Find out which steps of the traditional conveyancing process are quicker in PEXA, and how much time you can expect to save by adopting e-conveyancing.
Can you guess which of the traditional conveyancing processes are so much quicker in PEXA? We’ve set our timers to compare the paper process with e-conveyancing to give you an idea of how much time you’ll save.
Creating a new workspace
PEXA introduces a small step to the start of the conveyancing process: opening an online workspace (or accepting an invitation to join) for each matter. While this adds about 10 minutes to the process, consider it an investment with big returns. The in-built checking systems and shared online environment reduce the chance of time-consuming delays and errors.
Time comparison:
- Traditional process: Potentially hours of delays and correcting errors.
- E-conveyancing: A one-time 10 minute investment.
Booking settlement
Once you’ve opened a PEXA workspace, you can instantly schedule a settlement day and time. There’s no downtime while you wait for an invitation to book a settlement time. You can also reclaim the time spent on hold with banks (and the stress of trying to multi-task while you’re on hold).
Time comparison
- Traditional process: Up to one hour.
- E-conveyancing: Less than one minute.
Signing the transfer and other registry documents
When transacting online, digital signing technology saves days and sometimes weeks of downtime. Instead of documents doing the rounds by snail mail, parties can digitally sign them in an instant. If you’re unfamiliar with digital signing and how it works in PEXA, we can help you to understand and embrace digital signing technology.
Electronic lodgement and lodgement verification also saves you real time at the lodgement stage. There’s no need to visit the registry office, meaning no need to collect a ticket, no waiting for your turn at the desk and – best of all – no chance your document will be rejected.
Time comparison
- Traditional process:Up to one hour plus additional downtime.
- E-conveyancing: Two minutes.
Attending settlement
With PEXA, there’s no physical settlement to attend. In fact, you don’t even have to watch the screen while a matter settles.
Time comparison
- Traditional process:30 minutes to one hour.
- E-conveyancing:No time.
Arranging or dealing with settlement funds
PEXA eliminates the need for paper cheques, for all parties involved. Funds are simply exchanged via bank transfer – there’s no need to process cheques or go to the bank.
Time comparison
- Traditional process: 15 minutes to one hour.
- E-conveyancing: No time.
Collating the results Stop the clock! Depending on your conveyancing processes, that’s potentially three hours of time savings. Plus, there’s the convenience of reduced downtime and the potential for many, many more hours saved. If the time savings aren’t enough to convince you to start transacting through PEXA, there are plenty of other reasons to start e-conveyancing.
Ready to enjoy the time-saving benefits of e-conveyancing? Read more about how we can help.
Author: Libby Hakim
