When a homebuyer finds “the one”, they usually want to rush through the process of buying so they can move in as soon as possible! However where buying and selling property is concerned, conveyancing is a vital aspect in ensuring that the transaction runs smoothly, and all legal loopholes are covered for both purchaser and vendor. Given its vibrant housing market, Australia has a robust conveyancing industry with conveyancers found in every state. As with all industries, conveyancing is undergoing advancements and changes to suit the needs of an ever more digital-savvy population. Here are some trends we’ve observed that tell us where the art of property conveyancing is heading:
- Save the trees! With environmental issues increasingly top of mind, preserving our forests via the introduction of paperless processes. Given that property conveyance requires so much paperwork, it’s only natural that it is becoming increasingly popular. Conveyancing is a very paper-heavy process, but it is slowly making the move into digitisation. Indeed, the NSW government has made motions to phase out printed certificates of title as electronic processes become more secure and reliable, while the Big 4 banks have collectively discarded 1.6 million printed land certificates for mortgages in Victoria. The rise of e-conveyancing is also expected to limit settlement delays and generate significant time savings. Dominic Perrottet, current Treasurer and the Minister for Industrial Relations and former Minister for Finance, Services and Property, puts it this way: “Across Australia, the future of conveyancing is digital. The benefits are clear, the technology is here.”
- The rise of DIY. Another trend in property conveyancing is the DIY movement. This has become popular among those who are on a budget, and has led to some firms offering conveyancing kits that outline the typical components of a property transaction and provide a background on conveyancing. While DIY could potentially save you some money upfront, there are several inherent risks to this option. For those who want to try DIY conveyancing, it’s important to note that it can be a time-consuming and at times complex process. With a professional conveyancer guiding you forward, you are less likely to make mistakes, which could have complicated, complex and lasting implications. Read more about the big risks of DIY conveyancing here. Furthermore, conveyancing is a highly regulated procedure and some legal documents in a DIY kit still require signoff from a licensed lawyer or conveyancer; if attempting to manage your own conveyancing, it could be difficult to find a legal practitioner who’s willing to provide short-term or ad-hoc services.
- Security first. With the rise of e-conveyancing comes the need for increased security awareness, both on a conveyancer’s part and on a client’s.