InfoTrack, Author at SettleIT

Build great client relationships with the support of technology

November 22, 2021

Build great client relationships with the support of technology Due to the impact of COVID-19, many client-facing industries such as conveyancing, have had to change tune and replace what were once face-to-face interactions with online alternatives. Initially, it may have felt unnatural for both clients and practitioners to rely so heavily on technology to connect, but as we have adapted to our new normal, nation-wide, we are flourishing. Now, as we emerge from lockdowns and restrictions, and we have fundamentally shifted in the way we work, it will be a case of taking the best of both worlds: Re-establishing face-to-face client contact while embracing all the conveniences that technology has offered us. We recently spoke to SettleIT client, Roneel Kamiya, Principal Solicitor from Kamiya Legal about how he has managed his client relationships throughout 2021 and what he is looking forward to in 2022. Kamiya Legal is a boutique firm in the heart of North Strathfield, New South Wales. They cover areas of practice including civil litigations, Wills and estate practices, personal injury matters, family law, elder law and insurance and superannuation matters. What challenges has your firm faced over the last 12 months? SettleIT will thoroughly review identity documents provided by your client

Three levels of Certificate of Title (CT) usage in Australia

November 15, 2021

Three levels of Certificate of Title (CT) usage in Australia With the recent removal of Certificates of Title (CT) in New South Wales, and a consultation period taking place in Victoria, it is a timely reminder to take note of where each State and Territory currently stands with CTs. Across Australia, the States and Territories have adopted three approaches, effectively creating three different levels of CT usage. Level 1: Paper CT Issued: Tasmania Tasmania currently does not have electronic conveyancing and as such, it is the only state which still completely uses paper titles. They are required at settlement and issued upon registration. The primary benefit of this level of CT usage is to assist in verifying the identity of the registered proprietor, which infers a right to deal by having ownership of the Title. Level 2: CT Used: Victoria, Northern Territory and Western Australia Victoria currently has both paper and electronic CTs. Most transactions are required to settle through an ELNO, and therefore, remaining paper CTs need to be converted to an electronic CT and the paper CT is then destroyed. Once the electronic CT is on Title, the register will indicate who is control of the CT. Victoria

Build your confidence around caveats

October 13, 2021

Build your confidence around caveats Digital transformation in the conveyancing space is reaching its highest peak and 11 October 2021, marked a pivotal date in New South Wales (NSW) as the NSW Land Registry Services (LRS) transitioned to 100% e-conveyancing. The transition comprised of four significant changes: Certificates of Title (CT) were abolished; The right to deal (CoRD) framework is no longer required; 3 streamlined caveats were introduced: – Purchaser’s Caveat – Registered Proprietors Caveat – NSW Trustee & Guardian Caveat 4. All land dealings going forward are to be lodged electronically with no further grace periods provided on manual over the counter lodgments. This is referred to as ‘100% eConveyancing’. This means, from 11 October 2021, CTs are no longer be being produced and are no longer required to lodge a dealing or plan for registration. Similarly, Authorised Deposit-Taking Institutions, such as banks, are no longer to be issued with CoRD, which is the electronic equivalent of a CT. The abolition of CT’s is a key legislative change to allow for 100% eConveyancing. Hear from industry experts here on why these changes were implemented and industry requirements going forward. These electronic requirements coincide with the introduction of three streamlined caveats in May 2021, by the NSW LRS, including a Purchaser’s Caveat, Registered Proprietor’s Caveat and NSW Trustee and Guardian Caveat. The purpose of introducing these standardised residual caveats was to make it easier for clients to lodge caveats for common scenarios, eliminate requisitions by implementing business rules, reduce ELNO incidents, provide a better customer experience and ensure customer protection is

Electronic conveyancing is becoming the norm, nation-wide

October 5, 2021

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

How to add a layer of legitimacy to your identity verification process to reduce identity fraud

October 1, 2021

How to add a layer of legitimacy to your identity verification process to reduce identity fraud This is the second part of the SettleIT education series supporting practitioners to navigate the e-settlements and e-conveyancing landscape. See part one here. This article does not constitute legal advice. It is for general information purposes only.  There is the notion that introducing technology into sensitive areas such as identity verification is problematic, however it is much the opposite. With identity theft on the rise, security and legitimacy are of utmost importance to organisations, and by implementing trustworthy solutions, costly identity errors can be avoided. With the rise in identity fraud so too comes a rise in sophisticated ID verification tools. New methods of verification, such as video and fingerprinting, paired with high-quality facial scanning technology means more assuredness in confirming the question, “Is my client who they say they are?” Here are three cases which could have been completely avoided, or reduced any deemed negligence when identifying a client, had a technology solution been engaged. Case 1: Do you trust yourself? Michelangelo Alfredo Mascarello & Anor v Registrar-General of New South Wales [2018] NSWSC 284 The case: Two individuals impersonated property owners with stolen identification documents and instructed a lawyer to register a mortgage over their properties.

