At a time when physical contact is actively discouraged, it's good to be able to take advantage of digital tools instead. It's particularly gratifying, therefore, to know that you can settle the account electronically now when you buy or sell a house. What is the process? Is everything digital, or do you still need to manually engage?

The Bad Old Days

In the old days, all parties to the settlement would need to gather in a central location to sign and exchange documents. This would include the buyer and the seller, their representatives, the conveyancer and officials from each bank. Many signatures would be gathered and forms exchanged before any payments were transferred between the financial institutions.

21^st Century

For a new buyer, this was certainly a red-letter day, but the process itself could be quite cumbersome. Thankfully, the entire industry has moved into the 21^st century and has allowed all this activity to be performed online.

Checking ID

There are, however, caveats, as you might expect. The government does require evidence of identity, and so you (and the seller) will need to meet with a conveyancer in advance of the electronic settlement so that your signatures and identities can be checked.

Paper Signatures

The banks may still need actual signatures on paper documents, and these may need to be gathered and sent to their office in advance so that they can be verified and checked. Furthermore, you will need to authorise the conveyancer to work on your behalf, and you may need to sign a paper document when you first bring them on board to give them that authority.

In the meantime, the conveyancer can open an account on the digital platform and send invitations to all of the other parties to join in.

Digital Work

When the big day arrives, the conveyancer can then begin the process of signing each document digitally within the dedicated workspace. They will be able to access the funds required at the appropriate moment and once all the figures have been agreed by all parties.

Moving to Close

At that point, the title will be updated and will instantly pass to you as the seller. This may be advantageous, as you can then immediately apply for building permits or whatever else you need in accordance with your future plans. Finally, the funds are dispersed, and all parties are notified that the case is closed.

Talking It Through

Go through all the details with your conveyancing professional right at the beginning. They will help you to understand this process, and it should make life easier for all concerned.