We may have a national conveyancing market sooner than we expected. Yes, there are state based interests and administrative impediments currently in place but the trend looks unstoppable with only timing being the real question.
Technology doesn’t care about borders. It wants to spread everywhere. There are other factors as well, such as principles of best practice. Why should a transaction in one state have different rules to that of any other state?
Efficiency: national businesses that operate within the property market such as banks and insurance companies should be delighted with more uniformity rather than less.
Then there are the economists who love to see markets working ‘properly’ and who are an influential voice in policy-making.
However, in the conveyancing market, the factor that is currently shaking things up is e-settlements, PEXA and (coming soon) Sympli.
Understand the legislative timetable for mandated electronic settlements across the Australia
A free guide on e-settlements has been released that provides a practical, step-by-step guide and overview of the current state of play across Australia as well as a dedicated section for each state detailing precisely what is required in that state.
This includes the law, a glossary of terms of which there are many, timelines, diagrams explaining how the system works, the transition process which will replace many of the paper and manual process which traditionally entails five parts; verification of identity, electronic contracts, client authorisation, dealing preparation & dealing verification and electronic settlement.