Historic Victorian property sale gives pen and paper the flick
Innovation and Tech

Historic Victorian property sale gives pen and paper the flick

By PEXA • Mar 2017

Victoria’s first paperless home sale

A paperless Greensborough home sale has captured a place in digital history. Regan Baines bought her new three-bedroom house at auction and sold her former Box Hill South property on the same day, becoming the first Victorian to digitally sign a contract of sale that was also completed electronically using InfoTrack’s eConveyancing platform. Her lawyer then logged onto a computer to finalise settlement through Property Exchange Australia’s (PEXA) national eConveyancing network marking another online milestone.

Why should buying and selling a house be any different to my internet banking?

“This new way was quick and easy,” said Regan. “Straight after the auction I signed the contract on an iPad. It involved just a few sign-and-go steps. I liked the convenience of knowing that the contract of sale was actioned straight away. Not like the old school pen and paper way. I pay all my household expenses and bills online with internet banking. It’s secure and convenient and the ‘way of the world’ now. Why should buying and selling a house be any different? The technology is there.

I banked my property sale funds on settlement day

“This is the third time that I’ve bought and sold property. On settlement day my lawyer also managed the sale of my Box Hill property. Both my sale and purchase were simultaneous. I also loved that I had access to my sale funds on the same day.

I didn’t think twice about finalising my property sale online

“I work in the property industry and I can tell you that electronic transactions are the only way to go. I see all the paperwork and lease documents when property is exchanged the old way. It’s not unusual for our lawyers to courier over up to four boxes of paper documents related to a sale for signing. So I didn’t think twice about finalising my property sale online.”

The process was just as easy for the vendors Matt Cullinan and Peter Gargan who said: “It couldn’t have been any easier. We signed the contract electronically at the auction and got the money from the sale on the same day as settlement. Everything was done online so it was fast and simple.”

Going paperless is more secure – First Class Legal

Law firm, First Class Legal, used InfoTrack’s eSigning technology to sign Regan’s contract cutting out excessive printing and manual hand-offs explained Principal and Solicitor, Leonie Jarrett.  “Instead of the usual five hard copy contracts there was just one digital version,” she said. “The buyer, seller, and real estate agent Hocking Stuart received the fully signed contract within seconds of all parties e-signing. Going electronic is quicker, more efficient and less likely to result in errors – a common occurrence with paper contracts. There’s an entire electronic audit trail that’s more secure than the old way of signing using pen and paper.

Dumb mistakes delay the last stage of property settlement

“By doing away with paper conveyancing we banish the dumb mistakes that often delay the last stage of property settlement. All it takes is the wrong spelling of a name on a settlement cheque to derail and delay a buyer moving into a home when the removalist truck has been booked yet they are unable to move into their new property due to the error. Mistakes don’t happen when property is exchanged using PEXA because all parties to the transaction have agreed that the final details are correct before settlement occurs. Electronic checks and balances automatically call out inconsistencies in advance of settlement.

Removing consumer pain points by taking property transactions online

“PEXA is working with the banking and legal industries to clear roadblocks so that the network really takes off and transforms the property market. Above all we need to see more banks make their systems electronic to benefit property consumers. Digital processes are better. It’s that simple. Conveyancers and banks need to join forces to remove consumer pain points that still accompany pen and paper property settlements.”

110 financial institutions and 3,600 conveyancers have joined PEXA

The push to take property transactions online is now gaining traction with 110 financial institutions and more than 3,600 legal and conveyancing firms joining the PEXA network. Over 74,000 eContracts were compiled via InfoTrack’s eConveyancing platform in 2016 with an average of over 8,000 currently ordered per month. PEXA was born out of a successfully implemented Council of Australian Governments’ (COAG) reform to bring property exchange into the digital economy. Property transactions are one of the last major financial dealings to be transformed by technology.

Ready to settle your clients’ properties online in Victoria but need a bit of help to get started? PEXA has dedicated specialists trained to guide your practice to a digital future. Even better, it’s a free service. Get started by emailing andrew.tyrrell@pexa.com.au

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