Electronic Conveyancing

Electronic conveyancing has already commenced. This refers to the settlement of a conveyancing transaction being conducted on an electronic platform (known as PEXA) through which representatives of the parties (such as a vendor and a purchaser along with their incoming and outgoing lenders) participate to complete the transaction without the need to meet in person to exchange documents and cheques. It will be compulsory for all settlements to be conducted electronically from 1 July 2019. Until then it will be optional. By 1 October 2018 all paper Certificates of Title held by lenders as 1st mortgagees such as banks and building societies will have been be cancelled and converted to electronic Certificates of Title. All remaining paper Certificates of Title will be converted by 1 July 2019. Get ready for a brave new world. One day all lawyers will be robots!

October 2018