Next time you accept a call about your property sale or purchase, consider whether you really know who’s on the other end of the phone. Photo: Seventy Four Images.
Twenty years ago, the biggest concerns when buying or selling a house were contract issues, finance delays, or title problems. While those problems still exist, there’s another risk that most people haven’t even considered – cybercrime.
Property transactions are the ultimate target, not just because they involve large sums of money, but they’re also transferred electronically between multiple parties and within strict timeframes.
A successful fraud could result in hundreds of thousands of dollars being diverted in a single transaction.
“Many property conveyancing services operate completely online these days. Digital tech has improved efficiency, but it has also created distance between everyday people and those responsible for their assets,” Velocity Conveyancing principal Andrew Satsias OAM says.
“Cyber criminals are far more persuasive than they used to be and the further that distance stretches, the easier it is for them to find an in.”
Identity theft is another growing concern. Stolen or fabricated documents can be used to deal with property unlawfully or get hold of settlement proceeds.
Andrew explains that these risks have fundamentally changed the role of the modern conveyancer.
“Today, our role extends well beyond preparing documents and coordinating settlement. We are also responsible for helping clients protect themselves from financial loss,” he says.
“I often encourage people to consider whether they know exactly who is handling their transaction.
“When you’re dealing with life savings, knowing who is acting for you matters. Knowing where they are located matters. Knowing you can pick up the phone and speak directly with the person responsible for your funds matters.”
Andrew Satsias and co-principal Peter Romano have led the Velocity Conveyancing team for more than two decades. Photo: Thomas Lucraft.
You may be surprised to learn that the ACT doesn’t have a licensed conveyancer profession. In Canberra, residential conveyancing is taken on by property lawyers.
This is actually a good thing. Property transactions don’t always go as planned – whether cybercrime is involved or not, lawyers are best qualified to spot and resolve an issue before it gets expensive.
“People tend to think conveyancing is all about the paperwork, but that’s only one step in a long process,” Andrew says.
“For purchasers, we review contracts, explain legal obligations, conduct searches, liaise with lenders, identify risks and manage settlement. For sellers, we assist with contract preparation, disclosure requirements, mortgage discharge arrangements and settlement.
“Local knowledge counts in both cases. Without it, the cost to you could be astronomical.”
Cybercrime will only continue to evolve, especially with the widespread adoption of AI. Andrew says a trusted local lawyer, with a genuine and established presence in your community, is one of the best forms of protection.
“Fraudsters can already intercept emails, impersonate transaction parties, or send fake details that look completely legitimate. By the time a fraud is discovered, your funds may already be gone,” he says.
“So no, a conveyancer’s role isn’t simply to process paperwork. It’s to ensure your property transaction is completed safely and securely.
“When your savings are at stake and getting everything right is the only option, consider the cost of hiring a local expert money well spent.”
For more information, visit Velocity Conveyancing.
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