Electronic conveyancing’s most common, if not best, advantage involves faster transactions for selling properties. But there are more reasons to be familiar with this new process.
Home buyers should also be aware that the Australian government recently imposed new rules for them. Those who acquire properties must be sure that the developer paid the applicable GST to the Australian Taxation Office.
Otherwise known as Property Exchange Australia (PEXA), sellers will no longer have to wait for several days before seeing the payment on their bank accounts. The new process generally allows you to receive the money on the day of settlement. This means a less worrisome time on their part.
If you are looking for a conveyancing lawyer in Townsville, knowing that they adopt an electronic system also means fewer possibilities for errors. Automation also reduces the chance of errors, while also eliminating the need to do in-person work at the Land Registry Office. These benefits not only save time and effort but also reduce expenses that could be worth between $150 and $250.
E-conveyancing is not perfect like any other system, and it is also prone to cyber-attacks. Phishing remains a major risk especially for those who are unaware of the scheme. Hackers usually achieve this by sending unsolicited emails with malicious links.
The good news is that many law firms now use anti-phishing technology to improve their security. Even if PEXA could be vulnerable to such attacks, it would depend on your conveyancer’s safety resources to protect your money and the deal itself from being compromised.
The advent of e-conveyancing improves the transaction among involved parties. Whether you are on the buying or selling side, it is still important to choose a conveyancing lawyer with an extensive familiarity on how the system works for real estate deals.