Paper free property settlements
People & Property

Paper free property settlements

By PEXA • Oct 2019

Ken Waddington shares the benefits PEXA brings to his customers – “You’ll be amazed at what you can do, and how it can improve the service you give your clients.”

For many Australian homebuyers and sellers, it may come as a surprise to know that a majority of property settlements in Queensland are still completed relying on parties meeting physically to exchange bank cheques and documents. 

The 21st century customer already conducts most matters online and today this experience has extended to the buying or selling of property. Property Exchange Australia (PEXA) provides a secure platform on which property settlements take place online, offering homebuyers and sellers greater certainty of a successful transaction. Through PEXA, sellers have faster access to sale proceeds and buyers can be certain that registration documents are lodged immediately when settlement occurs.  

Many firms in Queensland are already utilising this technology to better serve their clients and enhance the efficiency of their business. 

Sunshine Coast based firm, Garland Waddington recognised the technology’s advantage early. 

“We saw PEXA as a great idea and the solution to many geographic issues we were facing. For other states like Victoria, a settlement between parties in St Kilda and the city may not be an issue, but the same can’t be said for Queensland, when you often service clients up to 1,500 km away,” said Ken Waddington, Partner at Garland Waddington. 

“Coordinating with the different parties to a settlement is now simplified. We don’t have long waits on the phone booking settlements with banks and we can interact, check documents and coordinate financial settlement electronically on PEXA and don’t have to physically attend settlements, freeing up our time to attend to other matters.”

Garland Waddington also greatly benefits from PEXA Projects, the developer solution which allows for the seamless organisation, upload and settlement of multi lot developments.

“Being able to use PEXA Projects to settle lots simultaneously has been a huge time saver for us and our clients. Funds get transferred quickly and keys can be handed over once the settlement occurs. PEXA also provides greater efficiency and visibility around GST payments, a big plus for my developer clients.” 

Ken’s advice to his peers who have yet to come on board, is to try as soon as possible. 

“Try it, especially now, when there are so many on the other side of the transaction who are willing to help. Learn how to do it and just jump in. You’ll be amazed at what you can do, and how it can improve the service you give your clients.”

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