4 Reasons You’ll be glad electronic property settlements become mandatory in 2023
4 Reasons You’ll be glad electronic property settlements become mandatory in 2023. Beginning 20 February 2023, electronic property settlements become mandatory in Queensland. In the past, property developers, solicitors, banks, finance companies, buyers and sellers had the option to book in a face-to-face, paper and cheque settlement. Now that option will no longer be on the table.
That news won’t come as a shock to many property buyers, sellers and other conveyancing professionals; they’ve been using electronic settlement since 2010. While the econveyancing property settlement platforms were slow to be adopted, they now account for 85% of the settlements in Queensland and 93% of settlements across the nation according to an InfoTrack-commissioned survey.
Yeppoon Lawyers Conveyancer Louise Klein says esettlements are a better option for many reasons including being able to see the progress of each party in the settlement. This can all be viewed online in real-time.
“The electronic workspace can be updated throughout the settlement process right up until the expected settlement time. This means all parties know if the settlement is running smoothly or if there’s been a delay or problem that needs to be resolved.
“It’s a much smoother process for everybody. It’s secure because of the cyber fraud procedures put in place. It’s definitely more time efficient,” Ms Klein says.
Clients can’t help but love electronic settlement too. Client Niccola Hawkins says electronic settlement was so much quicker and more convenient.
“We have sold properties via paper and cheque and electronically. I’d always choose electronic. The funds were in our account within the hour. Technology is a great thing,”
4 Reasons you’ll be glad electronic property settlements become mandatory in 2023
1. Security – Funds are transferred securely online using several checks and balances, with all processes visible and a transaction record accessible by all parties. You get instant notification of your settlement once the transaction is complete.
2. Fast – It provides quick access to your money. Settlements process instantly, depositing that money into your account to use for your next property, pay out your debt, spend up big or secure funds for investment. If you use a cheque it could take up to seven days to clear funds.
3. Accessible – settlement can take place anywhere. You don’t have to drive all around town, signing cheques, signing contracts and depositing money.
4. Convenient – all the fees and disbursements are paid at the time of settlement in a secure process. In past years, you would be posting cheques, and waiting for the cheques to arrive and payments to clear. It was a much longer process. You also know there’s no other money that’s going to come out of your account. So you know there’s nothing else to come out of your bank.
During the transition to mandatory econveyancing, the Department of Resources will allow some exceptions to the new rules and you can find those here.
Managing Partner of Yeppoon Lawyers, Leonie Davey says they have been using econveyancing for two years and thoroughly recommend it.
“ There’s no doubt it takes the hassle out of property settlements. We’re pleased with the ruling from Queensland Government.
If you would like help settling your property transaction, our Conveyancer, Louise Klein will work through everything you need to do leading up to the sale or purchase. We will review the contract for the property you are interested in purchasing for no charge. If the purchase goes ahead we charge $990 plus searches and electronic settlement fees of around $500. If you’re selling a property it’s $880 plus electronic settlement fee of $123.97. Settling your property transaction doesn’t have to be stressful.
If you need help to settle your property sale or purchase call us for an appointment at Yeppoon Lawyers with Louise Klein on 07 4925 0229.
