Today each and everything possible on earth is available online to make things simple and life easy. So is in the case of property dealing. Australia has come up with this system of dealing with the documentation and all the dealing of property online and it seems to be very effective and a huge success.
It’s known as e-conveyancing or Electronic Conveyancing. It has proved to be a boon to Australian property industry. The first successful transaction was completed in 2013 in Australia.
There are still a lot of question in the people’s mind related to this new process of transaction of the property.
It is slowly and steadily gaining success though it is yet to be seen how it will affect the traditional property business. Effective electronic conveyancing is basically an online medium for the property dealing to take place. A national law has been set up in South Wales, Queensland and Victoria to deal with this new system. There is a financial stakeholder called NECDL- National e-conveyancing development Limited which includes the financial institutions of the country. NECDL has created PEXA- Property Exchange Australia which is the online workstation of the property deals, which can vary from new mortgage to transfer of ownership basically anything at all. There is also a council called the Australian Registrars National Conveyancing Council ARNECC for the implementation of the transaction on this medium. The reasons for it to be getting so successful are the amount of benefit it has in comparison to the traditional dealing.
• It is very transparent and open to all, where people can share their documentation and views and keep a check on each and every transaction.
• It’s online so it’s cost effective and available for all. One just need to subscribe to PEXA
• There is zero chance of any foul play as everything is open for all to view.
• Any amount of settlements can take place at the same time.
• There is no delay in the transactions as its registered immediately after the transaction.
• Agents and third party is absent hence further reduction of the cost.
• Risk factor is less.
• There is more assurance and protection in the deals due to the transparency of the whole transaction.
• It’s time effective too; it saves a lot of time when one settles the deal through PEXA.
• One can follow all the updates by just sitting at home viewing the deals online.
Using PEXA is a personal choice it does not interfere with any traditional land laws. PEXA is continuously being upgraded to deal with more and more complex transaction types in times. Change in lifestyle means change in every aspect of human life which includes how one does business.