From today, certain conveyancing transactions would have to be lodged through an electronic lodgement network by practitioners, unless they have an exception, InfoTrack said in a statement.
The company's chief executive John Ahern said: “We are currently travelling around the country to speak with conveyancers who have confirmed that these new regulations and processes are generating increased pressure and risk. There is a real call for help to deal with these changes which our clients feel have been thrust upon them.”
InfoTrack cited a recent Web poll of legal and conveyancing professionals in Australia as indicating that although the majority planned to tackle the transition to processing settlements in-house, 11% planned to use an agent to complete their settlements, 15% were too busy to deal with the changes that come with the mandate and 7% planned to stop doing conveyancing work altogether.
"It is a logical step to combine the knowledge, expertise and service of our settlements team with our innovative technology to take some burden off our clients’ shoulders, and this is what SettleIT does."
InfoTrack general manager, Product and Innovation, Lee Bailie, said: “We’ve created the SettleIT service to offer an accessible, affordable alternative to handling the settlement processing in-house.
"Conveyancers don’t need to change how they’re running their practice or register for an ELN, they simply provide us with their instructions and documents and we determine whether it can be lodged manually or electronically.
"The conveyancer approves all critical steps along the way and receives real-time updates while we work in the background to process the settlements and ensure that everything is running smoothly on their behalf. As our clients would be used to pre-mandate.”