Conveyancing and technology have always had an uneasy relationship.
It’s not hard to understand why. Old habits die hard. Paper-based conveyancing, still anchored in many jurisdictions by the ownership of a paper Certificate of Title, has been part of the bedrock of Australian culture and law for generations. Replacing the traditional buying, selling, lending and borrowing ‘paper’ system with an all-inclusive online system has been a slow, cautious process.
Of course, there are good reasons to be cautious. An online system doesn’t just need to be efficient, faster and cheaper to make a case for the switch from the paper-based system. Above all, it needs to be safe. For example, lenders need to be sure they can effectively identify borrowers in electronic conveyancing transactions to avoid, or at least minimise, the instances of fraud.
Importantly, the network needs to be perceived as reliable and secure.