New legislation mandating the use of digital platforms for property transactions has been embraced by Queensland’s legal and conveyancing industry, who say it’s faster and more efficient.
Tomorrow (20 May, 2023) marks three months since the Queensland eConveyancing mandate was introduced, requiring vital paperwork related to property transactions be lodged electronically.
Queensland Law Society’s General Manager of Advocacy, Guidance and Governance, Matthew Dunn, said mandating eConveyancing is the next step for many legal firms which had begun during COVID.
“Throughout COVID, Queensland lawyers were conveying more property than any other jurisdiction in the country,” Mr Dunn said.
“Lawyers see how digital processes could help make transactions more efficient and the introduction of the mandate in February 2023 coincided with a softening of that boom that helped practitioners focus turning digital.
“It’s important for practitioners to remember that for those situations where an electronic platform doesn’t quite fit, there are exemptions in place to help ensure the mandate is flexible, practicable and workable. The mandate is a positive step forward in helping streamline property sales throughout the state”.
InfoTrack’s Head of Property Australia, Lee Bailie, said the mandate brings Queensland in line with the rest of the country.
“Queensland was the last major Australian state to introduce a mandate, following Victoria, South Australia, Western Australia, and New South Wales, and overall, it’s been very well received,” Mr Bailie said.
“In the past, transactions may have been stalled due to the nature of physically having to sign and send paperwork. The feedback we’re hearing is settlement delays have not been as problematic since the widespread adoption of digital platforms, and that processes are more secure.
“Electronic conveyancing also offers greater flexibility for everyone involved in the buying and selling process, because paperwork can be submitted and handled from anywhere at any time. And now, digital platforms are available for every step of the transaction, from verification of identity through to online settlements.”
The Queensland Law Society’s website Property Central is available for lawyers seeking help with the transition. InfoTrack facilitated more than 35,000 property transactions across Queensland in 2022 through its eConveyancing solution SettleIT.
