ALERT: E-Conveyancing is Mandated in Queensland from 20 February 2023
Electronic conveyancing or e-conveyancing is mandatory in Queensland from 20 February 2023, meaning documents for property transactions will need to be digitally prepared, signed, settled and lodged using an Electronic Lodgement Network (unless exempted).
What is e-conveyancing?
When we act for you within the purchase or sale of your home, all roads lead to Settlement.
Settlement used to be undertaken by conveyancers, lawyers, and banks meeting at a specific location, passing around Title documents, Mortgages, releases, and cheques and then driving back to the office to let the client know that the Settlement had been completed. A rather outdated, and archaic system. You don’t have to be a lawyer to imagine how this system can cause problems. For example, people that couldn’t move into their home on the Settlement Date, just because a bank showed up with an incorrect cheque!
Nowadays, the Queensland Law Society statistics show 84% of property transactions settle via e-conveyancing.
All e-conveyancing refers to is the moving of our old Settlement system onto an online forum, where documents can be uploaded and checked against the registers in real time, adjustments made to the payments mere minutes before settlement, and the title in the Property passing almost instantaneously. More formally put, e-conveyancing is a digital process that enables the preparation, signing, settlement and lodging of property transaction documents and instruments -- eliminating paper and manual procedures traditionally used in property transactions and offering substantial benefits, as discussed below.
Why the mandate?
There are numerous advantages to e-conveyancing, which is why the state has seen such a drastic organic uptake of e-conveyancing transactions.
Some reasons include:
- Security enhancements;
- Administrative efficiencies;
- Reduction of costs;
- Availability for more flexibility in Settlements;
- Consistently higher amounts of Settlements occurring on the requisite time and day;
- Greater accuracy.
Queensland, as usual, is one of the last states to adopt this mandate, however for Lawyers already seeing the benefit that e-conveyancing brings to our client’s matters, the mandate is certainly a welcomed relief!
What will the e-conveyancing mandate mean for me, the client?
Well for our clients, nothing really at all. We already progress most Settlements via e-conveyancing and are well prepared for this to continue.
Lawyers will now need to ensure that all transactions captured under the new regulations are processed electronically. Most of your ordinary transactions (such as transfers, mortgages, caveats etc) will fall into this category.
Lawyers will need to submit exemptions for certain transactions that are not suitable for electronic lodgement.
You now may be required to sign different forms for your property transactions from time to time allowing us to electronically lodge and settle matters that previously you have seen in paper format. E-conveyancing requires authorisations and consents to allow us to act on your behalf. Many of our clients will already be familiar with these forms.
What about other firms that offer small levels of conveyancing?
Some such as family law firms, litigation firms, bankruptcy firms or other types of firms may undertake limited amounts of conveyancing in the undertaking of their services.
Following the mandate, these firms will need to register themselves to an e-conveyancing provider to undertake settlements in Queensland, unless the particular transaction is exempt.
These firms might also be able to take advantage of services such as LodgeX (https://lodgex.com.au/) or utilising agents to undertake e-conveyancing.
Our e-conveyancing expertise
Bradley & Bray were involved in the first ever Commercial e-conveyancing Settlement in Queensland’s history! If we have acted for you in a property transaction since 2019, chances are we have effected your PEXA Settlement via e-conveyancing.
Our Director Jacob Corbett is also on the PEXA Member Advisory Council for the 2nd year running, a council that provides legal and strategic advice to PEXA in the implementation of the conveyancing rollout in Queensland. Presently, PEXA is Australia’s only e-conveyancing provider.
Bradley & Bray is also well placed to assist firms in their property transactions following the mandate.
If you would like to chat to our team about any aspects of e-conveyancing, please do not hesitate to contact our office.
This article is general in nature and does not constitute legal advice. If you require legal advice in relation to your personal circumstances, you must formally engage our firm, or another firm to provide legal advice in relation to your matter. Bradley & Bray lawyers takes no responsibility for any use of the information provided in this article.
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