eConveyancing: The Future of Property Conveyancing

The past couple of years has seen a surge in “proptech” focused companies reshaping Australia’s property market.

The objective of proptech, or “property technology”, is to drive innovation and provide a better way of doing business in an industry plagued with inefficiencies.

And if there’s a lesson to be learned from the global Covid-19 crisis, the need for innovation has never been more critical than right now.

Through necessity, it has been inspiring to see many businesses innovate in the face of crisis and implement online technologies to remain operational in an environment when social distancing means “in-person” business is no longer possible.

But it’s the businesses that have already embraced the digital environment and new technologies that are more agile in the current climate and will come out the other side stronger than ever.

One such business is Lawlab, a nationwide law firm renowned for their depth in legal experience in the property industry, who specialise in “eConveyancing”.

The company was founded in 1899 and boasts an impressive 40,000 conveyances - many of these completed “online”.

Traditionally the conveyancing process is a complicated and confusing process of multiple in-person meetings to exchange physical documents and a myriad of telephone calls.

With a focus on innovation and a commitment to improving the way things have typically been done in the past, Lawlab have streamlined the conveyancing process into an online, time-efficient platform that benefits all parties.

eConveyancing is the way of the future for all property transactions.

Lawlab has made conveyancing simple.

They have revolutionised the conveyancing process using an innovative “online platform” that reduces the costs and makes the process more cohesive for all stakeholders.

No more stacks of paperwork and jumping through hoops.

Their online platform is designed to reduce administration and provide all parties with transparency and collaboration during the entire conveyancing process from start through to finish.

As conveyancing involves multiple stakeholders, there are often many challenges during the conveyancing process.

By moving the conveyancing process “online”, Lawlab has eliminated many of these challenges.

What Is Conveyancing?

“Conveyancing” is the process of transferring the legal ownership of a property from one person to another.

A conveyancing lawyer assists their client with the property settlement and transfer of ownership by ensuring all parties are fulfilling their legal obligations. 

Conveyancing involves preparing, verifying and lodging a number of legal documents as well as:

• Conducting property searches

• Preparing contracts

• Ensuring finance and building inspections are satisfactory

• Communicating with financial institutions

• Representing your interests

• Arranging the property settlement

Lawlab streamlines this entire process and facilitates document sharing, communication between all parties and ensures transparency with real time updates so all parties are confident legal obligations are being met.

Lawlab & inndox

One of the key benefits of using Lawlab is the ability for all stakeholders to upload and download documents as well as keep track of all conversations through to completion.

Clients can sign their contracts electronically - saving time, costs, paper and ultimate reducing their carbon footprint.

All conveyancing documents are conveniently stored online allowing clients easy and instant access to all their important documents.

Once the eConveyancing process is completed, all important documents can then be transferred to inndox for permanent safekeeping.

Transparency & Communication

During the eConveyancing process, time is critical.

Documents need to be signed by specific dates or the sale falls through.

Prior to moving online, getting important signatures was often a painstaking and time-consuming process with much ‘to-ing and fro-ing’ between the various parties.

Lawlab’s innovative online platform means open communication and electronic signing which fast-tracks the turnaround of important documentation.

All parties have constant access to all documents so clients can view the current status of their project and receive live up-dates.

They can also communicate with other professionals involved in the eConveyancing process such as real estate agents, brokers, lenders and solicitors.  

Lawlab keeps all parties informed during the process for complete transparency.

Why Choose Lawlab?

The Lawlab team has extensive experience in the property industry and as licensed conveyancing lawyers.

They believe the conveyancing process should be stress free and guide clients through the entire process of purchasing, selling or transferring the ownership of property.

Lawlab’s innovative online platform means all parties - including buyers, sellers, solicitors, lenders, agents and brokers – seamlessly coordinate to ensure settlement happens faster.

No matter where you are based or looking to buy, the Lawlab team is nationwide.

If you are looking to buy or sell, contact Lawlab today for your conveyancing needs!

Looking to buy or sell a property?

When buying or selling a property you need a BETTER way to manage your property information instead of the old school lever arch file or digital mess that many of our computer hard drives have become.

Everything about your property, in one place!

inndox is an innovative online home management system or “property logbook” that allows you to capture, record and share information about your property. 

Everything from building plans and conveyancing information to pest inspection reports and appliance warranties.

Inndox ensures your property information is safe and secure so you can make informed decisions about one of the greatest assets you will ever own. 

Get started with inndox today!

inndox feature: maintenance reminders

During a Handover, there are important documents to always include, such as warranties, building project contact details and maintenance information. 

However, even if your Client has maintenance and care information, it is unlikely they will remember maintenance due dates for regular checks and the important contact details for all those trades who can continue to provide the maintenance service.

For example, how would a Client know when they should have their air conditioning unit checked? Who is the tradesperson responsible and what are the contact details? How about the smoke detector which is a very important safety matter? And what about the cooktop gas pipes? When is the annual termite inspection due so that the Client can stay protected under the Termite Warranty? Who will provide this service to the Client? All such information can easily be forgotten or not even considered until problems arise. This can cause stress and lead to disrepair of the property and unnecessary expense. 

