The property team at Atkinson Vinden is busily preparing for the full introduction of electronic conveyancing in New South Wales in February 2015. The system is known as the National Electronic Conveyancing System (NECS) and is currently operating in two Australian states and soon to spread Australia wide. Although not a new idea, the practicalities of designing a system to cover the conveyancing process from document creation and document signing to settlement preparation, financial settlement, stamping, lodgement and registration is incredibly complex. All these processes will be dealt with using a single commercial platform called PEXA (Property Exchange Australia). There will be no paper transfers, discharges of mortgage or withdrawals of caveat. Contracts and mortgages will be signed in the usual way. Perhaps the biggest change will be that settlements for sales and purchases will be paperless and we will no longer have to physically attend settlements. Settlement funds will be transferred electronically in a secure and protected environment. Where a purchaser has an incoming mortgagee, a paper Certificate of Title will no longer issue from the Department of Land and Property Information. Once a mortgage is discharged a registered proprietor will still have the option to request a paper title.
There will be stringent identification and verification requirements for all parties wishing to participate in the scheme and for our clients who will have to be identified either face to face by an authorised member of our property team or through an Australia Post office.
Our property team is already undergoing training to be ready for the introduction of this exciting innovation.