Electronic conveyancing is about to become the norm in Queensland with a mandate coming into effect on 20 February 2023. Find out about how this affects you as a property buyer, seller, lawyer, banker, mortgage broker or real estate agent.
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Electronic conveyancing is about to become the norm in QLD, with a mandate coming into effect on 20 February 2023. Electronic conveyancing is already mandatory in NSW, VIC, SA & WA.
What does this mean?
Property transactions throughout QLD will need to be completed electronically, through the use of the Electronic Lodgement Network (ELN). From the mandate date, the majority of transactions will be obliged to settle electronically – like lodging a transfer of land document, mortgages and caveats, which encompasses the majority of transactions across the State.
There are some exceptions to this rule i.e if the ELN does not have the required functionality to prepare or lodge a certain type of document, it will be required to be manually lodged via paper at the Land Registry. For a full list of what is included & excluded, please click here to visit the Titles QLD Website.
Property Exchange Australia (more commonly known as PEXA), is the ELN that is used in Queensland. Established in 2010, PEXA operates nationally and will facilitate the hundreds of transactions that occur every day throughout the Sunshine State.
The move towards electronic conveyancing is being driven by a desire to make the property buying and selling process more efficient & secure. By using the ELN, conveyancing firms will be able to lodge and withdraw documents, pay and receive funds, and exchange information with other parties in a secure online environment.
Benefits
One of the key benefits of electronic conveyancing is the speed & convenience it offers. Transactions can be completed faster, with less need for paper-based documents and in-person meetings. This can save time and money for all parties involved, as well as reducing the risk of errors & delays.
Another major benefit is improved security. The ELN uses advanced encryption and authentication technologies to ensure that all transactions are secure and protected from fraud. This helps to give buyers & sellers peace of mind that their personal and financial information is safe and protected. PEXA KEY is a smartphone app that allows clients to securely input their banking details, which eliminates risk of cybercrime via phishing, email interception & of course human error.
Vendors will now receive their settlement funds the same day of settlement (usually within the same hour), instead of waiting up to 3 business days for settlement monies to clear via bank cheque. For the Purchasers, the title is immediately transferred, putting the property in their name practically instantaneously with the settlement (instead of sometimes taking weeks manually via paper).
The mandate to use electronic conveyancing in Queensland is a significant step forward for the property industry in the Sunshine State. It will bring benefits for buyers, sellers, lawyers, real estate agents and the financiers; making the property buying and selling process faster, more efficient, and more secure.
Whats Next?
In preparation for the mandate next month, it is important that solicitors in Queensland familiarise themselves with the ELN and start using it for their property transactions. This will help ensure a smooth transition to the new system and ensure that all parties are prepared for the mandate coming into effect on 20 February 2023.
PEXA x Empire Legal
Empire Legal first joined PEXA in May 2019, long before any indication of electronic settlements becoming mandatory. We have years of experience and have completed thousands of transactions on the platform. We completed our first ELN QLD property transaction via the PEXA platform in September 2019:
Our Legal Practice Director, George Sourris is also on the PEXA Member Advisory Council (MAC) for 2022/2023 - as the ethos of Empire Legal is to embrace technology to better the experience for all involved in the conveyancing transaction!
We are truly excited for the mandate, and look forward to continuing to help thousands of Queenslanders every year with their conveyancing!
Any questions? Want to know more? Get in contact with us via the below form or via info@empirelegal.com.au.
Note: all information is general in nature and as each matter is unique please contact our office for tailored advices: the above does not constitute legal advice.