Settling real estate sales, for example, can be difficult to navigate when you can’t leave your home to verify your identity or sign the paperwork, after all! However, conveyancing need not be one of these industries that needs to grind to a halt.
Thanks to touchless, e-friendly conveyancing technologies, you can continue to make settlements on time electronically, providing quick and efficient touchless settlements all without the need for face-to-face interaction. Here’s what you need to know about touchless e-friendly conveyancing.
The modern landscape is simply not conducive for conducting face-to-face business right now. In plain terms, the COVID-19 outbreak has changed the way the world does business, and the result has been a shift towards telepresence and remote working for not just the time being but, for all intents and purposes, going forward in the longer term as well. This has a number of advantages, but only
in industries where you don’t require face-to-face interaction.
Conveyancing, unfortunately, is not one of those industries. With conveyancing routinely requiring identity verification and wet signatures for settlement, it’s not exactly conducive to social distancing rules, nor is it easy to conduct remote business quickly and efficiently if you need to rely on the post for signed documents to arrive. That’s why new guidance has been pushed forward when it comes to conveyancing and settlements; today, more and more conveyancers are adopting touchless, electronically-friendly conveyancing methods.
This new normal is not going unnoticed, however. As all industries cope to adapt to the realities of a post-coronavirus world, conveyancing is already ahead of the game, thanks to some savvy leadership across the country that has seen the writing on the wall when it comes to maintaining operations by working around COVID-19. Organisational bodies such as the Australian Registrars National Electronic Conveyancing Council (ARNECC) have been quick to issue guidance on the matter when it comes to finding ways around face-to-face identity verification and the need for wet signatures on mortgage documents.
In fact, client authorisations can now be digitally signed without equivocation according to the governmental body. Additionally, the verification of identity standard can now also be done electronically through telepresence as long as a conveyancer takes “reasonable steps” to do so, indicating that ARNECC is all about encouraging this type of settlement now. This is good news, as this not only helps to support the continued operation of the real estate markets but also aids in preventing the spread of COVID-19.
The impetus behind this move to make touchless e-friendly conveyancing a new industry standard may be borne on the backs of fears of economic ruin in the time of coronavirus, but that doesn’t mean that the conveyancing industry needs to return to older, more traditional methods once the COVID-19 outbreak recedes to levels that negate its status as a pandemic. Yes, it’s true that e-conveyancing obviates the need for face-to-face interactions that could result in a coronavirus infection, but this will be a short-lived benefit once COVID-19 is under control. In fact, there’s plenty to like about future-proofing the conveyancing industry through these methods that has nothing to do with limiting the impact of a pandemic.
Primarily, the speed and efficiency of e-conveyancing simply cannot be beaten. This is because the ability to transact electronically unlocks so many doors that would otherwise remain closed to both conveyancers and home buyers. By removing the bottlenecks of requiring in-person identity verification and needing a wet signature for important settlement documents, real estate transactions will be able to be resolved much more quickly going forward as a result. This is nothing short of revolutionary; it’s also a much-needed improvement to an industry that is at risk of being left behind by its adherence to these older in-person verification requirements. Thankfully, these old-fashioned verification practices are shaping up to be a thing of the past indeed.
It wouldn’t be hyperbole to characterize the global economic landscape as extremely chaotic right now. It also wouldn’t be untoward to voice true concerns about the ability to continue to do business under such conditions, to say nothing of the human cost of this instability. As evidenced in countless locations, both here at home and around the world, the global community is coping with unprecedented levels of personal and financial turmoil right now. Without clear and decisive leadership on the issues we now face, the conveyancing industry could suffer needlessly as a result — and that means not being able to serve homebuyers in the way it needs to.
That’s why it’s so important to reach for, and to hold on to, ways to preserve our financial stability in these trying times. This means relying on technologies to anchor the way we need to do business today: safely and securely, without relying on older, slower, and potentially disruptive or even dangerous methods that are no longer appropriate in light of current circumstances. We have the technology to do so; it’s already present in so much of our personal and professional lives in other capacities. It’s supremely appropriate that we leverage these technologies in the conveyancing industry as well in order to support those goals.
We know you’re likely to have concerns about your own pending home purchase, your conveyancing settlement, or anything else related to real estate transactions in the currently evolving landscape that we’re currently inhabiting. But don’t worry — you’re not alone. We’re on your side, and we’re ready to help.
Contact us today with any questions you have and we’ll walk you through your options. Rely on us to provide you with the peace of mind you need right now! Enjoy the benefits of Touchless E-Friendly Conveyancing.