Shand Taylor Lawyers completes historic PEXA E-Conveyance

20 March 2017

 

About 18 months ago Shand Taylor Lawyers sat down to discuss the potential of E-Conveyancing with Property Exchange Australia Limited (PEXA).  Last Friday, 17 March 2017, we became among the first firms in Queensland to complete an online settlement through the PEXA e-conveyancing platform.

For other firms the transition to e-conveyancing may be a daunting prospect.  It can be difficult to make the decision to move from a physical, document based settlement to a cloud based, online portal to conduct the settlement.

The benefits of a PEXA e-conveyance are summarised below:

  • Transparency – at all times each party can see what stage the other parties are up to with the conveyance including clarity in regard to where the purchase funds are coming from;
  • Simplicity – no bank cheques, no signing of physical documents and no booking in banks for settlement;
  • Certainty – Titles documents are pre-examined prior to settlement and once all parties have ‘signed’ the documents and agreed on the disbursement of funds the parties know settlement will occur at the appointed time – no last minute hiccups.
  • Speed – settlement can occur earlier in the day than the usual 2.00pm – 4.00pm timeframe for physical settlements and the actual settlement process takes less than 15 minutes.  The buyer immediately becomes the registered owner of the property and the seller will usually receive the settlement proceeds as cleared funds within two hours after settlement

The PEXA e-conveyancing system represents a significant leap forward in the process of conducting settlements.   It is a system we strongly believe will benefit clients whether it is ‘cottage’ conveyancing, multi-unit developer sales, or commercial real estate property transactions.

Shand Taylor Lawyers are very excited at the prospect of utilising PEXA for all applicable property transactions in the future and creating the best possible outcome for our clients. 

If you have any queries in relation to PEXA E-Conveyance or any other property related matter, please contact a member of our property team:

Richard Waring, Partner: (07) 3307 4545

Margaret Hall, Paralegal: (07) 3307 4543

Matthew Green, Law Graduate: (07) 3307 4544

 

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