If you own a business, you need a lot of professionals to help you along. In some cases, that includes accountants or marketing experts. In other cases, it involves people who understand business process outsourcing. However, almost all business owners need a great business attorney on their side. Just started your business? Interested in growing it and have legal questions? Wondering what a business attorney does? In this blog, I plan to answer all those questions. I hope that you enjoy reading these posts and that they help you. Thank you for reading! My name is Brenda, and I started a small business when I was just 17. Over the years, I have worked with many pros, but my business attorney has helped me the most.
It almost seems inevitable, but every type of manual transaction in the world of business and commerce appears to be converting to digital, as the pace of change continues relentlessly. It looks like this transformation is extending to the real estate world and may well affect how you close a particular deal in a process that's known as conveyancing. If you are interested in buying a particular property and are starting to talk with experts to make up your team, what should you know about electronic conveyancing and how it may be of benefit to you?
The Old Way
Up until fairly recently, a manual conveyancing process would end when all parties came together in a central office. This would involve the attendance of the agent for each party, most likely the parties themselves and a representative from the banking system at either end. The actual contract and signatures would be exchanged and arrangements would then be made to transfer funds from one account to the other as appropriate. Most importantly, any documentation central to the deal had to be in registrable form, and from time to time, an error may lead to a delay.
With new platforms, however, the need for a physical meeting may soon be a thing of the past. It will still be important to get the work done properly and to have experts on your side, but everyone may be able to meet in a virtual space instead, which will allow the settlement to be done electronically. Much effort has been put in by the designers of these systems to make sure that the framework can cope with these important transactions and is as secure as humanly possible. Identity must be verified at all stages and certificates must be valid in order to proceed.
Benefits to You
In this situation, there is no need for physical signatures to be gathered and, as such, no need for anybody to take time out of their daily schedule to go to the office. It also tends to remove duplication of effort where parties on either side may use their own systems and makes the entire process much more transparent. Remember, everything takes place in real time, and due to this, there are likely to be fewer errors and fewer delays. The title will be registered instantly, which may not have been the case before, and funds will be distributed in "cleared" status to automatically close the deal.
Have a word with your conveyancer to see if you can take advantage of this latest innovation to streamline your process as much as possible.Share
5 June 2018