A majority of real estate law firms in Queensland agree that electronic conveyancing serves as the next step for the industry, according to a GlobalX research. The research noted that 91 percent of respondents consider e-conveyancing to be unavoidable.
However, real estate lawyers have urged the Queensland government to provide clear updates on the framework after years of waiting for its launch.
The state introduced the Electronic Conveyancing National Law in May 2013 and since then; a clear timeline is yet to be disclosed, according to the research respondents.
GlobalX said that 84 percent are in favour of a transition to e-conveyancing, while 72 percent believe that it would be beneficial to the industry.
However, respondents said that they still await the Department of Natural Resources & Mines’ Titles Register “to lead the industry and implement a time frame,” according to GlobalX.
The state has lagged behind in terms of providing industry guidance, since New South Wales, Victoria, Western Australia and South Australia’s Registrar of Titles have already specified the system’s implementation, GlobalX CEO Peter Maloney said.
Maloney stated that the delay in providing guidelines to Queensland law firms have been frustrating for them. For instance, property conveyancing lawyers in Townsville such as Connolly Suthers settling real estate for a client in New South Wales requires two systems.
This situation is more problematic in towns bordering the Tweed Regions, where the population is high, according to Maloney.
Real estate transfers in New South Wales, Victoria, Western Australia, and South Australia are already expected to be digital by August 2019, which gives Queensland a relatively short time to prepare its industry guidelines.
E-conveyancing may be the future for Queensland’s real estate transactions, but the absence of a clear guideline may hamper its expected benefits to the industry.