A Sunshine Coast legal firm today made history by completing the state’s first online property exchange
Digital property exchange comes to Queensland
A Sunshine Coast legal firm today made history by completing the state’s first online property exchange.
By exchanging property online it reduced the need to place phone calls, use postal services, and physically attend a settlement room. Bytherules Conveyancing Client Services Director, Maggie Keene, described the high-tech benefits for her clients. “We were virtually holding-the-hand of our Bali-based selling client. The client had complete faith in the transaction,” she said.
“Both the buyer and seller that we acted for were excited about being part of something new that’s easy and stress-free for them. The selling client wanted the funds to be quickly paid into their Australian account. They loved the online process. It reassured them that although they were separated by distance there would be no delays.
“Going online also reduces stress. Of course paper transactions still work, it’s just that they often take much longer because they’re more prone to mistakes or delays.
“There are many reasons to go digital. Property is the biggest asset that our clients will probably own. And by going online we spend more time interacting with our clients’ rather than pushing paper around. PEXA, an online property exchange, is an extension of what we’re trying to achieve in our business.
“About 90 per cent of our clients are already sending us their instructions online. This cuts down the time they spend sending us their notifications. They don’t want to receive documentation in the post that arrives at their door like a paper brick. It also cuts down the time they spend sending us their instructions.
“The time is right to move forward with technology in conveyancing. We went digital to make transactions easy for our clients. That includes running our business seven days a week.”
How does Property Exchange Australia (PEXA) work?
Lawyers open an online workspace containing pre-populated information that is shared with all parties to the transaction – lawyers, financial institutions, the relevant state land registry and state revenue office. Once preparation is complete and the settlement date and time is reached, PEXA will automatically lodge documents with the state land registry, exchange loan funds electronically and pay stamp duty and third party beneficiaries. PEXA eliminates the need for bank cheques. Funds settle through the Reserve Bank of Australia.
Media enquiries: Kerrina Lawrence PEXA Director, Media and Corporate Affairs 0434 198 427 / email@example.com
Maggie Keene Client Services Director, Bytherules Conveyancing 0407 627 830 / firstname.lastname@example.org