A new system of electronic conveyancing is commencing within the next few months in NSW. This promises to be a significant improvement for both purchasers and vendors, particularly regarding settlement. Settlement is the final stage in buying or selling a property, after which the legal transfer takes place, and real estate agents can hand over the keys. Currently, our conveyancers spend hours on the phone co-ordinating banks and other interested parties to meet at a particular time in the CBD to complete the settlement. The new electronic system will mean that settlement can be set up online in advance. At the designated time, the settlement will just happen and the money will change hands immediately.
You’ve probably heard horror stories about buyers and house removal trucks waiting around for hours because settlement isn’t taking place until the afternoon, or a crucial party gets delayed. Under the new system, the settlement can be pre-planned to suit buyers and vendors, rather than the banks. It will be all systems go!
Vendors will also have immediate access to the sale proceeds. Currently, the sale proceeds are deposited into the vendor’s account by bank cheque and the vendor has to wait three days for the funds to clear.
The only drawback with the new system is that all parties to the property transaction including banks, conveyancers and solicitors etc will have to be signed up for electronic conveyancing. If one party is not in the new electronic conveyancing system, then the old system of actual attendance at a venue will continue.
Conveyancing Solutions has already committed to signing up as soon as the NSW electronic system is available and we look forward to enhancing your experience and enjoyment when buying or selling property. Please call us today on (02) 9387 2111 or email us at email@example.com.