We recently helped a client who wanted to settle their purchase of a residential unit within 1 week of signing their contract.
Yes, it did help that the buyer required minimal searches due to the property being a newly constructed property and we had acted for other buyers in the same building. The client was also paying cash so no financier was required to be involved in the purchase.
However, the use of PEXA, Australia’s first electronic conveyancing platform, was the main factor in achieving a fast and stress-free transaction for our client.
The platform essentially brings all parties together, including the solicitors, banks and government institutions (titles, stamp duties and tax offices), streamlining the conveyancing process. No need for hour long phone calls to banks and transfer documents signed by sellers getting lost in the postal service vortex.
For a client to use this service, they must sign and return a Client Authorisation Form, and that is about it. The usual strict verification of identity requirements still apply, which are necessary for a standard paper conveyance.
Key benefits and advantages of using e-conveyancing and the PEXA platform to clients include:
- Sellers receive clear funds at settlement providing instant access sale proceeds. No need to wait for settlement cheques to be banked and clear accounts, which can take days.
- Ownership of a property instantly transfers to a buyer upon settlement. No need to wait for banks to register transfer documents, which can sometimes take weeks.
- There is a dedicated platform for developers to help settle multiple new lots in a project.
- PEXA Key is an app developed to keep clients updated on the progress of their matter, including an instant notification of when settlement has occurred.
Queensland law firms are late adopters to using this technology and we find that most firms are still electing to settle conveyances the traditional paper way. Unlike other states, it is not yet compulsory to use e-conveyancing in Queensland and a mandate has yet to be passed with this deadline.
However, we look forward to further Queensland firms adopting e-conveyancing so more of our clients can experience with the benefits of e-conveyancing.
If you are buying or selling property, get in touch with us to by telephoning (07) 3220 2929 or emailing us at contact@plastiraslawyers.com.