Home buyers and business will save time and money when engaging in property transactions, under the NSW Government’s new e-conveyancing reforms.
Benefits to home buyers and business
- Home buyers will be able to lodge documents online 24/7, creating flexibility with time critical transactions.
- In most cases, settlement and lodgement will occur simultaneously instead of at the convenience of the bank, which can take days, weeks or months.
- Electronic funds transfers remove the cost of cheques and are more secure, removing the traditional three-day wait for funds to clear.
- Electronic conveyancing eliminates settlement fees and reduces the potential for fraud and other issues that arise around paper-based transaction.
- There will be reduced labour and preparation costs.
Minister for Finance, Service and Property Victor Dominello said the government was committed to promoting innovation and ensuring that policies reflected the digital age.
“These reforms will save home buyers time and money by reducing settlement delays, removing reams of unnecessary paperwork and preventing fraud,” Mr Dominello said.
“The changes will also benefit business by providing certainty and clear transition timeframes for the implementation of digital conveyancing, and reducing costs associated with settlement.”