InfoTrack, Author at SettleIT

Why conveyancing should be a key offering of your law firm

April 12, 2023

Why conveyancing should be a key offering of your law firm With the move to a national eConveyancing mandate, and subsequent changes in processes, general law firms are considering whether they should continue servicing clients in the property space. This is largely due to the hurdles of learning new e-settlement systems, implementing new processes and a lack of access to useful training, so it is understandable why many firms are considering referring this work to a qualified conveyancer. However, general law firms that practice conveyancing not only offer several key benefits to their clients, but this can also act as a means to acquire additional work in other areas of law and provide a full-service offering throughout a client’s lifetime. Conveyancing unlocks doors to clients Conveyancing has often been viewed as the bread and butter of a firm; a stock standard service offering. However, when considering the bigger picture of client interaction, conveyancing should be considered a much more lucrative business generation opportunity. Imagine your average couple; the most common reason they will first interact with a lawyer or conveyancer is when they purchase their first home. Ongoing from this, they might need to write a will, which will

Historic Reforms for NSW E-conveyancing

May 20, 2022

Historic reforms for NSW eConveyancing On Thursday May 12 2022, the NSW Parliament passed the Electronic Conveyancing (Adoption of National Law) Amendment Bill 2022. The historic reform has been welcomed and championed by InfoTrack within Australia. How are property transactions currently undertaken? Investing in property is often one of the biggest financial decisions a person will make in their lifetime. Currently, when a consumer is ready to buy, sell or mortgage a property they are only able to subscribe to the one Electronic Lodgment Network Operator (ELNO) to complete the transaction. This is because ELNOs are unable to exchange information, or ‘talk’ to each other, to complete a transaction. How does this reformed legislation change this? The important reforms outlined in the amended bill require ELNOs to interoperate, meaning a greater level of cooperation will be necessary amongst operators. Interoperability means that every user gains the right to choose their ELNO for every settlement. What does this announcement mean for all parties involved? These significant changes pave the way for national interoperability, meaning better competition and choice for practitioners. For all of those involved in property settlements, the buyer, the seller, and/or their conveyancers, and lawyers, this will accelerate the process

The Benefits of Digital Conveyancing

May 16, 2022

The benefits of digital conveyancing Your prospective clients are highly informed and shop around for the best service. As such, it is imperative to differentiate your firm in an increasingly competitive market. End-to-end eConveyancing benefits Client experience Offering an end-to-end e-conveyancing experience for your clients increases their satisfaction, meets their desire for easy, fast results and saves your firm time and resources. Due to the pandemic, digital transformation has accelerated out of necessity. Now that the benefits of conducting business digitally have been realised, there is no turning back. Conducting business online saves all parties time and money; an attractive proposition, especially to your clients. They no longer need to travel to your office to sign documentation or attend an in-person identity verification service. Overall, end-to-end e-conveyancing satisfies your clients expectation of fast results. Business growth The digitalisation of conveyancing allows your firm to provide services with greater speed and efficiency, which not only improves the level of service you can offer but creates opportunities for more business. By spending less time on administration, you can redirect focus to growing your business, or simply having greater work-life balance. This keeps your business at the forefront of the industry and get

Movement on the Queensland eConveyancing mandate

April 21, 2022

Movement on the Queensland eConveyancing mandate In March 2022, The Queensland Department of Resources announced a six week consultation period on the proposed regulation to mandate electronic conveyancing in the state by early 2023. The proposed transition will see all property conveyancing matters completed via an Electronic Lodgment Network Operator (ELNO). It is the next step to delivering a consistent and aligned experience for all the parties involved in property transactions. History of eConveyancing The prospect of electronic conveyancing first came into play in Australia in 2005, when a National Electronic Conveyancing System Committee (NECS) was established. In 2011, Australia’s first ELNO was formed, allowing the electronic lodgement of mortgages, discharges and caveats. This paved the way for eConveyancing to be introduced in Queensland in 2013; a move which has been slowly but surely embraced. According to the Department of Resources, it is claimed that over 70% of Queensland property transactions are currently undertaken through an ELNO. If implemented, this mandate will bring Queensland in line with other states, such as New South Wales, Victoria, South Australia, and Western Australia where electronic conveyancing is mandated. Benefits of eConveyancing Compared to manual, paper-based methods, eConveyancing delivers dramatic administrative efficiencies. Some of the main

Awakening from the pandemic

March 22, 2022

Awakening from the pandemic The question in my mind has been whether to convert my law firm’s beautiful office on Melbourne’s riverfront into a nightclub. It certainly hasn’t been used much as an office over the past two years. In recent weeks, Melbourne’s CBD and riverfront have become busy again, but only after business hours. People are returning to the bars and restaurants in big numbers. But the office? Not so much. The removal of the ‘work from home, if you can’ edict has given employers the opportunity to decide whether they require staff to return to the office and if so, how much of the time. In addition, the legal profession has had to deal with this question in the face of media speculation about ‘the great resignation’ and perceived staff shortages. No doubt many employers will be influenced by the risk of losing staff. Some say the balance of power has shifted, but what an unfortunate perspective that would be. For law firms, staff have always been key. Law firms function best when employers and employees understand each other, and work on the best ways to achieve great outcomes, not just for the firm, and not just for the individual – but for

Growing your business as a sole practitioner without sacrificing work-life balance

