Introducing Electronic Conveyancing
Purchasing a property is a huge financial decision. The complexities of property law can be daunting, and inadequate legal advice can have serious consequences.
Thankfully, electronic conveyancing has improved the current paper-based conveyancing system in leaps and bounds. The terms ‘electronic conveyancing’ or ‘e-conveyancing’ refer to a conveyancing transaction whereby legal practitioners complete property settlements online.
Property Exchange Australia (PEXA) is a nation-wide digital property network that facilitates secure online lodgement and financial settlement. Instigated by the Council of Australian Governments (COAG), PEXA is driving the property industry towards a completely digital future.
A major benefit of PEXA is that it allows cases to be completed through real time lodgement and settlement. This means that legal clerks will no longer waste valuable time travelling to settlements, arranging bank cheques and organising the transfer of documents.
PEXA also lets property lawyers view the progress of all parties, which enhances their ability to give clients accurate and up-to-date advice every step of the way.
As a result of this new technology, conveyancing is now faster, more secure and more accurate.
Mike Cameron, PEXA’s Group Executive of Operations, said that “banks, conveyancers and lawyers realise that a future that’s part paper and part digital is not sustainable and adds unnecessary business operating costs.”
This belief is evidenced by the fact that more than 100,000 Australian property transactions totalling in excess of $11 billion have been taken online through PEXA. The platform is expected to account for the transfer of over 85 per cent of property transactions by 2019.
Merton Lawyers’ Conveyancing provides property lawyers experienced in the use of PEXA to guide you through the precarious landscape of property law. While the advantages of PEXA are far-reaching for us, the ultimate beneficiary is you.
Where to next?
Contact Merton Lawyers’ Conveyancing on (03) 9645 9500 to discuss your options when buying or selling a property. You can also email our directors Anthony Curtin at anthony.curtin@mertonlawyers.com.au or David Rennex at david.rennex@mertonlawyers.com.au to find out how we can help you.
