Preventing fraud: the essence of due diligence

Property settlements in Western Australia have gone through a major change over the years with electronic conveyancing being introduced. Standalone transfers in Western Australia were mandated back in December of 2018, however there are still exemptions for certain scenarios that require paper settlement/lodgment and are currently out of scope for eConveyancing in Western Australia.

The list of available electronic documents that can be transacted electronically in Western Australia include:

  • Caveat
  • Withdrawal of Caveat
  • Mortgage
  • Discharge of Mortgage
  • Transfer
  • Survivorship
  • Change of Name 

Benefits of eConveyancing in Western Australia

eConveyancing simplifies and enhances the settlement process for all parties involved. The benefits include:

  • Efficiency: electronic transactions eliminate the need for physical document handling and reduce administrative tasks, leading to faster settlements.
  • Accuracy: automated processes minimise the risk of errors that can occur with manual data entry and paper handling.
  • Transparency: real-time updates ensure that all parties are informed of the transaction’s progress, reducing uncertainty, and enhancing communication.
  • Security: digital processes offer robust security measures to protect sensitive information, reducing the risk of fraud.
  • Convenience: parties can manage and monitor the settlement process from anywhere, without the need to be physically present.

Streamlined transfer duty process

In Western Australia, the transfer duty process via eConveyancing is automated and integrated with RevenueWA. Details from the workspace are sent to RevenueWA’s online duty system for verification. Upon successful verification, RevenueWA automatically provides the necessary information for lodgment and payment of duty back to the workspace. This automation is time-efficient and reduces the risk of errors.

The transition to eConveyancing in Western Australia marks a significant step forward in modernising property settlements. By embracing digital processes, the conveyancing industry is moving towards greater efficiency, accuracy, and transparency. As the scope of eConveyancing continues to expand, stakeholders can look forward to an increasingly streamlined and error-free settlement experience.

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