Imagine if your Client was able to have peace of mind about remembering all those essential maintenance checks?

inndox has a Maintenance Reminder feature that lets you give your Client reminders with relevant contact details that will alert your client with your branding 2 weeks in advance. 

Home maintenance when you haven't got time for it

SPENDING SAVES YOU MONEY

JUST LIKE your car, a building needs maintenance. A typical home has many thousands of parts. When everything is well maintained you have a home that is comfortable, safe, healthy and energy-efficient. As a property investor you need to monitor the building, identify potential problems and fix these problems promptly. After you have purchased a property you are responsible for maintenance. This chapter will help you to know what to look for and how to fix it.

Remember that you are maintaining an asset that has the very important task of building your future wealth.

In Australia, the cost of property maintenance is high. Our tradespeople are heavily taxed and highly regulated so no wonder cheap labour is hard to find, but that is another story. The high cost of labour and materials means that it is more expensive than most people realise to maintain a property. Once investors have coughed up the huge amount necessary to purchase the property they seem to think, great now I can relax and watch the money roll into my account. An Australian Bureau of Statistics (ABS) survey conducted in 1999 found that maintenance costs seem to be around $2,000 per annum on a rental property. Interestingly, the same survey found 64% of people who lived in a house that was more than 60 years old said it had major structural defects. Hardly a news flash that older properties need more maintenance. Given it’s now 2016, it’s likely that maintenance costs have only increased.

WHY USE A PROPERTY MANAGER?

I personally use the services of professional property managers to manage the maintenance of the property in my investment portfolio. Yes, I could do it myself but my time is worth more than what they charge (and your time is worth more too).

OK, so here is how you make a list of maintenance on your own home easy. Set and forget. Have a look at the following example shown.

Gutters every 6 months by ACME gutter cleaning ph. 555 7788 dave@acmegutterclean.com

Window cleaning every 12 months by Sparkle Window cleaners ph. 555 123 jenny@sparklewindows.com

Air conditioning service every 12 months by Be Cool Air Con Solutions ph. 0455 456 789 Alex@becool.com

Schedule this maintenance using inndox so you get a reminder that is linked to your contacts and is there for the next owner. This makes your property more attractive as a buyer can more easily take over the management of the property.

 Why you should get one maintenance company to do multiple jobs

Save time by getting one company to do multiple items. For example, the guys who clean my windows also clean the pavers with high pressure water. Now they offer gutter-cleaning too. They call me once a year in September (our springtime) and two guys come and spend the whole day cleaning the gutters, then the walls and pavers and finally clean the windows. It costs about $800 after I get a discount for being a regular customer and packaging all the services together. They call me every year and we agree on a day. Set and forget. Now I just got back four weekends I can spend with my family and friends.

OMG my tenant died!

My tenant was 54 years old and lived on his own. I had only met him a week before he passed away. I got a call from my onsite manager advising me that he had just found the tenant sitting on the sofa wearing only a singlet. The onsite manager called the police and they came over to verify the man was deceased.

The coroner’s office came out and investigated the scene. They concluded there was no evidence of foul play and took the body away.

The onsite manager then arranged for the carpet and sofa to be removed. We agreed to tile the floor instead of using carpet again. The tiler could start straightaway and the floor was tiled within two days. The tenant’s family visited the property and removed his remaining possessions.

After the cost of the new tiles, rubbish disposal and unpaid rent I was out of pocket $500. The onsite manager who took care of the management of the unit was very professional at a difficult time. I really appreciated his efforts to show the appropriate respect for the tenant and his family while also getting the property ready for the next tenant and keeping me well informed.

 I have seen tenants make a huge mess of a property and cause tens of thousands of dollars in damage. This damage usually occurred over many years and the rental agreement was usually a handshake agreement between family or friends without professional property management.

Do you need the “extras” on your Landlords insurance?

The bond of one month’s rent is woefully inadequate when you get significant property damage. Landlord’s insurance is essential. Some policy extensions include malicious and accidental damage by tenants. I recommend getting these extensions if possible.

 Also take out building and contents insurance. I recommend that you obtain a replacement estimate from your building inspector.. Insurance companies sometimes have online calculators to help you arrive at a replacement value. In your estimate, don’t forget to allow for architects’ fees, demolition, council fees and rent for another property during a rebuild.

Ask your tradie for proof of license and insurance

When engaging tradespeople. Always ensure they are appropriately licensed and insured. For jobs that cost more than $500 I will usually get   a comparison price or two. Be respectful of people’s time and refrain from getting five quotes. The insurances that tradespeople need include: Workers Compensation, public liability insurance and home warranty insurance in some parts of Australia.

Who is responsible for maintaining common property areas?

If you buy a unit, flat, townhouse, apartment or other property that has common areas then I consider it essential that you arrange for a search of the body corporate records. These will help you to understand if there are any issues that may impact upon you or your decision to purchase the property (if you are in the process of purchasing the property). Often a search can be arranged by your solicitor as part of the conveyancing process. The building inspection will generally not include common property areas. Its a good idea to put all Body Corporate (Community) rules and correspondance into your inndox.