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Milestone: 4,000th firm signs up to transact property online

Milestone: 4,000th firm signs up to transact property online
Solomon Brothers clock in as the 4000th firm to join PEXA. Left to right: Shannon Davies, Michelle Hawksley and Mark Blundell

"We want to start transacting online as soon as possible to ensure a seamless transition as it will soon be mandatory in WA"

Perth-based Solomon Brothers’ Barristers, Solicitors & Attorneys have clocked in as the 4,000th firm signed to transact home sales on Property Exchange Australia’s (PEXA’s) digital platform.

Solomon Brothers Partner, Michelle Hawksley, said the timing was perfect as the firm is keen to innovate by keeping ahead of the imminent wave of change that will shortly sweep across the settlement agent industry with mandatory timelines for taking property transactions online.

“We want to start transacting online as soon as possible to ensure a seamless transition as it will soon be mandatory in WA,” she said. “PEXA offers a support service to help us adopt this new way of transacting. This will be a tremendous asset for our internal licensed settlement team who manage a high volume of transactions. Many are off-the-plan strata title developments. Caveats are another transaction that we expect to take online.

"The earlier we adopt PEXA the better so that we can service our clients’ needs. A key benefit of transacting online is ensuring that our clients quickly receive their sale funds. We act for a number of property developers who require Solomon Brothers to settle a large number of unit sales at the one time. For example it’s not unusual to settle 40 units. Now, by plugging into PEXA, we can look forward to swiftly finalising settlements of large scale developments.

"By contrast, if we settled those 40 units with traditional paper methods we would have to coordinate attendance by our staff at a large number of settlements taking place at different locations within a short period of time. We’re a truly independent WA firm celebrating our 30th anniversary this year so we’re delighted to be the 4,000th firm to sign up to PEXA.”

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