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PROPERTY transactions are being revolutionised in Queensland thanks to a new online conveyancing platform that has just went live.
The conveyancing platform known as Property Exchange Australia (PEXA), which is working its way across Australia, is bringing the transfer of property into the 21st century with a host of new changes.
The biggest of these changes is the complete removal of any physical attendance at the settlement stage, as well as establishing a secure platform for the transfer of funds and documentation.
PEXA has brought a breath of fresh air into a stagnant industry, and it looks to benefit the market as a whole. Substantial effort has been made to create an efficient and safe new platform for banks, lawyers and property owners alike.
The new platforms success is thanks to the Brisbane based technology company GlobalX Legal Solutions. Their mission to move the industry towards PEXA has seen scores of law firms across Australia pick up the innovation solution and put it to use.
CEO of GlobalX, Peter Maloney, is hopeful that Queensland firms will be able to provide shorter timeframes for settlements. In turn, this should see a drop in cost, a gain in productivity and the nifty ability to track data in real time, all to the benefit of the customer.
He said: ‘The Property Exchange Australia (PEXA) platform is currently live in Victoria, New South Wales, Western Australia and most recently Queensland.’
‘The introduction of electronic conveyancing is set to change Queensland’s $864 billion property market forever, offering greater certainty and efficiency in the settlement process for legal practitioners and consumers alike’.
One of Queensland’s first firms to adopt the new technology was the conveyancing specialists Ownit. They hope the change from the out-dated processes that were previously in place will help streamline their entire operation.
Managing Director of Ownit Conveyancing Lawyers, Melissa Warbrick, said: ‘The benefits of electronic conveyancing will positively influence all parties involved in the conveyancing process, from the legal and financial representatives right down to the home buyer and seller.’
‘Property Exchange Australia (PEXA) will bring efficiencies, improved accuracy and greater visibility to conveyancing matters for firms, empowering us to deliver home buyers and sellers greater confidence that their property transaction will occur without error or delay’.
Along with this improvement in transactions for the buyers and sellers, PEXA also provides a greater level of transparency for everyone involved.
The changes do not stop there, though – PEXA hopes to release a mobile app called SettleMe in the near future.
SettleMe will enable consumers to monitor their own electronic settlement in real time, as it progresses.