3 key influences that drive uptake of e-settlements
3 key influences that drive uptake of eSettlements When e-settlements first came into the Australian legal and conveyancing scene in 2010, there was initially some resistance to their uptake. At the time, with no mandates in place, the appetite for change was understandably low because of the need to learn new systems, upskill resources and transition away from traditional processes. In fact, Deloitte’s 2018 report, “Impacts of e-Conveyancing on the conveyancing industry”, found that only 2% of practitioners were completing property transactions electronically. “The lack of ongoing exposure to the electronic platform means that efficiency gains from mastering the systems are not fully realised…” Conveyancing has since come a long way in terms of embracing technology and adopting electronic solutions. Many Australian states already have mandates for e-settlements and others are closely following suit. Real Estate Business recently announced that the ACT are intending to go live with digital settlements before the year is out. Conducting settlements and lodgments online has proven to consistently save time, money, and resources. To explore this further, InfoTrack conducted a national survey investigating the key influencers which drive lawyers’ and conveyancers’ desire to adopt e-settlements and their opinions on interoperability of electronic networks (ELNs). The complete findings are published in the complimentary whitepaper, “Your guide to understanding the Australian settlements and Electronic Network (ELN) landscape”. Here are three key results: 1. The majority of Australian firms who conduct conveyancing matters complete their settlements electronically. 93% of