Rural Queensland - a step ahead
Longreach Legal Services was one of the first legal practices in Queensland to commence online Conveyancing using Property Exchange Australia (PEXA).
Over 391 Queensland firms, 104 financial institutions and 4,006 practitioner firms nationally are now engaged with PEXA - the new era of e-Conveyancing is certainly becoming established in Australia, and most recently in Queensland.
PEXA eliminates physical settlements, bank cheques, and paper transfer documents demonstrating significant time and cost savings. “From our experience”, Ms Rayment, principal Solicitor of Longreach Legal Services, explains “clients are delighted to have cash in their accounts at the time of settlement, and although there are some additional costs they are outweighed by the savings on agents fees, purchasing bank cheques, express posting documents, as well as the time and organisation required for physical settlements”.
Currently some transactions, such as those involving trusts, cannot be processed online, but most other residential transactions can be processed using PEXA.
The transition to e-Conveyancing was the next digital step for Longreach Legal Services as they have been lodging documents through e-lodgment with The Department of Natural Resources and Mines for several years and have been registered self-assessors of stamp duty for the past four years. Ms Rayment said, “By the close of 2016 more than ten transactions will be completed using PEXA at Longreach Legal Services, and I expect a dramatic increase in this number of transactions in the coming years”.
Transactions can only be completed when the other parties’, solicitor or conveyancer, are also using PEXA. “This has been our biggest hurdle in Queensland, otherwise we would have completed most transactions through PEXA. We encourage the rest of Queenland’s Legal practices to get on-board PEXA and start reaping the benefits today and offer your clients the best service you can”.
“The clients’ consent is obtained prior to the transaction being undertaken and all of our clients so far have been more than accepting that digital is the way of the future and are eager to get involved in the process. There has also been ongoing support from PEXA’s support staff and community forums online to discuss any issues and help in any way”.
If clients in the Longreach area are about to sell or purchase property, please contact Jennifer (Penny) Rayment, at her office at 124B Eagle Street, Longreach to discuss the suitability of your matter for a PEXA transaction.
Furthermore, if you would like help getting started with PEXA, simply contact the support desk on 1300 0840515 or email firstname.lastname@example.org.