"As an industry we have to keep up with incremental changes to stay profitable and relevant. Failure to act now may mean a diminished business or none at all. It’s better to have some control over the process"
In about 12 weeks time digital becomes the new standard for caveats
It’s time to remind your firm that standalone caveats and withdrawals of caveats must be lodged electronically by 1 December. Land Use Victoria has announced critical changes. With some 12 weeks until digital becomes the new standard for caveats help is at hand. PEXA’s three step* registration process could have you lodging caveats online in a matter of weeks. Renee Legg, Property Law Specialist with Aughtersons Solicitors explains that by being digital-ready now law firms can avoid the unintended consequences of a diminished business.
“There have been so many changes affecting the property sector over the last two years that it has been difficult for some to keep up with it all. If you have not embraced the changes as they occur incrementally, it will be quite difficult to do it all at once,” said Renee. “You might feel like you just want to bury your head in the sand. Sometimes the reluctance can be due to being so busy that you don't have the time to talk about what you need to do to apply new technology. At other times, it’s just a general reluctance to change because it takes a lot of time and effort to change the way you do things – that is, you may think it’s easier to keep doing things the same way you have always been doing them.
The upside of going digital is that the client’s interests can be protected on the very same day that they give you instructions to lodge a caveat
“Aughtersons has been lodging caveats online for more than 18 months in its property department and for between six and 12 months in the other divisions. Our office has been registered with PEXA since October 2015. We are fortunate that our Office Manager is extremely forward looking and puts in a lot of effort to make sure we keep up. Once you have lodged caveats two to three times you will find it’s not too hard. The upside of going digital is that the client’s interests can be protected on the very same day that they give you instructions to lodge a caveat. In the end, as you become proficient in the new system, there is probably not too big a difference between paper versus digital lodgments.
Applying new technology effectively and efficiently means taking the first step of adopting change – which is inevitable
“We understand that technological advances are inevitable and we want to be at the forefront of change, not laggards. We have given our staff the permission to spend the time which is necessary to adopt and implement new technology. We must also develop the necessary protocols within the office so that we can apply the new technology effectively and efficiently. You cannot do this until you take the first step of adopting change – which is inevitable. As an industry we have to keep up with incremental changes to stay profitable and relevant. Failure to act now may mean that you could have a diminished business or none at all. It’s better to have some control over the process.”
*Remember December 1: Get one step closer to being compliance-ready by calling PEXA’s dedicated Support Centre on 1300 084 515 for help with its 3-step online registration:
- Complete registration documents and a Verification of Identify (VOI) for the person(s) who execute the Participation Agreement on behalf of the organisation. This may include a face-to-face PEXA representative appointment (depending on your location) or over-the-phone PEXA On-Boarding team assistance (9am – 5pm AEST).
- Once your registration is processed and finalised your application is then ready in 24 - 48 hours. Your digital certificate(s) are ordered and will take 3 – 5 business days to reach you. In addition you’ll receive a welcome email containing additional set up information.
- Receive or complete PEXA Training by contacting PEXA’s Support Centre for help with digital certificate set up and assistance lodging a caveat. Firms can also refer to the PEXA Community to complete online self-learn training.