Electronic Conveyancing (e-conveyancing)

Areas of Law

Electronic Conveyancing (e-conveyancing) Toowoomba and Brisbane

Toowoomba e-conveyancing | Brisbane e-conveyancing

From February 2023, electronic conveyancing (also known as e-conveyancing) is mandated for certain types of transactions and dealings. Whilst e-conveyancing has been available for lawyers and parties to opt in to use for some time now, from February 2023 it has been mandated by the Queensland Government meaning that from that time you no longer have a choice as to whether you wish to utilise the electronic conveyancing platform for certain transaction or dealing types.

E-conveyancing - the rundown

The traditional process for effecting a settlement is also known as a "paper" settlement. It involves the Buyer and Seller's lawyers, and any involved financiers attending to physically hand over cheques, and paper documents.

With e-conveyancing, the process is effected electronically and funds are automatically transferred from the Buyer to the Seller. This usually means that funds are available the same day or the following day. Whereas with cheques it can take 3 - 5 business days for funds to clear.

From February 2023, there will no longer be the option to 'opt in' to e-conveyancing, instead it will be mandatory for certain transaction types:

transfers;
mortgages and releases of mortgage;
caveats and withdrawals of caveats;
priority notices and requests to extend or withdraw a priority notice; and
an application to be registered as a personal representative for a registered owner of a lot who has died.

The general rule is that if an instrument is capable of electronic lodgement, it will be required to be lodged in that way.

Once your identity is confirmed, all of the parties engage in the PEXA workspace. All documents and information are inputted and created through the PEXA platform. At settlement, the matter electronically effects settlement and transfers funds as required.

Our Experience

Your Toowoomba Conveyancing Experts and Brisbane conveyancing teams have been utilising the electronic conveyancing platform for some time now. They are experienced in using the PEXA software and platform and would be happy to assist you with your transaction.

In order to facilitate the transaction via the electronic conveyancing platform, you are required to have your identify confirmed with our office. This verification process is very important as it ensures that there is no fraudulent activity or impersonation taking place. There are strict requirements imposed upon law firms to ensure this process is undertaken properly.

To have your identity verified, you need to supply necessary documents and attend for an appointment. The most common acceptable combination of identity documents are:

driver’s licence and passport;
driver’s licence, Medicare card and birth certificate;
a passport, Medicare card and birth certificate.

If you have an electronic conveyancing matter underway, we recommend you book an appointment with our team to undertake this verification as soon as possible. You can book an appointment via the link here.

Once your identity has been verified, the transaction will proceed smoothly. We will notify you once it has settled.

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Areas

Commercial & Business Conveyancing
Residential Conveyancing
Rural Conveyancing
Real property
investment properties
First home owners

Testimonials

"These guys have done conveyancing for me on a number of occasions, Ash works very hard and always meets deadlines and communicates well throughout the whole process. Would absolutely recommend if you are buying or selling property." - Hayden

"I was quite happy with the conveyancing work performed by Mac Law. This sale ended up being a somewhat protracted contract that Ashleigh stayed on top of the whole time and I was always informed on what was going on in the background." - Ryan

"MacDonald Law were prompt, professional and most importantly easy to work with!

We live remotely as well as interstate, and 100% will use them for further ventures." - Kat

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Frequently Asked Questions

What is conveyancing?

Conveyancing is the term used to describe the legal process of transferring the legal ownership of real estate from one person (the Seller) to another (the Buyer).

Who prepares the contract?

The contract is usually prepared by the real estate agent. However, if there is no real estate agent involved, then the contract can be prepared by the lawyer for either the Buyer or the Seller. Regardless of who prepares the contract, we recommend you obtain independent legal advice prior to signing the contract. Once fully signed, all of the parties are bound by very strict legal obligations to one another.

Can I accept another offer on my house, if I already signed a Contract to sell with someone else?

In short - No. You are not able to have multiple contracts on foot for the sale of your real property. A Seller can negotiate prior to signing to include a 'sunset' clause which enables them to continue marketing the property and accept a better offer, in certain circumstances. This is not a standard clause in a standard contract and you would need a lawyer to draft a requisite clause prior to signing if you wanted it to be included.

What is the cooling off period?

Cooling off period start and end dates can be impacted by weekends, public holidays and when you receive a signed copy of the contract by both the Buyer and Seller.

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You must give notice terminating the Contract to the Seller or the Sellers solicitors by 5pm on the fifth business day of your cooling off period commencing. If you fail to do so your cooling off period will expire.

A cooling-off period is only for the buyer, not the seller. Once a seller has signed the sale contract, they cannot back out unless other conditions allow it. Once it lapses, the buyer must go through with the purchase as detailed in the terms of the contract. While the cooling off period does allow the buyer to terminate the Contract at their discretion without providing a reason for termination, there are specific guidelines on how it must be done.

Do I need a special condition if I am thinking about using funds from a family law property settlement to purchase the new property?

It’s still essential to seek guidance from a conveyancer before doing something potentially risky. If something happens and funds are delayed, we need to ensure we have the legal grounds to terminate the contract if we have to.

Should I have a lawyer look over our contract before we sign?

We absolutely recommend that you have a member of our team have a look at the contract and explain to you the conditions prior to signing. In some instances, you may not be able to terminate a contract if you later realise that there are some issues, or there can be significant fees involved with the process. Most people take up the offer to have legal advice prior to signing, but if you choose not too, this does not make the contract invalid.

I have paid my mortgage but my Solicitor says that there is still a mortgage on title. Is this right?

Yes, in many instances this is often right. When you pay out your mortgage, there is no automatic removal of the Mortgage from the title of your property. This is an additional step and costs money to lodge with the Titles Registry. Oftentimes, people do not realise this and so the formal document remains registered. If you go to sell the property, this has to be removed and the fee for the bank to do so, is paid at settlement.

What is transfer duty and do I have to pay it?

Under the standard contact of sale, transfer duty is payable by the buyer of the property. This is in accordance with laws set by the Queensland Government. The amount of stamp duty payable is determined by the purchase price of the property, together with a consideration of any stamp duty concessions you may be entitled to. Calculate your stamp duty and find out more about stamp duty concessions.

When is the contract date?

Unless otherwise specified, the contract is dated on the day it is signed by both parties (eg, both the Buyer and Seller).