Conveyancing defined: dealing with the conveyance of property or real estate and transferring the title to property from one person to another.

Digital Conveyancing is the act of conveyancing using digital/electronic means by substituting digital documentation for paper and use of verified data to transfer title via the web.

Under an end-to-end digital electronic conveyancing system the only paper used is the signing of a physical paper contract.

247 Legal’s major roles are as an online publisher of property information via the agent’s web site and as a facilitator of digital conveyancing.

We support the structures of the legal and real estate industry and show this by the fact that:
• Lawyers/conveyancers will still represent vendors and purchasers in preparation of legal documentation
• and in thesettlement process.
• Real Estate Agents will still market property and negotiate the sale of real estate.
• Certificate providers will still act as brokers in the supply of title searches and property certificates.
• Legal software providers will still provide desktop solutions to lawyers/conveyancers.

247 will assist in developing the concept of the Digital Conveyancing Network through a system of accrediting Real Estate Agents and Lawyers and Conveyancers as accredited members and users of the 247 system.

Agents will greatly benefit from the system in having property information and legal documentation published quickly in time for the marketing campaign to begin. No more playing chase the lawyer for a title or a 32. No more lost sales because you cannot extract a 32. Plus no more photocopying, faxing or couriering documents to prospective buyers, you can simply point them to your website.

Lawyers will benefit enormously from the 247 system. In making the transition from paper based conveyancing to digital conveyancing, legal staff will enjoy not having to shuffle and collate paper contracts and their time spent on files will be reduced. Title and certificate will in many cases be performed by 247 and not the law firm. Two conveyancing firms, Hayton Kosky and Total Conveyancing understand the benefits having converted to digital based conveyancing since 2003 and their staff would not want to revert to the old ways.

247 will build the network by inviting Estate Agents and Law firms and Conveyancing companies to join the system as accredited members. It is our experience that many agent representatives have an established relationship with lawyers and conveyancers and we wish to see this emulated.

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Property Information such as title, plans, easements and covenants and statutory information is now widely available in digital format. This information has traditionally been provided by lawyers and conveyancers in paper format.

Vendors are required to give this information by law and Buyers need to complete their due diligence on any property before signing a contract. This information will now be published online and in a timely fashion providing the information upfront to the Agent and giving Buyers unfettered access via any web browser.

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A commonly asked question is, is it a breach of the vendor’s privacy in publishing the property information on the web? Here are five answers:
1. The property information being published is Public information widely accessible by public searches.
2. Legislation mandates the production of title and property information (s32(a)(i) Sale Land Act Vic).
3. Vendor authorises the online disclosure when completing the Order Form.
4. Prospects are searching via a property search – not searching via an index or vendor name.
4. The Prospect is interested in the property not the individual that owns the property.
5. This Information is currently and freely available by request of Agent.

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Does 247’s pricing structure make Conveyancing more expensive?

Traditionally the lawyer for the Vendor orders the property certificates and these are incorporated into the Vendors Statement and Auction contracts. The Vendor pays his Lawyer for the cost of the certificates as a disbursement.

Under the 247 system the Vendor pays for the cost of the certificates upfront and are then published online alleviating the Vendor’s lawyer from ordering the same certificates. These certificates are then incorporated into the documentation prepared by the Vendor’s lawyer. Included in the cost of the certificates ordered by 247 is a margin.

On the other hand we have verified evidence that some of our accredited lawyers have lowered their cost of conveyancing as part of joining the 247 system.

247 Legal is a value added service that provides a marketing tool for agents that will increase the potential amount of interested and qualified buyers. The benefits far outway the initial cost.

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Vendors and Buyers will still sign a paper contract and disclosure document.

The Agent has a choice whether to download and print a full copy of the section 32, 27 and certificates or to have a hard copy of the Vendors Statement posted to them printed and bound. Whichever is the most convenient.

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Agents can log onto the 247 website using their mobile number as username and password. They can then change their password.

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247 launched in July 2004. As at this date you would need to use Wilson Pride Real Estate Agents. Over time other agents and lawyers will join the 247 network.

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Yes, you can still use and nominate your own lawyer. When you order the 247 service you will select “Certificates only”. 247 will notify your lawyer of choice that certificates have been ordered and are not to be re-ordered.

When the certificates are available, which is usually within 7 days, your lawyer will be able to logon on to 247 and download the certificates free of charge.

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An accredited 247 lawyer is a member of the system and can provide the full suite of legal documentation in a digital online format. It is expected that by using a 247 lawyer that all documentation including the section 32 vendors statement will be made available to your agent before the marketing campaign begins.

Another benefit is that the legal fees for conveyancing is transparent and will be a fixed quote.

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