Carolyn Booth of Smart Choice Conveyancing completes the first property transfer through PEXA
Australia has set a new benchmark in the transfer of land titles with the first full property transfer including automatic lodgement and financial settlement occurring online through Australian e-Conveyancing platform, PEXA.
Bringing property transactions into the digital age, this milestone transaction between Paul Denny Conveyancing and Smart Choice Conveyancing occurred yesterday in New South Wales, setting a benchmark for the way property will be transacted now and into the future.
“On behalf of Property Exchange Australia, I’d like to thank Paul Denny Conveyancing and Smart Choice Conveyancing for their support of PEXA and congratulate them on being the very first PEXA members to complete a property transfer through the system,” PEXA Ltd CEO Marcus Price said. “With change of this magnitude, it takes pioneers to lead the way so it’s great to have innovative market leaders like Paul Denny Conveyancing and Smart Choice Conveyancing out there doing exactly that.”
Like any network business, the benefit for member’s increases as the network grows which in this instance means an increase in the number of transactions that can be completed online through PEXA – a fact not lost on Carolyn Booth, Licensee of Smart Choice Conveyancing:
“If I had the opportunity to use PEXA for each conveyancing transaction I would,” Carolyn said. “We will definitely be inviting our counterparties to transact with us through PEXA. I think this is a significant move forward for the conveyancing profession and the greater economy. We’re proud to be involved.”
Paul Denny – principal of Paul Denny Conveyancing – echoed those sentiments stating:
“The introduction of electronic settlements is singularly the most significant advancement in technology to benefit the conveyancing profession. This heralds a new era where the problem of things going wrong at the last minute (with catastrophic consequence for those vendors and purchasers simultaneously trying to move house) will be almost entirely eliminated."
Craig Radford, Conveyancing Manager at Paul Denny Conveyancing agrees:
"We look forward to offering electronic settlement to all of our clients from now on," Mr Radford said. “We found the process to be seamless and an easy fit with our current process.”
For Property Exchange Australia Ltd, the completion of the first successful online property transfer is really just the beginning:
“In terms of functionality, the ability to complete lodgement and settlement online is hugely significant for the entire industry, for a multitude of reasons. It makes the exchange of property faster, safer and more efficient,” Mr Price said. “But it’s also just the beginning of the journey. We know that in the first instance, not all parties will be available to transact with online. It’s our job to help our members grow their network to maximise the efficiency gains PEXA provides."
Now PEXA is live in NSW and coming soon to Victoria you can join the network just like Paul Denny Conveyancing and Smart Choice Conveyancing through one of the PEXA sponsors - InfoTrack, SAI Global, GlobalX Legal Solutions or Veda - or register online at www.pexa.com.au.
IMAGE: Carolyn Booth of Smart Choice Conveyancing completes the first property transfer through PEXA