Transacting in an Electronic Workspace
Four Points Conveyancing is excited to be able to offer our clients the efficiencies and benefits of completing their property settlement through an Electronic Settlement process utilising PEXA – Australia’ s New Property Exchange platform.
There are a number of efficiencies gained for both a Vendor and a Purchaser in a property transaction. No longer, in this process, will settlement be completed with the drawing of Bank Cheques, which require clearance before a Vendor can obtain their funds, nor will there be extended wait times following financial settlement of a transaction before registration is completed of the transfer documents or dealing at the state land registry offices. The new electronic settlement process will enable the Vendor to receive their sale proceeds almost immediately ( subject to PEXA performance ) after settlement is completed, As will registration of the dealing at the relevant state land registry.
Along with those efficiencies comes new measures as part of the Conveyancing Process. Only Qualified persons can transact within the Electronic Settlement process, assuring the client of a professional process at all times. These new measures will now apply to ALL transactions whether they are completed in an Electronic Settlement or the equivalent paper format.
A Conveyancer will now be required to obtain a Client Authorisation Form for the dealing which they are completing on the clients behalf. Your Conveyancer , pursuant to this client authorisation will sign all transaction documents on your behalf, whether the transaction is completed electronically or in paper. Click here for the prescribed form (2 downloads)
Further a Conveyancer is required to Verify the Identity of all parties to the property transaction. Legislation sets a standard which is required to be obtained in order to comply with the requirements of Verification of Identity. It is similar to, but is more stringent than, the 100 point check used by financial institutions in opening a Bank Account. There are also strict guidelines on who can complete a Verification of Identity and how. Click here for the Verification of Identity Information Sheet.
If you are not a Resident of Australia, the Verification of Identity standard is very strict and can only be completed at an Australian Embassy/High Commission/or Consulate office. Members of active service, defence personnel have a specific exception available to them. Both of these situations can be discussed with your Conveyancer and the appropriate guide to completing Verification of Identity will be provided specific to each situation.
These new and extensive requirements are here for you, then consumer’s, protection and while appear quite complex and involved are required to preserve the integrity of the land registry and the Conveyancing System. More in depth information about Electronic Conveyancing can be found at arnecc We also recommend this short video which demonstrates the concept of an Electronic Settlement – https://www.pexa.com.au/transfers.
If you have any further queries – fill out the contact form and one of our experienced Conveyancers will contact you to discuss further.