Digital technology is driving the evolution of the conveyancing industry. What does that mean for the next generation of practitioners?
There’s no question that conveyancing, like many industries, is undergoing a period of change spurred by the growing benefits of digital technology. And such change requires education – so that future generations may understand the evolving landscape. This is where registered training organisations (RTOs) such as TMG are helping fill the knowledge gap by teaching students how to use the PEXA platform.
As the first RTO to teach PEXA in the classroom, we speak with TMG consultant John Lawrence about how electronic conveyancing (e-Conveyancing) is changing the way students are being taught.
A new way of working
The power of e-Conveyancing comes from the ability to completely streamline the administrative side of conveyancing. This includes the preparation of documents such as transfers, mortgages and caveats. More importantly, it improves the settlement process and allows practitioners to lock in the settlement date from the start.
“PEXA guides you through the property transaction by not letting you progress without thoroughly preparing or executing each step,” Lawrence says. “The new generation of conveyancers will learn to complete each part of the process before moving on to the next.”
A new way of learning
New ways of working inevitably mean new ways of delivering the subject matter. This is one reason why TMG modified its conveyancing diploma courses to give students the opportunity to practise simulated transactions on the PEXA platform.
“We are building examples and hands-on practice with respect to PEXA and other aspects of e-Conveyancing,” Lawrence says. “PEXA’s training platform gives us the ability to virtually take students through most of the transaction, so when they graduate they will be thoroughly prepared for the real thing.”
Other aspects of the course remain the same, such as learning how to deal with special conditions or problematic contracts, carrying out title searches or dealing with building permits and disputes.
“The electronic process doesn’t change the technical aspects of conveyancing, so the new generation of students will still need to develop a knowledge base concerning property law, contract law, tort law, trust accounting and all those areas that are relevant to property law practice.”
Lawrence says the PEXA platform will ultimately help cut through many layers of procedural documentation.
“It’s going to greatly facilitate certain procedures that are mundane or time-consuming, like having to wait three quarters of an hour on the phone trying to book a settlement with the bank!”
A generation born to it
While some older conveyancers might resist the introduction of electronic processes, Lawrence describes the current generation as right at home working alongside technology.
“PEXA is basically replacing paper-based processes with online transactions and as most young people are conversant with electronic media, they have no problem with that. The other big advantage for the students who are just starting out is that they won’t have had a lot of experience in the old paper-based conveyancing. It’s all new territory for them.”
Lawrence believes e-Conveyancing will become second nature to the future generation of conveyancers because it’s all they will know.
“They already use technology in many aspects of their daily lives, so it'll be easy for them to quickly become very efficient with the system.”
And as Lawrence points out, the more time e-Conveyancing frees up, the more time practitioners have to solve their clients’ problems.
Learn more about how to navigate the PEXA platform today.