the cost of cheques and are more secure, removing the traditional three-day wait for funds to clear;
- Eliminates settlement fees and reduces the potential for fraud and other issues that arise around paper-based transactions; and
- Reduces labour costs and preparation costs.
“Conveyancing is a critical process in the purchasing or selling of a property which can be a life changing experience for a person or couple. These reforms will save home buyers time and money by reducing settlement delays, removing reams of unnecessary paperwork and preventing fraud,” Minister for Finance, Service and Property Victor Dominello said.
“The changes will also benefit business by providing certainty and clear transition timeframes for the implementation of digital conveyancing, and reducing costs associated with settlement.
“The 21st century has transformed technologies and consumer expectations. Today’s announcement is testament to the Government’s commitment to promoting innovation and ensuring that policies reflect the digital age.”
The timetable was developed in close consultation and with extensive support from industry stakeholders. The Office of the Registrar General held information sessions across NSW in January and February with more to come. Further information including the implementation timetable is available at www.lpi.nsw.gov.au.
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