In the 21st century we can complete major transactions online, chat with friends from across the world and have our coffee brewing when we wake up in the morning. In a world of such speed and efficiency, manual transactions can seem clumsy and even unnecessary.
Buying and selling property is one of the most significant moments in most of our lives, so it only makes sense that this process moves with the times too. Electronic conveyancing is a revolution of the property transaction world that allows us to handle all the legal elements of buying or selling through the electronic platform PEXA.
The Property Exchange Australia brings together your legal and financial representatives in an online workspace that makes conveyancing even easier. Today we’re going to outline 5 major benefits of this process, and talk a bit about how it compares to a traditional conveyance.
Save Time and Money
The whole point of traditional conveyancing is to make the selling and buying process easier for you by bringing together the right people in the right places. Whether you live in Adelaide or Yorketown, your legal professionals will take care of searches, review contracts, examine easements and attend the final settlement, providing complete peace of mind.
Electronic conveyancing goes one step further by removing the cost and time involved physically getting staff to locations in order to settle, or make a lodgement with land registries. With conveyancing being all about safety and convenience, this electronic addition takes It that natural step further.
No More Delays
As we’ve already touched on, it is the immediacy of modern technology that most of us love. With electronic conveyancing, this is no different.
After the final settlement, a range of documents need to be registered to finalise the entire process. The use of PEXA makes this simple, but this advantage represents more than a convenience. By removing the delays, you’re also removing risks for every party, so knowing that documents can be finalised almost instantaneously brings an extra sense of assurance to the conveyancing process.
Modern technology is excellent at keeping us informed, sometimes whether we like it or not. While a Facebook notification about an upcoming event isn’t always desirable, knowing what’s happening with your conveyance is important. The electronic system can provide you with a wide range of updates related to what’s happening with the exchange of your title. Whether you’re buying or selling, knowing exactly what’s going on helps to put your mind at ease and further simplify the process.
Money Made Easier
After your settlement is completed, there are a range of funds that need to be distributed. Electronic conveyancing automates this process, meaning you receive your money from the sale much faster. It also means that as a buyer, your purchases can be made easier, leaving you to enjoy the move and think about your furniture arrangement.
Checks and Balances
There is a lot of documentation involved in property transactions, but luckily your conveyancer will take care of much of that for you. Electronic conveyancing provides an extra level of assurance, with built-in lodgement checks available prior to settling.
This basically means that the need to backtrack with requisitions (and more forms) after the settlement is greatly reduced, and sometimes completely eliminated.
Convenience is at the heart of the conveyancing process, and as you can see, electronic conveyancing is the latest step that makes this easier. With electronic certificates of title, digital signatures and much more intuitive ways to verify your identity, the process may be changing, but it is certainly for the better.
To talk to a team who keeps up with the latest in electronic conveyancing in Adelaide, contact Conveyancing Centre today.