3 key influences that drive uptake of e-settlements

September 27, 2021

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

3 things instructing practitioners must know when engaging an eLodgment Subscriber

September 13, 2021

3 things instructing practitioners must know when engaging an e-lodgment Subscriber This is the first part of the SettleIT education series supporting practitioners to navigate the e-settlements and e-conveyancing landscape. This Article does not constitute legal advice. It is for general information purposes only. Instructing practitioners are responsible for briefing e-lodgment Subscribers to prepare ELNO workspaces, create and digitally sign electronic documents such as registry instruments, and authorise or complete any associated financial settlement. As a result of the adoption of electronic conveyancing within Australia, Settlement Agents now described as e-lodgment Subscribers have gone digital. Here’s how they support you with e-Conveyancing. 1. e-lodgment Subscribers allow instructing practitioners like you, to devote more time communicating and building stronger relationships with their clients Outsourcing electronic lodgments and settlements allows you to focus on advising clients professionally rather than focus on the administrative tasks of the e-lodgment. SettleIT is a flexible solution that allows law firms, conveyancers, and financial institutions to outsource the electronic lodgment of registry documents and settlements. SettleIT’s simple to use online portal provides legal practitioners with full visibility on their matters every step of the way, as well as tools to undertake verification of identity and electronic signing.   SettleIT can be used as part of your standard processes, like taking care of administration, or when times are busy, or cover is needed. It can also be

We are lawyers, but we are people first

August 23, 2021

We are lawyers, but we are people first How personalised tech support and a team that feels like family, helped one firm thrive through Victoria’s many pandemic lockdowns For all businesses across Australia, the last two financial years have created challenges, like we have never seen before. We recently spoke with Bona Fide Lawyers in Victoria. Rachel Lapinskas, Tim Riley, Megan Glew and the team shared their experiences over the last 18 months explaining how they have managed large matters (either together or from a distance) whilst staying grounded and a key part of their local community. What sets your firm apart from others? Although we handle our fair share of large, complicated matters, at our heart we are a tight-knit little family who is proud to be part of our local community. We work hard to make sure that our clients feel supported and listened to and that they understand what is happening and can make informed decisions at every step of their matters. Between them, our partners have a wealth of knowledge and technical expertise in their respective fields, but what really sets us apart from other firms is our approachability, attentiveness and the holistic perspective from which we

How one firm made their biggest saving: Time

July 29, 2021

How one firm made their biggest saving: Time Shakila Maclean, Relationship Manager at All Hours Conveyancing in Victoria spoke with us recently about how technology has impacted her firm. All Hours Property is a conveyancing firm based out of the Melbourne CBD and has been running since 2005. Their main area of focus is for purchasers purchasing Off the Plan. For Shakila and the team, helping their clients navigate the challenging environment of property buying and selling. Buying and selling property is one of the biggest financial decisions clients make in life. It can also be one of the most stressful particularly when it comes to the legal side of the transaction and understanding all the ins and outs of the contracts. It is important to the team at All Hours Conveyancing that their clients know they are in safe hands. Having an experienced professional team who is up to date with current legislation and can guide buyers and sellers through the process, with a great degree of personalised care gives clients of All Hours Conveyancing, peace of mind. Shakila shared with InfoTrack that since introducing leading legal technology into their firm, the biggest game changer has been the time savings achieved

The law firm of the future

July 23, 2021

The law firm of the future What role will technology play? What role will the lawyer play? Zegal have recently released their ‘Thought Leadership Review 2021’ which assembled a panel of experts including lawyers, investors and founders from Hong Kong, Singapore, Australia, and the United Kingdom. The study aims to provide insight, expertise and foresight into the evolving Legal-tech landscape. The report explores what adaptations need to happen on the legal playing field and what is currently changing within it. Additionally, contributors were asked to consider what a modern law firm of 2030 will look like. Here are some of the findings: Document automation drove significant change in the Hong Kong and Singaporean legal market Automation has been around for a long time. However, lawyers tend to shy away from it because their value proposition is to charge by the hour. Some believe that at least 30 to 40% of legal work can be automated. The 24/7 nature of work means that clients have high demands and expect holistic solutions to problems. There are arguments that lawyers should not be limited to just their knowledge and expertise in the law. Having knowledge and using technology to save time, means that you can

Your seamless settlement and lodgment solution