February 18, 2022

Growing your business as a sole practitioner without sacrificing work-life balance Meeting client demand while maintaining a desirable work-life balance as a sole practitioner can be challenging. Do you want to take on more clients, but don’t have enough time? Here’s three tips to maximise your time to allow you to grow your business. 1. Minimise administration by taking advantage of technology and outsourcing where possible Sole practitoner, Mayaz Raihani of Raihani Lawyers came across SettleIT in 2019, and engaged the flexible, cloud-based solution to handle lodgments and settlements from start to finish, post-exchange. “As a sole practitioner running a general practice, I’m always on the lookout for ways to streamline day to day work to free up my time so that I can focus on higher priority work”. By taking advantage of technology and outsource administrative tasks, she has been able to accept more work, and grow her business. “The time saved in having the SettleIT team take carriage of a good portion of the work has allowed me to take on all conveyancing work that ordinarily I would not have accepted simply because I did not have the time,” said Raihani. 2. Invest in cloud-based solutions to ensure continuation of service

Progress towards interoperability in the Electronic Lodgment Network Operator (ELNO) space

February 7, 2022

Progress towards interoperability in the Electronic Lodgment Network Operator (ELNO) space We have seen significant progress in the Australia property industry in recent years towards the adoption of online electronic conveyancing systems and processes. The COVID-19 pandemic accelerated this adoption as the community had to rely on digital and electronic solutions to connect with one another and maintain business continuity. Momentum has continued in this space as the need for digital conveyancing solutions have become not only necessary, but a preferred way to operate. During this critical period of transformation key industry stakeholders have been coming together in various forums and workshops to consider how interoperability should work in the industry. As of February 2022, changes to the Electronic Conveyancing National Law (ECNL) will be introduced into NSW Parliament, to deliver a secure national interoperability regime and effective competition in the Electronic Lodgment Network Operator (ELNO) space. What are the changes? The amendments will require an organisation approved as an ELNO to establish and maintain interoperability with each electronic lodgment network operated by another ELNO. These significant changes pave the way for national interoperability, with better competition and choice for practitioners. Keep up to date with the announcement and read the full

How outsourcing administration not only saves you time, but makes you money

January 28, 2022

How outsourcing administration not only saves you time, but makes you money Your time is valuable, and in the legal industry, it’s billable. Reducing the amount of time you spend on administration is not simply a measure to get more hours out of the day; it’s a measure that can drastically save and make you money. We spoke to Joy Jadeja, Solicitor at Westside Legal about how they outsource one time-consuming, but critical element of their workload, so they can focus on building deeper client relationships and growing their business. What has been your biggest learning for 2021? COVID-19 and the various stay at home orders caused some real and tangible difficulties for us in terms of conducting matters. Our biggest learning throughout 2021 was how to maintain a strong working relationship with our clients, balance our own lives, and ensure our professionalism shone through. The world changed, and the way in which we work changed too. Adjusting to the change was the biggest learning for us in 2021. What made you seek administration solutions at your firm? As a result of the NSW electronic conveyancing changes in 2021, we further explored the support services available which could help reduce

New Queensland settlement law reform plays catch up

December 22, 2021

New Queensland settlement law reform plays catch up SettleIT General Manager, Daniel Petrucci, says “the announced reforms to Queensland property law are a welcome relief for home buyers but finally plays catch up with most other Australian states”. The reform, set to come into effect in January 2022, has been introduced to stop home buyers becoming penniless if settlement delays arise by giving Queensland buyers an extra five business days to complete settlement. “Purchasing a home is already a highly stressful activity for home buyers. When layered with a critical deadline that can result in the complete loss of a deposit, it adds to the anxiety and pressure for all involved.” Currently in Queensland, the date of settlement is a critical deadline. If a property settlement cannot be met in time, the contract can be terminated immediately. Once the contract is terminated, the vendor is legally entitled to receive the purchaser’s deposit. Reasons for not settling on time can come down to circumstances such as human error or bank delays. “The reforms will offer a grace period if settlement cannot be met,” Petrucci continues. Petrucci leads SettleIT, a solution built for lawyers and conveyancers to outsource matters when they need support and assurance with settling on time. Petrucci explains, “The SettleIT team are no strangers to managing matters which experience delays. We aim to make settlement as easy as possible for not only our clients, but the home buyer. Queensland’s latest move to add

Debunking the complexities of caveats

December 16, 2021

Debunking the complexities of caveats This is the third part of the SettleIT education series supporting practitioners to navigate the e-settlements and e-conveyancing landscape.  See part one and part two. This article does not constitute legal advice. It is for general information purposes only.   Caveats continue to be a complex topic in the conveyancing world, and while they are not always a necessity, failure to lodge a caveat can result in the loss of finances.  SettleIT licensed conveyancer, David Johansson, breaks down each caveat type, when they can be used and what is required. What is a caveat? A ‘caveat’ in Latin means ‘beware’, and in terms of an Australian property, a caveat on Title serves as a warning that someone, other than the current registered proprietor, is making a claim or has an ongoing interest against the property affected. There are several reasons why a caveat is lodged against a property including court orders, contracts, mortgages and bad debts. For lawyers and conveyancers processing NSW property matters, to enable a caveat to pass scrutiny and be successfully lodged at the Land Registry Services (LRS) New South Wales, the person lodging the caveat needs to be able to prove that they have, what is termed as, a caveatable interest. A caveat may be lodged by any person, including the Registered Proprietor, who claims an estate or interest in Torrens Title Land. Caveats are generally used in conveyancing transactions to protect a person’s interest in a particular property. There are three new “specialised templates” for lodging standard forms of caveat including:

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