For the past 150 years when completing a property settlement lawyers and banks have met face-to-face to check and swap documents and bank cheques.
The party that received the documents then had to lodge them at the Land Registry to notify government authorities about the transaction.
The commencement of the new Australia-wide PEXA e-conveyancing system will radically change the conveyancing process. Local firm, Garland Waddington Solicitors, are embracing the innovative, government-endorsed system.
Partner, Ken Waddington, believes this new property settlement system will be faster, safer, more accurate and more efficient than past methods of property exchange and that it will benefit the entire industry.
“There are a lot of things that can go wrong with a manual process involving the physical signing and handling of documents,” Mr Waddington said.
“Simple errors like a misspelt or missing names, names that don’t match across documents or wrong cheque details sometimes cause settlements to fail or be delayed.
“The new PEXA system provides an electronic online business environment for completing property transactions including electronic lodgement with Land Registries and the electronic settlement of payment of funds.
“The benefits will include tangible time and cost efficiencies, no requirement for the exchange of physical documentation at settlement, no requirement to physically attend settlements, and a reduction in human error and settlement failure.”
Mr Waddington confirmed Garland Waddington was now PEXA accredited and using the new system with their conveyancing clients.
“As you can imagine, since there are no physical signed documents being exchanged there needs to be rigorous checks and security to ensure your property is not transferred without your authority,” Mr Waddington said.
If you would like to know more about e-conveyancing or would like help with your property matter visit Garland Waddington at www.garlandwaddington.com.au