COULD 2023 BRING ABOUT THAT DREAM OF SITTING ON A BEACH WITH YOUR LAPTOP FOR MORTGAGE BROKERS?
As the property industry in Queensland moves further towards greater digital adoption, that dream of sitting on the beach with your laptop is getting one step closer now with Queensland mandating e-conveyancing in 2023.
What are the top five benefits of e-conveyancing being mandated?
- Realtime visibility over lenders and their readiness for settlement – ultimately resulting in a smoother settlement for all parties.
- Funds are cleared instantly upon settlement – so no longer will there be delays caused by banking and clearing of cheques .
- Ability to rectify any last-minute issues that arise with the banks, resulting in a lower risk of settlements being delayed.
- Automated checks in the electronic lodgement system to verify documents; and
- No more bank cheque fees for clients.
Want to know the actual nuts and bolts of the mandate?
From 20 February 2023, the electronic lodgement of required instruments will be mandatory in Queensland.
Unless exempted, the following documents will need to be prepared, signed and lodged using an electronic lodgement network:
- Transfers
- Mortgages
- Caveats
- Priority notices
- Transmissions by death
As a transition measure, it will still be possible for a property transaction to proceed by way of paper lodgement if the document was executed by a party prior to 20 February 2023.
What is e-conveyancing?
‘eConveyancing’ or electronic conveyancing is a digital way of managing a settlement and completing the lodgement of legal instruments.
In plain English, this means come settlement day, rather than the acting solicitors and any interest parties such as banks arranging to meet in a room and hand documents and cheques around… this can all be done via a digital platform.
Importantly, eConveyancing is a method to complete settlement – it does not remove the requirement for clients to obtain independent legal advice taking into account:
- The client’s individual circumstances
- The specifics of the property; and
- Contractual requirements related to their individual circumstances
