Settlements of property in Dalyellup and real estate in other parts of Western Australia can now be carried out online, as the state's conveyancing system is officially expanded.
This should make the sale and purchase of properties much more streamlined, while giving all the necessary parties access to the information they need. Lands Minister Terry Redman described the move as "one of the most significant developments in the land transaction process in Western Australia since paper-based conveyancing was first introduced over 120 years ago".
It follows around a year later than Western Australian banks' decision to shift to an electronic system of generating and processing mortgage applications. The scheme proved so successful that it has now been rolled out across more platforms.
Mr Redman believes that online conveyancing will bring financial benefits to Western Australia, not least because the time it takes to arrange a property settlement will be drastically reduced. Anyone selling property will be able to take advantage of funds clearing in their account within an hour of the settlement being granted.
The online system can be used to pay transfer duty, reach financial settlements and prepare the necessary land documents needed to buy and sell real estate.
Earlier this month, the state government revealed that it was going ahead with plans to sell authority-owned land in order to reduce debt. A second round of properties in Western Australia have now been prepared for sale, which should minimise the amount owed by around $268million.
"I encourage developers and other prospective buyers to visit the Department of Lands website for information about current and future sales of surplus government land," suggested Mr Redman.
The first round of properties identified by the government were announced in September last year, with many of them having already been successfully sold.