Resistance in the West to potentially lucrative e-conveyancing monopoly

The Australian Institute of Conveyancers Western Australia Division (AICWA) has been lobbying its state’s lawmakers to stop mandatory PEXA settlements.  AICWA states: The AICWA has met with representatives from Landgate and the Minister for Transport, Planning and Lands office to outline our concerns. AICWA remains fully supportive of a transition to electronic settlement. In fact, we accept that there are circumstances where regulation to mandate electronic lodgement of eligible transactions would be both appropriate and indeed desirable. However, such a mandate is premature at this time. AICWA was asked to identify the essential criteria that need to be satisfied before […]

Will conveyancers allow their prices to be set by a third party disruptor?

In the field of conveyancing, third party marketers are not new. There are conveyancer locators, lead generators, competitive quoting services and Q&A forums to name a few. What is new is a third party marketer dictating the prices at which a conveyancer will provide conveyancing services. Even if there is more than one such service in existence, they are not at present being promoted as vigorously as the newly emerging service called Titlexchange. Titlexchange sets the conveyancing fee and has a range of fixed cost packages available, starting from $545 for a ‘simple’ title transfer. There are also a variety of add-ons that can be […]

Corrs adopts latest digital conveyancing technology

Continuing its pioneering approach to ‘open innovation’, Corrs Chambers Westgarth, has announced the adoption of the latest digital conveyancing technology by the firm’s market-leading property practice. Corrs is adding InfoTrack PlanIT to the firm’s suite of secure cloud-based solutions, following extensive collaboration with developers InfoTrack. PlanIT is a streamlined platform that allows for the management of document production, distribution, execution, reporting and settlement for off-the-plan apartment and master-planned communities. It has the potential to deliver time and cost savings to the firm’s clients, while also enabling Corrs to send contracts anywhere in Australia and overseas within minutes. Conveyancing transactions have […]

Almost three-quarters of conveyancers would do it again: survey

Almost three-quarters of conveyancers would choose conveyancing as a career if they had their time again according to a new survey conducted by Perfect Portal. The exact survey result was 74.4 per cent. 60.7 per cent say conveyancing offers them a flexible lifestyle. The survey also highlighted the business and operational challenges of being a conveyancer. When asked ‘what is your least favourite part of the conveyancing process? 40.7 per cent of respondents said constant phone calls and emails while 30.7 per cent said chasing paperwork. “Given that over 20 per cent (21.4 per cent) of respondents spend three hours or more […]

eConveyancing: Queensland lawyers demand government certainty

Frustrated Queensland property lawyers are seeking answers from the Queensland government, after repeated attempts for clarity on the timeframe for the formal introduction of electronic conveyancing have been ignored. This follows the introduction of Electronic Conveyancing National Law (Queensland) in May 2013 and the Payroll Tax Rebate, Revenue and Other Legislation Amendment Act 2015 (Act) in June 2015. According to new research by legal technology firm GlobalX, 84 per cent of Queensland lawyers and conveyancers support the move to electronic conveyancing, and are waiting for the Titles Register (part of the Department of Natural Resources & Mines), to lead the […]

Regional Conveyancing Firm Settles 105 Properties Through PEXA

New technology is bringing WA property settlement agents a competitive edge according to Mandurah-based Waterways Conveyancing Licensee Lyn MacQuarrie. “With a high speed internet connection and a strategy to digitally exchange property we’ve quickly settled 105 properties online,” she said. Hi-tech smarts a marketing tool to capture more business “With PEXA we can compete on an equal footing with city-based outfits because we don’t have to waste one hour of our precious client-facing time heading into the city by car or train each time we settle a property. This old method of paper-based settlements is outdated. I urge other property […]

NAB mortgages go hi-tech with digital era reform

Anyone who has ever bought or sold a home knows that finalising a property transaction can be stressful. NAB is making things easier for its customers, as Gary Howard, General Manager of Redstar Customer Lending Operations, explains here.     Q. From 1 August, all mortgage refinances are required to be online. Is NAB geared up for the digital mortgage era? We know our customers want to do things more easily, simply, and conveniently, and enabling digital solutions is absolutely key to this. NAB has been an advocate and driver of change in the eConveyancing industry for years. Since settling our […]

It is day one of compulsory PEXA

1 August 2017 is the banking industry deadline for paperless refinancing. It marks the first compliance date for how refinance transactions must now be lodged with land registries in NSW and Victoria. Western Australia follows suit in December. From 1 August 2017, refinance transactions in Victoria, where the transacting parties to discharges of mortgage and mortgages are authorised deposit-taking institutions (ADIs) under the Banking Act 1959 (Cth), are to be lodged electronically (both retail and commercial mortgages). In NSW, where both mortgagee(s) in a refinance transaction are ADIs, any combination of mortgages and discharges of mortgage signed on or after […]

Don’t fear a steep downturn in NSW conveyancing

Sydney dwelling values have climbed 78.8% over the last five years. It is an incredible rise and is illustrated in the graph below [top line]. [source: CoreLogic] For the last couple of years there have been plenty of commentators predicting that it has reached its peak. The latest indicators are that Sydney price growth has slowed. The next couple of months could show a retreat in prices.  If prices do fall, will we be faced with a conveyancing apocalypse?  This is unlikely. Whereas dwelling values have climbed 78.8%, NSW property transfers are up by about 24% compared to five years ago – 2016/17 compared […]

Busiest day for property settlements revealed

Property experts have identified the busiest day for settlements, with more than 70 per cent of conveyancing professionals stating the last day of the working week attracts the largest number of transactions. GlobalX’s annual Law Technology Survey found Monday was second on the list, with 12.5 per cent of respondents nominating it as their busiest day, with Wednesday the quietest of the week. GlobalX CEO Peter Maloney said buyer preferences to move on a weekend often drove the high volume of Friday settlements, with families, couples and new owners picking up the house keys on a Friday and moving the […]