Queenslanders are expected to enjoy the benefits of new technology when it comes to buying or selling property, with the introduction of the new national electronic conveyancing system expected to be in operation later this year.
The Electronic Conveyancing National Law (Queensland) Bill 2012 will permit solicitors to electronically sign documents on their client’s behalf, therefore removing the necessity for original documents to be posted between the parties during the conveyance.
Other benefits will include removing the need for physical attendance at settlement.
Currently, settlement under standard contracts must occur between 9:00am-5:00pm on the date for settlement, as stipulated under the contract. Common complications include the coordination of the buyer and seller and their incoming or outgoing bank, to be at the same place at a time that is suitable to all parties. Additional difficulties often arise, if the seller, for example, is buying another property and needs to coordinate all parties to that transaction.
Under the new national system, however, settlements will be effected via an online hub, where the seller will upload the necessary title documents in exchange for cheques provided by the buyer.
The introduction of the new e-conveyancing system will benefit businesses, solicitors and most importantly buyers and sellers, as the conveyancing process is expected to be more streamlined and simplified.
If you are thinking about buying or selling a property in Queensland, our Gold Coast lawyers can assist you with any queries or questions that you may have. Please do not hesitate to contact Affinity Lawyers on 5563 8970.