Monash Law Faculty recently held a public forum to encourage debate amongst lawyers about Electronic Conveyancing. When it came to question time, why is it most contributions are innately negative and sometimes positively so off the mark I wonder why they bothered to turn up. Surely they are not representative of the majority. Perhaps such attitudes, beliefs, fears are widely held. It wouldn't surprise me in the least.
Example 1. Settlement has just occured. Is it possible to undo settlement to put the parties back into their position pre-settlement? Simple answer is No. Faaaaack. In my 20 odd years I cant recall undoing any settlement. As soon as I have bank cheque in hand - I'm out of there.
Example 2. I have a cash buyer. Now the client will have to pay stamp duty at settlement and not delay for 3 months. Answer - whilst NECS is not compulsory dont use NECS - stick to the paper, physical settlement routine. Second the problem with stamp duty is not the timing of payment its the fact that bracket creep has put everyone in the unfortunate position of paying 5%
Unfortunately the legal profession is conservative and slow to change plus the voice of the naysayers are often too loud. The good news is they will be the ones left behind and wont know what happened until its too late to change. Gen Y will just takeover.
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