Property settlement technology experts GlobalX* are advising lawyers and conveyancers across New South Wales to act now to ensure they are prepared for the 1 July 2019 electronic conveyancing mandate.
The New South Wales Government mandate will require all mainstream property transactions across the state to be lodged electronically – the culmination of a five-year gradual transition to reach 100% digitisation of property settlements.
Electronic conveyancing was first mandated in Victoria and Western Australia in late 2018, signally the end of manual settlements in the traditionally paper-based industry.
GlobalX CEO Peter Maloney says New South Wales practitioners can look at the experiences of Victorian and Western Australian practitioners who have gone through the transition to electronic conveyancing.
“The introduction of electronic conveyancing in Victoria and Western Australia left many practitioners feeling overwhelmed as our industry underwent significant change,” Mr Maloney said.
“New South Wales practitioners have the opportunity to put plans in place now, whether that be registering for PEXA and training staff, or outsourcing electronic processes to an experienced electronic settlement agent.”
“We encourage all practitioners to gain a full understanding of their obligations and what’s required to avoid any mishaps that will be a detriment to their firm and clients.”
Mr Maloney shares his top tips for New South Wales practitioners to prepare for mandating.
- Read up on ARNECC’s latest Model Participation Rules in order to understand your obligations
- Be diligent and compliant in terms of Verification of Identity and client authorisation
- Talk to practitioners in VIC or WA and learn from their experiences with electronic conveyancing
- Consider outsourcing the settlement process to a reputable agent service in order to save on time and resources.
- Inform your clients about electronic conveyancing, particularly in terms of the security of their data, details and money.
*GlobalX provides legal and conveyancing professionals with electronic conveyancing enabled workflow solutions an outsourcing service for electronic conveyancing processes, GlobalX Legal, specialising in assisting practitioners with electronic Settlements, lodgements, duties online and trust account services. https://globalx.com.au