This day in age, just about everything can be done electronically.
Money can be transferred from the palm of your hand.
Mail can be sent from a computer instead of the post.
You can even read the newspaper or your favourite magazine online.
Property settlements are one thing that you couldn’t do electronically. Until now!
Settlements are coming into this digital age with electronic conveyancing (yay!).
From 1 December 2018, electronic conveyancing will take over as the standard in settlements across WA.
The first online settlement actually occurred in 2014. This enabled the system to be trialed and tested before the compulsory implementation of online settlements for eligible transactions this year.
The tiresome and somewhat clunky paper-based system has been around for more than a century and will be taken over by a new system called PEXA.
While we’re sorry to see it go, we’re also excited about what this new process will mean for our clients.
How will this impact me?
First and foremost, electronic conveyancing is expected to make the whole process as streamlined and transparent as possible.
Buying and selling property can be stressful enough and nothing is more stressful than a settlement being called off due to an error with a document.
Electronic settlements allow errors to be corrected right up until the last minute, minimising the need for settlements to be rescheduled and impacting your plans to move in or start building.
As with most things, the new system also has app functionality which enables you to log in and see what has happened in real time.
For us lucky enough to live in Busselton and the beautiful South West, this is also great as your settlement agent does not need to personally attend settlement in Perth.
Regional settlement agents currently have to travel to or engage someone to attend settlement on their behalf (most common).
Want to know more? Chat to your settlement agent or visit landgate.wa.gov.au for further details.
Why not check out our list of land for sale or homes for sale to start planning your next property move?
Sources: Landgate, updated 1 November 2018, Landgate, 10 November 2018, https://www0.landgate.wa.gov.au/for-individuals/legislation-and-reform/electronic-conveyancing
Landgate, updated 31 October 2018, Landgate, 12 November 2018, https://www0.landgate.wa.gov.au/for-individuals/legislation-and-reform/electronic-conveyancing/electronic-conveyancing-overview
Landgate, updated 9 October 2018, Landgate, 12 November 2018 https://www0.landgate.wa.gov.au/for-individuals/legislation-and-reform/electronic-conveyancing/electronic-conveyancing-benefits-everyone
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