Bundaberg property transactions go digital

Longstanding Bundaberg law firm Finemore Walters & Story has made hi-tech history.

It’s the first in the Wide Bay area to undertake a paperless house settlement using Property Exchange Australia (PEXA) – an online network.

Partner Hal Ing said: “We consider ourselves conveyancing leaders. It was important for us to be leading the charge into the electronic era.”

“The future is definitely digital. The new technology has many immediate benefits for buyers and sellers.

“A number of our clients are a bit shocked that we’re still using a paper based system. They don’t understand why they still need to wait days for cheques to clear to access their property sale funds.

“There are many reasons why electronic transactions are superior. One is the instantaneous flow of funds to the seller^.  Another benefit exists for the person buying a property. By going online, land registry documents are lodged in real time.”

“Other benefits of going digital relate to efficiency. The amount of time that needs to be spent coordinating a settlement can be significantly reduced. Electronic settlements also mean that staff do not have to travel away from the office to attend settlement and town agents are not needed for different settlement locations.  All of this means we can have direct control of the settlement and more time available for our clients.”

PEXA is transforming the way property is transacted. These historic changes are on par with the introduction of the Australian Stock Exchange (ASX), EFTPOS and online banking. Similarly, PEXA is bringing an online exchange for financial institutions, lawyers, conveyancers and land registries to complete property settlements. Funds settle through the Reserve Bank of Australia. PEXA evolved from a 2010 Council of Australian Governments’ mandate to deliver a national e-conveyancing solution.

^ The seller’s access to cleared funds on the day of settlement will depend on their financial institution.