Australian property sales go digital19 June 2016 by News Desk
A new conveyancing process is changing the way lawyers and financiers complete Australian property transactions.
Australian property sales are moving into the digital world. A new national online conveyancing system, called PEXA, now facilitates the secure electronic exchange of documents and funds when buying and selling property.
The new system does away with the need for parties to physically exchange documents at the time of settlement.
PEXA aims to make Australian property sales quicker, more efficient and more secure. It will reduce delays and failed settlements, as well as reduce the risk of property and financial fraud.
“Lawyers and conveyancers will experience much shorter settlement times and they will enjoy cost savings, increased productivity and real time access to data,” says Peter Maloney of GlobalX Legal Solutions.
“This in turn will dramatically improve the homebuyer or seller’s experience.”
“The introduction of electronic conveyancing will change Australia’s property market forever. It will offer greater certainty and efficiency in the settlement process for legal practitioners and consumers alike”.
Australian property transactions go digital
A mobile application called SettleMe tracks the electronic settlement in real time.
For the first time conveyancers, lawyers, banks and land registries can collaborate online during a single day rather than having to spend additional time travelling to a settlement room to finalise transactions.
The PEXA platform is now live in Victoria, New South Wales, Western Australia and Queensland. South Australia will go live in early July 2016.
PEXA has signed up 2,000 practitioners and more than 50 financial institutions. The number of practitioners is increasing every month.
In its present form the eConveyancing system is a financial settlement system. But as the platform develops it will soon mean that buyer and seller can settle and complete property transactions within a matter of minutes.
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