Technology has significantly evolved in the last decade, with the creation of tools and functions to help the conveyancing industry transition into a paperless workflow. One significant stride technology has taken, is the introduction of electronic contracts (eContracts) over the traditional paper-based contracts.
There are many benefits to utilising eContracts in your workflow, these include, time saving, reducing the risk of error, reduced operational costs, security, and importantly convenience for your clients.
1. Time saving
It’s no secret the Contract of Sale document is a mighty process. That is, traditionally, hard-copy contracts are not only crucial and significant documents, but they are large.
When you add on the non-digital conveyancing workflow from creation, proofing, printing, mailing, reading, signing, re-mailing, and confirming, you’re facing a very lengthy process.
However, triSearch eCos solves this issue by enabling the entire process to be completed digitally.
Once the contract is ordered, you can compile, rearrange and edit it, import any additional documents, sign and send to your clients for signing via email.
This saves countless hours in every matter, especially by cutting the postal or travel times for your clients to receive the contract.
2. Reduced risk of error
Human error will always be a potential risk when preparing contracts. However, using eContracts minimises the chance of inaccurate recorded data and allows recipients to add signatures faster.
When you order an electronic contract through triSearch, information is automatically mapped from your Title Search onto the Contract, saving you the hassle and risk of re-keying it.
Using triSearch eCos considerably reduces the risk of manipulation. Having the contract confirmed digitally, means both the sender or recipient are unable to doctor the contract after the signatures and initials have been added.
3. Reduced operational costs
When you hear ‘paperless conveyancing’, it should automatically be associated with eContracts. By implementing the digital tool, you can eliminate office supplies and equipment to produce traditional contracts such as, paper, printing equipment and maintenance, ink refills, postage, and filing and storage.
Using the integration with triConvey, you can achieve exactly this. By using the eCos tool through the software, you can digitally build your contract and have it automatically captured in your matter card. From here you can sign, send and receive contracts from your clients or other parties, without ever needing to print or post.
Producing, transporting and executing a legal document safely is without a doubt one of the most important tasks of a conveyancer.
Firms that use paper documents are opening their practice up to a mistake waiting to happen. Problems including manipulation, loss, and fraud will always be a threat from transporting documents through paper form, especially if multiple copies are made.
Using the triSearch eCOS tool eliminates these security concerns as both parties can securely edit and sign the one true version of the contract in an encrypted and safe environment.
5. Customer convenience
In a stressful time for your clients, consistently producing results quickly and safely will be a crucial value-add for your firm.
Besides the time-saving benefits felt directly by your clients, the eCos tool through triSearch opens up a host of additional benefits for your firm that will improve client satisfaction.
This becomes more evident when the purchaser and vendor are not able to exchange in the same location.
Once an electronic contract is ordered through the triSearch platform, a clear and easy-to-use window opens where you can import documents, drag-to-rearrange and compile the entire contract in two clicks.
When it’s compiled, the system will also compress the document so it can be emailed.
The contract is also automatically captured in the matter for reference anytime.
Electronic contracts are also compatible with digital signatures, meaning your clients no longer need to travel to your office to sign, or wait for their documents via post.
It can all be done over email in a secure DocuSign environment.
Finally, they allow for the use of Settlement Services like triSettle, which helps to reduce your admin even further. Allowing you to spend time on what matters most – advising your clients and building better relationships with them.
Ultimately, if an eCos tool is utilised in the conveyancing workflow, your practice can achieve the functionality needed to provide an elite service to your clients.
The exceptional service you would provide by choosing eContracts over traditional contracts, allows you to reduce time in your workflow and the chance of error, lesson operational costs, conduct business securely, and provide a level of convenience for your clients which is impossible to reach from a paper contract.
For more information about how you can best utilise eCos and other eConveyancing tools, get started with us today.