Conveyancing is the process of transferring the ownership of a legal title of property from one entity to another. The property can be either a residential house, a unit, vacant land or commercial land or unit.
The process in Queensland is complex as there are around twenty pieces of legislation, contract conditions, case law and practice protocols to be followed.
What is eConveyancing?
eConveyancing means this is being done electronically, so certain instruments and other documents for property transactions will need to be digitally prepared, signed by the solicitor acting for the parties, settled and lodged using an Electronic Lodgement Network (ELN), by a subscriber, unless exempted.
These instruments include are transfer documents, mortgages, caveats (new ones and withdrawals of caveats), priority notices, and transmissions by death.
Funds owing to sellers, mortgagees and other parties/persons will also be transferred electronically.
When does this change commence?
The mandate for eConveyancing begins on 20 February 2023, so any transaction which has commenced prior to this date can be settled the original ‘paper’ way.
There are exemptions to what can and cannot be lodged electronically and they are listed in the in the Land Title Regulation 2022.
How will this impact me?
This should not impact anyone and in our opinion, it is a much faster and secure way for these sorts of transactions to be dealt with.
We have been proudly using eConveyancing since 2020 and have noticed that it benefits our clients as they waste less time having to attend our office to sign certain documents, they receive their funds faster and the registration of instruments occurs much faster.
Some benefits of using PEXA (or other eConveyancing programs) are:
- settlements occurring faster (meaning more can be done at once due to more capacity)
- less physical paperwork for clients to sign
- funds being transferred to the relevant parties faster and documents being lodged with the QLD Titles Registry faster (if not instantly).
Why do I need to do a verification of identity?
It is important for us to complete your verification of identity as identity fraud and cyber hacks are becoming increasingly common within law firms and also to banks.
The two ways we complete the verification of identity for our clients are:
- Attend our office – Sunshine Coast or Brisbane at no additional cost; or
- Attend an Australia Post office – cost is approx. $49.00/per person.
Can you assist me with my eConveyance?
Our specialised team of property lawyers have been using PEXA for the last three years and have successfully completed over 1000 conveyances. Our Director, Jozefina Ndoci, is on the PEXA’s Member Advisory Council, along with other solicitors from Queensland, who work with the Queensland Law Society and the major banks to assist in the product and service innovation, eConveyancing improvements and more.
The following transactions are able to be done via PEXA, however others will still need to remain paper until further notice:
- Mortgages and Releases of Mortgage;
- Caveats and Withdrawal of Caveats;
- Priority Notices (including Extension and Withdrawal of Priority Notices); and
- Transmission by death.
If you have any questions regarding eConveyancing in Queensland or any property legal matters, contact our team today. We have assisted thousands of clients through their conveyancing process to ensure a smooth transaction of their property.
The information provided in this article is for general information and educative purposes in summary form on legal topics which is current at the time it is published. The content does not constitute legal advice or recommendations and should not be relied upon as such. Whilst every care has been taken in the preparation of this article, FC Lawyers cannot accept responsibility for any errors, including those caused by negligence, in the material. We make no representations, statements or warranties about the accuracy or completeness of the information and you should not rely on it. You are advised to make your own independent inquiries regarding the accuracy of any information provided on this website. FC Lawyers does not guarantee, and accepts no legal responsibility whatsoever arising from or in connection to the accuracy, reliability, currency, correctness or completeness of any material contained in this article. Links to third party websites or articles does not constitute any endorsement or approval of those sites or the owners of those sites. Nothing in this article should be construed as granting any licence or right for you to use that content. You should consult the third party’s terms and conditions of use in relation to any third-party content. FC Lawyers disclaims all responsibility and all liability (including liability for negligence) for all expenses, losses, damages and costs you might incur as a result of the information being inaccurate or incomplete in any way. Appropriate legal advice should always be obtained in actual situations.
Prefer to get in touch?
With offices in Brisbane, Sunshine Coast and Sydney, our team is well equipped to provide both advice and support across a broad range of legal areas.