Entering our Digital Era: Switching from Paper to Electronic Titles
Over the past months, Grice Legal has been in the process of converting any paper certificates of title we hold to electronic copies, as the Victorian Register of Land has begun the movement of phasing out paper titles entirely. As the legal industry progresses towards being able to operate almost wholly electronically, it was inevitable that land titles do the same and paper copies are no longer needed to be physically stored at firms such as Grice Legal. Despite such a significant change in the operation of conveyancing and the large task involved in converting physical titles, the benefits of such a development are already being felt.
The primary benefit of electronic titles is they enable us to make property transactions far more efficient as they can be faster, simpler and more secure. Physical documents no longer need to be posted or collected by titleholders and other parties involved in a transaction of land. Instead, this now can be done entirely online through the online conveyancing software, PEXA. Title transfers and registration processes can now be done in mere minutes. Having all the necessary documents online stored in one place also makes the transaction more reliable and easier to understand. There is no risk of misplacing a piece of paper, as it all is kept in one place throughout the entire conveyancing process. As a result, we are able to deliver optimal results to our clients in a timely and secure fashion.
The phasing-out of paper titles also contributes significantly to a positive environmental impact. In Victoria alone, over 150,000 new paper titles are printed and transported each year. Instead of hundreds of papers filling cabinets in offices such as Grice Legal, the titles can be held in one place electronically. Holding titles digitally has helped reduce paper production and waste not only in our firm but state-wide, and helps contribute to being sustainably-minded and encourages us to identify other ways to further reduce negative environmental impacts.
Overall, 65% of all titles in Victoria are now electronic, and eventually, all paper titles will have been converted to electronic versions. As land transactions continue to occur, remaining physical certificates of title will be phased-out, allowing for a more efficient conveyancing process that is simpler and more secure, as well as creates a positive environmental impact in reducing the large amount of paper used in the producing of physical titles.
