Conveyancing Archives - Page 2 of 3

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

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

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

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

How new technology has evolved firms

April 14, 2021

How new technology has evolved firms Legal and conveyancing firms evolved tremendously throughout 2020, with many having to make quick transitions that they were not prepared for. We saw masse technology adoption and many business owners now expect these changes to be long lasting. Now, we’re looking at what McKinsey and Company have defined as the ‘Next Normal’, where organisations ‘reset for growth beyond the COVID-19 pandemic’. So, in the legal and conveyancing profession, what can we expect? Here are three suggestions. Remote work and virtual meetings will likely continue, but to a lesser extent While lawyers and conveyancers have now adapted to using technology to move their property matters forward, they will have increased opportunity to return to some face-to-face practises. When it comes to due diligence and verifying identity, lawyers may feel more comfortable to do a mix of in person or remote verification when each situation suits. A remote verification may be suitable when you are time poor, versus a face-to-face verification if your client is close by. InfoTrack’s InfoTrackID allows users to complete verification of identity remotely. This has been a massive step forward as lawyers and conveyancers can now verify their clients without the need to

Maintain profitability and earn valuable rest this holiday season

November 16, 2020

Maintain profitability and earn valuable rest this holiday season As the holiday season draws near, you may be thinking about the months ahead. Are you looking to expand your services into different states in 2021, to stay profitable, but don’t currently have the expertise on board? Or will you wind back your property lodgment and settlement services in order to enjoy a well-deserved break? These are two of the challenges that property lawyers and conveyancers face in the time leading up until Christmas. While traditionally the summer is a slow period for many professional services and b2b businesses, it doesn’t have to be this way. Here are three strategies that you can implement to stay open for business these holidays, maintain profit, set your direction for 2021 and earn a well-deserved break. 1. Keep your brand presence front and center while you rest While you might be looking to hibernate, it’s important that your firm does not. It is important to stay viable to stay at the forefront of your client’s minds. So while you may not be working with them on a particular matter, when it comes to servicing them in the future, it is important that you are

Why you need a property lawyer or conveyancer when you buy a property

July 28, 2020

Why you need a property lawyer or conveyancer when you buy a property Buying a property is a huge milestone and likely to be the biggest purchase you’ll ever make, so it pays to have your wits about you. The process of buying a home can be exciting, but scary to navigate. There are plenty of things that you can do yourself, like a title search, but how do you know what you’re looking for or in fact where to find it? A property lawyer or conveyancer can gather the right documents, recommend the right connections to make sure your finances are in order and review the contract when you buy. Here’s some things a property lawyer or conveyancer can do to support your next property purchase. Conducting a title search There are many reasons why you may need to conduct a title search such as buying or selling property, proving ownership or refinancing your mortgage. A Certificate of Title (CT) is a public and legal record of land ownership, including interests and restrictions on the land. In Australia, state land registries hold the title information. It can be viewed by doing a Title Search through an authorised provider, like InfoTrack.

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