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Forefront eNewsletter

Q3 2016 EDITION

The Future Is Paperless

InfoTrack and Lawyers Weekly recently conducted a Transaction Technology survey of 742 legal professionals which revealed that more than 20% believe that complacency could be threatening innovation in the legal market. Despite this, I believe that legal players are taking big steps to move into the future by embracing change and supporting innovation.

There is an undeniable shift occurring in the legal market,and we are moving closer and closer to a truly digital future. There has been talk of electronic conveyancing for years, but it’s only recently that it has become a reality with new technology enabling it.

On June 9, 2016, Claire Martin, a solicitor at Kreisson, made history when she conducted the first fully digital conveyance in the country. Claire used eConveyancing technology to sell her apartment in Dee Why without touching a single piece of paper, and she had access to the money from the sale within 10 minutes.

Claire was able to conduct the following tasks electronically:

  • Real estate agency agreement
  • Contract preparation
  • Execution of e-contract by all parties
  • Exchange
  • Discharge of mortgage
  • Payment of stamp duty
  • Ordering of s109
  • Settlement

Gone are the days of piecing together contracts and amassing piles of paper that need to be scanned and emailed repeatedly. Practitioners can now prepare, sign, and exchange a contract from wherever they are – physical and geographical constraints are no longer an issue. Practitioners can save up to 30 minutes per contract and hours to days on the exchange process. It is simpler than ever, and the profession is beginning to embrace this new way of doing business as they gain a better understanding of how it improves their workflow.

The benefits of going digital cannot be denied. It increases efficiency and accuracy, because when you prepare a contract online, information is prepopulated saving time and avoiding data entry errors. In addition, there is only one master version of the contract, and it cannot be tampered with.

Digital conveyancing also cuts down on costs and wasted resources, including the reams of paper that each transaction used to involve.

The conveyancing process becomes much easier for everyone involved as efficiency benefits are passed on to clients and real estate agents. Most importantly, in an industry where every minute counts, electronic conveyancing literally gives practitioners back time.

In an increasingly competitive market, it is more important than ever to stay on the leading edge of technology if you want to stay in the game. Technology is fast becoming a huge differentiator in the legal and conveyancing industries, and practitioners are taking note. In the Transaction Technology survey, 78% of respondents agreed that early adoption of new technology is better for business.

This is the biggest change to how we buy and sell property in our lifetime and the start of a new era that will see firms move more and more of their processes online. The numbers clearly demonstrate that the industry is ready to embrace a change, and early adopters are already forging the way toward a truly paperless future.  

InfoTrack

InfoTrack is a market leading information broker providing a superior fast and easy solution for all your Property, Corporate, Personal searching and affiliated services. Our search capabilities support customer productivity, profitably and growth. We have over 5,700 clients who range from the Legal and Conveyancing to Banking and Finance industries. We also service other professions such as Surveyors, Mercantile Agents, Accountants and Government departments. Start searching with InfoTrack today. Click here for more information.

 
 
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