By now you have probably heard the term ‘electronic conveyancing’. But what is it and what does it mean for you?
In October 2016, a large portion of Certificates of Title were converted to a new form of Title, the ‘electronic Certificate of Title’. All Titles held by any of the four major Banks as mortgagee were converted during this process. This is in line with the Victorian Government’s strategy to in future have all Titles in an electronic format and any alterations to these Titles (through sale, subdivision, mortgage etc) to be lodged with the Titles Office electronically.
With the majority of Titles now being in an electronic format, many settlements are now also proceeding in the electronic environment. At Dwyer Robinson we have completed many settlements electronically and also lodge Caveats electronically. In the near future, other documents will also be lodged electronically (for example, the Transfer of Real Estate following the death of one of the owners of the property).
As a seller, there are great benefits of an electronic settlement. Previously, Bank Cheques would be collected at settlement, deposited into your Account and a three day clearance period would apply. With electronic settlements, the funds become available in your account as cleared funds immediately following settlement. There is also reduced paperwork and less chance of settlement delays.
As a buyer, you also have less chance of settlement delays. This takes out the stress when trying to book removalist vans and make other arrangements for settlement day. Buyers also benefit from the removal of bank cheque charges and also the peace of mind that documents are registered immediately following settlement. Previously, Banks could take weeks to arrange transfer of the Title to a buyer’s name following settlement. This could cause problems with buyers wanting to obtain Building Permits or to make any dealings with the Title.
Tracking Settlement. If you are in the process of buying or selling a property and it is being settled electronically, you can track progress of your settlement by registering with SettleMe. SettleMe provides you with a checklist for your matter and provides you with notifications of the matter’s progress.
If you have any questions relating to electronic conveyancing and settlements, please contact our Office.
