Electronic conveyancing is becoming the norm, nation-wide
Electronic conveyancing is becoming the norm, nation-wide Electronic conveyancing is quickly becoming standard practice across the nation, and mandates are coming into place to cement their future in legal practice. In May 2020, the Australia Capital Territory (ACT) Government passed legislation to introduce online settlements to the territory, and by the end of 2021 we can expect to see the first round of digital settlements processed through PEXA. The ACT is following in the footsteps of New South Wales (NSW), Victoria (VIC), South Australia (SA) and Western Australia (WA), where all settlement matters are mandated to be completed electronically. October 11, 2021 was named as the cessation date for NSW to process all dealings with interests in land electronically, regardless of the date that they were signed. The move brings the property industry one step closer to achieving the National Cabinet’s vision of a nationally consistent electronic conveyancing solution. The uptake of electronic conveyancing has so far proven positive, and a recent survey conducted by InfoTrack confirmed the legal and conveyancing industry’s willingness to embrace e-settlements. Of those surveyed, 93% said they conducted e-settlements. Even in states such as Queensland, where no mandates are in place, 85% said they still conducted e-settlements. You can view the full findings of the survey here. However, for some, the introduction of this new process was overwhelming. The need to learn new ways of doing things was further aggravated by negative initial experiences with the Electronic Lodgment Network Operators (ELNOs). As a result, many practitioners concluded that