Real estate transactions often involve a large volume of paperwork. Contracts alone can already be hundreds of pages long and each contract must be provided in two copies. This often results in the high cost of printing, scanning, archiving, and archiving documents.

Fortunately, today’s buyers and investors can avoid paperwork through electronic transfer. Thanks to digital technology, it is now possible to complete certain real estate documents with less paper.

Electronic Conveyance means the transfer of real property made via an electronic platform specifically provided by Property Exchange Australia Limited (PEXA). In this type of transaction, the parties involved (buyers and investors or their representatives, practitioners or transmitters and financiers) carry out transactions in an electronic workspace.

It should be noted, however, that the electronic transfer only covers the preparation and execution of the liquidation and the registration of ownership documents and not the entire transfer process.

processes involved

A very important part of electronic transportation is customer authorization. A customer must first issue written authorization to allow a professional or broadcaster to use the electronic platform. A prescribed form is available for this purpose.

Through this customer authorization document, the customer allows their carrier to sign documents on their behalf. Other tasks that the client can authorize are the presentation of the documents that cover the transfer for its registration, the financial settlement of the transfer and other tasks necessary to complete the transaction.

A client’s signature, on the other hand, is done digitally through the use of a digital certificate. This certificate must be obtained by a lawyer who must first be designated by a subscriber administrator before he can sign electronic documents on behalf of his client.

As of December of last year, customers who opt for electronic transfer will no longer sign the Land Title Office forms. Instead, the forms will be signed by the customer’s carrier for faster document processing. The only document a customer will need to provide for the transaction is the customer authorization.

This move by the National Office for Electronic Transport to develop a national online transport system is seen as very important in Australia. This is because almost all Australians are involved in real estate transactions, both residential and commercial, at some point in their lives. With the National Electronic Conveyance System (NECS), grantors, legal professionals, financial institutions, mortgage processors, and others involved in the consignment process will have access to the NECS online with a space of electronic work provided for each property transaction.