Back in April 2015 we were one of the first firms in Victoria to complete an electronic settlement for a conveyancing transaction. We found the process very straight-forward and exciting as it removed the need for parties to run around with cheques, engage settlement agents to attend physical settlements and allowed real-time transfers to occur at specific times. From our experience at physical settlements, often one party might be late which results in all others having to wait around, documents go missing and some settlements even failed to complete because the bank or one of the parties provided an incorrect cheque or amount.

This does not occur with e-conveyancing as there is no physical place to attend, all representatives can see the amounts to be transferred before settlement and documents are uploaded and completed online. Unfortunately as all parties involved in a conveyancing transaction have to agree to conducting electronic settlement, around 95% of our matters since then have remained the old “paper form”.

We are however seeing an uptake in firms agreeing to conduct their settlement online, we expect this is because electronic settlement is soon becoming compulsory for all properties in Victoria. We are looking forward to conducting all our conveyancing files electronically, as our experience indicates there are many benefits for the firm and our clients.

In particular:

  • Greater chance of settlement occurring on time! This is because all the details regarding the matter are processed online and corrections occur in real-time.
  • Funds transfer almost immediately! No more waiting for cheques to clear.
  • Efficiencies for those that are tech-savy! We are seeing 50% increases in speed in conducting a transaction, with less calls to bankers, agents and conveyancing firms
  • Less / no paper!!
  • We are excited about continuing to be a leader in electronic conveyancing and look forward to assisting our clients settle their matters quickly and efficiently.