WA has signalled its push into the online era with notable transactions from CS Legal and Shane Jacobs Settlements
Western Australia has signalled its push into the online property settlement era with notable transactions from CS Legal and Shane Jacobs Settlements.
Firstly, CS Legal lodged the state’s first electronic caveat on Property Exchange Australia’s PEXA platform on Thursday 28 May. Shortly after CS Legal completed the state’s inaugural property transfer with a financial settlement.
Richard Wensley, Managing Director, CS Legal confirmed the transactions.
“CS Legal is delighted to lodge the first WA caveat in PEXA,” he said. “We see this as the start of an important reform for the WA-based property market and Australia as a whole. We were impressed that in only eight minutes we lodged the caveat with Landgate.
“What is very pleasing for CS Legal is taking online our first property transfer with a financial settlement. Going online boosts the customer experience as they receive same-day funds, significantly reducing delay risks. We look forward to offering PEXA to more clients.”
And on Thursday 4 June, Perth-based Shane Jacob Settlements became the first WA conveyancer to complete a PEXA transfer.
PEXA is a world-first national digital platform for completing online lodgement and property settlements. It’s reforming the 150-year-old paper-based method of settling properties.
Managing Director, Shane Jacob Settlements, AICWA (Australian Institute of Conveyancing WA Division) Councillor and AIC National Representative, acknowledged Landgate’s role in assisting to complete its first PEXA platform transaction for a property transfer.
“We thank Landgate for overseeing the first transaction and for making it possible, said Shane Jacob.”
“It was a great experience for our team. Property Exchange Australia’s Executive Manager, WA Practitioner Market, Angella Chick, supported and trained us to execute our first online settlement.
“Compared with the traditional paper-based settlement experience, the title issued within minutes of transaction completion. My client was delighted to learn that the title was promptly registered in his name.”
Using manual or paper-based processes, the title might not be in the client’s name for quite a few weeks sometimes over a month depending on the transaction.
“My client needed to urgently re-finance the property and required the title in his own name to carry this out. PEXA pushed through the transaction quickly and efficiently. For my client this was a huge financial benefit,” Shane continued.
With PEXA, conveyancers, banks and land registries interact, collaborate and share information, reducing the need to place phone calls, use postal services, physically attend settlement and enter the same data in each practitioners’ individual systems.
Marcus Price, Property Exchange Australia CEO congratulated CS Legal and Shane Jacob Settlements for embracing digital technology to complete their property transactions online.
“Nationwide the industry must go online. This is an e-conveyancing milestone for Western Australia. It’s an inevitable progression to bring buyers and sellers the same technology advances that transformed internet banking, buying and selling goods and share transactions,” he said.
IMAGE: Shane Jacobs Settlements team with Angella Chick, PEXA