Electronic Conveyancing
UPDATE
Electronic Conveyancing?
DON’T BE FOOLED that “conveyancing will be made cheaper!”
VICTORIA 1st December, 2015 UPDATE
Now DIY users will have their identity verified under the Verification of Identity (VOI), the Transfer also needs to be witnessed at the same time by the Australia Post Officer, this is limited to individuals buying without a mortgage and sellers who are self-acting.
The governing body The Australian Registrars National Electronic Conveyancing Council (ARNECC) have introduced Version 3 for (VOI). Victoria has now adopted this version for paper transactions and DIY users.
The Version 3 also restricts, Power of Attorneys (VOI), these can only be verified by the Legal Profession.
You should write and speak to your State and Federal members of Parliament as (ARNECC) will eventually take away your legal right to do your own conveyancing.
Then everyone will be stuck with a duopoly, and your legal right to do your own conveyancing will be taken away forever.
With the introduction of e–conveyancing, solicitors & licensed conveyancers will be pushed into using the new “Property Exchange Australia” platform (PEXA), the government purports that this will reduce the costs involved in conveyancing.
PEXA has been developed in conjunction with the “National e-Conveyancing Development Limited” (NECDL). This is jointly owned by the banks which have a combined holding of 49% !!!
The PEXA platform is not cheap and has apparently cost tens of millions of dollars to develop over the last 10 years.
By pushing Property Searches online in such a way as they can only be done through an online Search Agent, government departments are saving money (on staff and rubber stamps) but, as the price increases over those same 10 years have shown, YOU ARE NOT.
Solicitors and licensed conveyancers will have to pay to use this new platform so the banks and government can recoup their unnecessary costs.
The banks will try to convince you that you should use a solicitor or licensed conveyancer so the conveyance can be partially done electronically on their proprietary system and allegedly “save” you money. You should question this as the cost of conveyancing will still be around $1000 dollars or more.
The current legislation cannot take away your right to do your own conveyancing. Instead, a paper transaction can still be done and can save you around $1000.
Over the last few months we have heard much scare–mongering from solicitors and conveyancers saying, “you can’t get your Identity verified.” This is not true as the legislation (and our Kit) has included this for self–represented parties.
Do It Yourself Conveyancing Kits has been at the forefront of DIY Conveyancing for the last 38 years, keeping the cost of conveyancing at an affordable price.
NECDL changes name to PEXA
THIS Does not affect the DIY user.
Due to all the hype surrounding the introduction of e-Conveyancing, there is a misapprehension that you cannot do your own Conveyancing.
It is your legal right to perform the Conveyancing process yourself. If your financial institution insists that you use the e-Conveyancing process through a Solicitor/Conveyancer, this is incorrect.
If e-Conveyancing is made a condition of the mortgage it is a breach of the ACCC, as you are being deprived of your legal right to do your own Conveyancing.
Even Solicitors/Conveyancers who do not wish to participate in the e-Conveyancing program can still attend settlement and lodge documents manually.
Electronic Conveyancing
UPDATE
Electronic Conveyancing?
DON’T BE FOOLED that “conveyancing will be made cheaper!”
VICTORIA 1st December, 2015 UPDATE
Now DIY users will have their identity verified under the Verification of Identity (VOI), the Transfer also needs to be witnessed at the same time by the Australia Post Officer, this is limited to individuals buying without a mortgage and sellers who are self-acting.
The governing body The Australian Registrars National Electronic Conveyancing Council (ARNECC) have introduced Version 3 for (VOI). Victoria has now adopted this version for paper transactions and DIY users.
The Version 3 also restricts, Power of Attorneys (VOI), these can only be verified by the Legal Profession.
You should write and speak to your State and Federal members of Parliament as (ARNECC) will eventually take away your legal right to do your own conveyancing.
Then everyone will be stuck with a duopoly, and your legal right to do your own conveyancing will be taken away forever.
With the introduction of e–conveyancing, solicitors & licensed conveyancers will be pushed into using the new “Property Exchange Australia” platform (PEXA), the government purports that this will reduce the costs involved in conveyancing.
PEXA has been developed in conjunction with the “National e-Conveyancing Development Limited” (NECDL). This is jointly owned by the banks which have a combined holding of 49% !!!
The PEXA platform is not cheap and has apparently cost tens of millions of dollars to develop over the last 10 years.
By pushing Property Searches online in such a way as they can only be done through an online Search Agent, government departments are saving money (on staff and rubber stamps) but, as the price increases over those same 10 years have shown, YOU ARE NOT.
Solicitors and licensed conveyancers will have to pay to use this new platform so the banks and government can recoup their unnecessary costs.
The banks will try to convince you that you should use a solicitor or licensed conveyancer so the conveyance can be partially done electronically on their proprietary system and allegedly “save” you money. You should question this as the cost of conveyancing will still be around $1000 dollars or more.
The current legislation cannot take away your right to do your own conveyancing. Instead, a paper transaction can still be done and can save you around $1000.
Over the last few months we have heard much scare–mongering from solicitors and conveyancers saying, “you can’t get your Identity verified.” This is not true as the legislation (and our Kit) has included this for self–represented parties.
Do It Yourself Conveyancing Kits has been at the forefront of DIY Conveyancing for the last 38 years, keeping the cost of conveyancing at an affordable price.
NECDL changes name to PEXA
THIS Does not affect the DIY user.
Due to all the hype surrounding the introduction of e-Conveyancing, there is a misapprehension that you cannot do your own Conveyancing.
It is your legal right to perform the Conveyancing process yourself. If your financial institution insists that you use the e-Conveyancing process through a Solicitor/Conveyancer, this is incorrect.
If e-Conveyancing is made a condition of the mortgage it is a breach of the ACCC, as you are being deprived of your legal right to do your own Conveyancing.
Even Solicitors/Conveyancers who do not wish to participate in the e-Conveyancing program can still attend settlement and lodge documents manually.