New legislation taking effect next week makes buying and selling real estate in Queensland faster and more efficient, with conveyancing transactions to be conducted electronically.
Queensland is the last of the major Australian States to mandate a digital transition for property transactions, which will favour the use of digital platforms to assist both buyers and sellers.
The Titles Queensland e-conveyancing mandate is effective from next Monday (20 February) and brings Queensland into line with Victoria, South Australia, Western Australia, and New South Wales.
InfoTrack’s Head of Property Australia, Lee Bailie, said the mandate was good news for everyone involved in the buying and selling process.
"Prior to electronic conveyancing, buyers and sellers were expected to travel to a law firm to sign the necessary paperwork in person or post them by mail. That takes time and requires documents to be manually uploaded which leaves room for error, and is slower, than using a digital system.
“Adopting a digital approach to conveyancing is much more efficient. It’s a positive step forward in reducing the number of sales held up because documents weren’t lodged in time or were lost,” Bailie said.
“There’s also more transparency with notifications throughout the process keeping everyone updated, and there’s greater security with receipts for all digital transactions issued immediately.”
From this month, unless exempt, documents relating to a transfer, mortgage, caveat, and priority notice, as well as applications to represent a deceased property owner, will be completed and submitted digitally.
They will be lodged through a secure Electronic Lodgement Network (ELN).
Last year, InfoTrack facilitated more than 35,000 e-conveyancing property transactions across Queensland through their e-Conveyancing solution, SettleIT.
Mr Bailie said e-conveyancing was first adopted in Queensland in 2013, but the new laws will see legal practices and real estate agents still using manual processes, adopt digital.
“Many law firms have embraced digital transactions over the past 10 years, but the benefits were particularly apparent during COVID when fewer face-to-face interactions were possible. “We welcome the new mandate, and the convenience, security, and efficiency it will bring to property transactions throughout Queensland.” Bailie stated.
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